Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Entity Listings [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-32395 | ||
Entity Registrant Name | ConocoPhillips | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 01-0562944 | ||
Entity Address, Address Line One | 925 N. Eldridge Parkway | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77079 | ||
City Area Code | 281 | ||
Local Phone Number | 293-1000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 124 | ||
Entity Common Stock, Shares Outstanding | 1,176,408,368 | ||
Documents Incorporated by Reference | Documents incorporated by reference: Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 14, 2024 (Part III) | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001163165 | ||
Current Fiscal Year End Date | --12-31 | ||
Common Stock, $.01 Par Value | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, $.01 Par Value | ||
Trading Symbol | COP | ||
Security Exchange Name | NYSE | ||
7% Debentures due 2029 | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 7% Debentures due 2029 | ||
Trading Symbol | CUSIP—718507BK1 | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Houston, Texas |
Auditor Firm ID | 42 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues and Other Income | |||
Sales and other operating revenues | $ 56,141 | $ 78,494 | $ 45,828 |
Equity in earnings of affiliates | 1,720 | 2,081 | 832 |
Gain (loss) on dispositions | 228 | 1,077 | 486 |
Other income | 485 | 504 | 1,203 |
Total Revenues and Other Income | 58,574 | 82,156 | 48,349 |
Costs and Expenses | |||
Purchased commodities | 21,975 | 33,971 | 18,158 |
Production and operating expenses | 7,693 | 7,006 | 5,694 |
Selling, general and administrative expenses | 705 | 623 | 719 |
Exploration expenses | 398 | 564 | 344 |
Depreciation, depletion and amortization | 8,270 | 7,504 | 7,208 |
Impairments | 14 | (12) | 674 |
Taxes other than income taxes | 2,074 | 3,364 | 1,634 |
Accretion on discounted liabilities | 283 | 250 | 242 |
Interest and debt expense | 780 | 805 | 884 |
Foreign currency transaction (gain) loss | 92 | (100) | (22) |
Other expenses | 2 | (47) | 102 |
Total Costs and Expenses | 42,286 | 53,928 | 35,637 |
Income (loss) before income taxes | 16,288 | 28,228 | 12,712 |
Income tax provision (benefit) | 5,331 | 9,548 | 4,633 |
Net Income (Loss) | $ 10,957 | $ 18,680 | $ 8,079 |
Net Income (Loss) Per Share of Common Stock (dollars) | |||
Basic (in dollars per share) | $ 9.08 | $ 14.62 | $ 6.09 |
Diluted (in dollars per share) | $ 9.06 | $ 14.57 | $ 6.07 |
Average Common Shares Outstanding (in thousands) | |||
Basic (in shares) | 1,202,757 | 1,274,028 | 1,324,194 |
Diluted (in shares) | 1,205,675 | 1,278,163 | 1,328,151 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 10,957 | $ 18,680 | $ 8,079 | |
Defined benefit plans | ||||
Prior service credit (cost) arising during the period | 0 | (10) | 0 | |
Reclassification adjustment for amortization of prior service cost (credit) included in net income (loss) | (38) | (39) | (38) | |
Net change | (38) | (49) | (38) | |
Net actuarial gain (loss) arising during the period | 37 | (623) | 357 | |
Reclassification adjustment for amortization of net actuarial losses (gains) included in net income (loss) | 82 | 72 | 178 | |
Net change | 119 | (551) | 535 | |
Nonsponsored plans | [1] | (3) | 5 | 5 |
Income taxes on defined benefit plans | (23) | 178 | (108) | |
Defined benefit plans, net of tax | 55 | (417) | 394 | |
Unrealized holding gain (loss) on securities | 20 | (13) | (2) | |
Reclassification adjustment for (gain) loss included in net income | (4) | (1) | (1) | |
Income taxes on unrealized holding gain (loss) on securities | (3) | 3 | 1 | |
Unrealized holding gain (loss) on securities, net of tax | 13 | (11) | (2) | |
Foreign currency translation adjustments | 195 | (623) | (124) | |
Income taxes on foreign currency translation adjustments | 2 | 1 | 0 | |
Foreign currency translation adjustments, net of tax | 197 | (622) | (124) | |
Unrealized gain (loss) on hedging activities | 78 | 0 | 0 | |
Income taxes on unrealized gain (loss) on hedging activities | (16) | 0 | 0 | |
Unrealized gain (loss) on hedging activities, net of tax | 62 | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 327 | (1,050) | 268 | |
Comprehensive Income (Loss) | $ 11,284 | $ 17,630 | $ 8,347 | |
[1] Plans for which ConocoPhillips is not the primary obligor—primarily those administered by equity affiliates. |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 5,635 | $ 6,458 |
Short-term investments | 971 | 2,785 |
Inventories | 1,398 | 1,219 |
Prepaid expenses and other current assets | 852 | 1,199 |
Total Current Assets | 14,330 | 18,749 |
Investments and long-term receivables | 9,130 | 8,225 |
Net properties, plants and equipment (net of accumulated DD&A of $74,361 and $66,630, respectively) | 70,044 | 64,866 |
Other assets | 2,420 | 1,989 |
Total Assets | 95,924 | 93,829 |
Liabilities | ||
Short-term debt | 1,074 | 417 |
Accrued income and other taxes | 1,811 | 3,193 |
Employee benefit obligations | 774 | 728 |
Other accruals | 1,229 | 2,346 |
Total Current Liabilities | 10,005 | 12,847 |
Long-term debt | 17,863 | 16,226 |
Asset retirement obligations and accrued environmental costs | 7,220 | 6,401 |
Deferred income taxes | 8,813 | 7,726 |
Employee benefit obligations | 1,009 | 1,074 |
Other liabilities and deferred credits | 1,735 | 1,552 |
Total Liabilities | 46,645 | 45,826 |
Equity | ||
Par value | 21 | 21 |
Capital in excess of par | 61,303 | 61,142 |
Treasury stock (at cost: 2023—925,670,961 shares; 2022—877,029,062 shares) | (65,640) | (60,189) |
Accumulated other comprehensive income (loss) | (5,673) | (6,000) |
Retained earnings | 59,268 | 53,029 |
Total Equity | 49,279 | 48,003 |
Total Liabilities and Equity | 95,924 | 93,829 |
Nonrelated Party | ||
Assets | ||
Accounts and notes receivable (net of allowance of $3 and $2, respectively) | 5,461 | 7,075 |
Accounts and notes receivable—related parties | 5,461 | 7,075 |
Liabilities | ||
Accounts payable | 5,083 | 6,113 |
Accounts payable—related parties | 5,083 | 6,113 |
Related Party | ||
Assets | ||
Accounts and notes receivable (net of allowance of $3 and $2, respectively) | 13 | 13 |
Accounts and notes receivable—related parties | 13 | 13 |
Liabilities | ||
Accounts payable | 34 | 50 |
Accounts payable—related parties | $ 34 | $ 50 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts and notes receivable | $ 3 | $ 2 |
Less: Accumulated depreciation, depletion and amortization | $ 74,361 | $ 66,630 |
Common stock, shares authorized (in shares) | 2,500,000,000 | 2,500,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 2,103,772,516 | 2,100,885,134 |
Treasury stock, shares (in shares) | 925,670,961 | 877,029,062 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cash Flows From Operating Activities | |||||
Net Income (Loss) | $ 10,957 | $ 18,680 | $ 8,079 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||
Depreciation, depletion and amortization | 8,270 | 7,504 | 7,208 | ||
Impairments | 14 | (12) | 674 | ||
Dry hole costs and leasehold impairments | 162 | 340 | 44 | ||
Accretion on discounted liabilities | 283 | 250 | 242 | ||
Deferred taxes | 1,145 | 2,086 | 1,346 | ||
Distributions more (less) than income from equity affiliates | 964 | 942 | 446 | ||
(Gain) loss on dispositions | (228) | (1,077) | (486) | ||
(Gain) loss on investment in Cenovus Energy | 0 | (251) | (1,040) | ||
Other | (220) | 86 | (788) | ||
Working capital adjustments | |||||
Decrease (increase) in accounts and notes receivable | 1,333 | (963) | (2,500) | ||
Decrease (increase) in inventories | (103) | (38) | (160) | ||
Decrease (increase) in prepaid expenses and other current assets | 337 | (173) | (649) | ||
Increase (decrease) in accounts payable | (1,118) | 901 | 1,399 | ||
Increase (decrease) in taxes and other accruals | (1,831) | 39 | 3,181 | ||
Net Cash Provided by Operating Activities | 19,965 | 28,314 | 16,996 | ||
Cash Flows From Investing Activities | |||||
Capital expenditures and investments | (11,248) | (10,159) | (5,324) | ||
Working capital changes associated with investing activities | 30 | 520 | 134 | ||
Acquisition of businesses, net of cash acquired | (2,724) | (60) | (8,290) | ||
Proceeds from asset dispositions | 632 | 3,471 | 1,653 | ||
Net sales (purchases) of investments | 1,373 | (2,629) | 3,091 | ||
Collection of advances/loans—related parties | 0 | 114 | 105 | ||
Other | (63) | 2 | 87 | ||
Net Cash Used in Investing Activities | (12,000) | (8,741) | (8,544) | ||
Cash Flows From Financing Activities | |||||
Issuance of debt | 3,787 | 2,897 | 0 | ||
Repayment of debt | (1,379) | (6,267) | (505) | ||
Issuance of company common stock | (52) | 362 | 145 | ||
Repurchase of company common stock | (5,400) | (9,270) | (3,623) | ||
Dividends paid | (5,583) | (5,726) | (2,359) | ||
Other | (34) | (49) | 7 | ||
Net Cash Used in Financing Activities | (8,661) | (18,053) | (6,335) | ||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (99) | (224) | (34) | ||
Net Change in Cash, Cash Equivalents and Restricted Cash | (795) | 1,296 | 2,083 | ||
Cash, cash equivalents and restricted cash at beginning of period | 6,694 | [1] | 5,398 | 3,315 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 5,899 | [2] | $ 6,694 | [1] | $ 5,398 |
[1]and $236 million is included in the “ Other assets |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Cash Flows [Abstract] | ||
Restricted cash | $ 264 | $ 236 |
Restricted Cash, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Par Value | Capital in Excess of Par | Treasury Stock | Accum. Other Comprehensive Income (Loss) | Retained Earnings |
Beginning balance at Dec. 31, 2020 | $ 29,849 | $ 18 | $ 47,133 | $ (47,297) | $ (5,218) | $ 35,213 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 8,079 | 8,079 | ||||
Other comprehensive income (loss) | 268 | 268 | ||||
Dividends declared, ordinary | (2,359) | (2,359) | ||||
Dividends declared - variable return of cash | (260) | (260) | ||||
Repurchase of company common stock | (3,623) | (3,623) | ||||
Acquisition of Concho | 13,125 | 3 | 13,122 | |||
Distributed under benefit plans | 326 | 326 | ||||
Other | 1 | 1 | ||||
Ending balance at Dec. 31, 2021 | 45,406 | 21 | 60,581 | (50,920) | (4,950) | 40,674 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 18,680 | 18,680 | ||||
Other comprehensive income (loss) | (1,050) | (1,050) | ||||
Dividends declared, ordinary | (2,419) | (2,419) | ||||
Dividends declared - variable return of cash | (3,908) | (3,908) | ||||
Repurchase of company common stock | (9,270) | (9,270) | ||||
Distributed under benefit plans | 561 | 561 | ||||
Other | 3 | 1 | 2 | |||
Ending balance at Dec. 31, 2022 | 48,003 | 21 | 61,142 | (60,189) | (6,000) | 53,029 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 10,957 | 10,957 | ||||
Other comprehensive income (loss) | 327 | 327 | ||||
Dividends declared, ordinary | (2,550) | (2,550) | ||||
Dividends declared - variable return of cash | (2,170) | (2,170) | ||||
Repurchase of company common stock | (5,400) | (5,400) | ||||
Excise tax on share repurchases | (50) | (50) | ||||
Distributed under benefit plans | 161 | 161 | ||||
Other | 1 | (1) | 2 | |||
Ending balance at Dec. 31, 2023 | $ 49,279 | $ 21 | $ 61,303 | $ (65,640) | $ (5,673) | $ 59,268 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared, ordinary (in dollars per share) | $ 2.11 | $ 1.89 | $ 1.75 |
Dividends declared, variable return of cash (in dollars per share) | $ 1.80 | $ 3.10 | $ 0.20 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 1—Accounting Policies • Consolidation Principles and Investments —Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and, if applicable, variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is measured at fair value except when the investment does not have a readily determinable fair value. For those exceptions, it will be measured at cost minus impairment, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. Undivided interests in oil and gas joint ventures, pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost. We manage our operations through six operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International. See Note . • Foreign Currency Translation —Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income (loss) in common stockholders’ equity. Foreign currency transaction gains and losses are included in current earnings. Some of our foreign operations use their local currency as the functional currency. • Use of Estimates —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. • Revenue Recognition —Revenues associated with the sales of crude oil, bitumen, natural gas, NGLs, LNG and other items are recognized at the point in time when the customer obtains control of the asset. In evaluating when a customer has control of the asset, we primarily consider whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership and whether the customer has accepted delivery and a right to payment exists. These products are typically sold at prevailing market prices. We allocate variable market-based consideration to deliveries (performance obligations) in the current period as that consideration relates specifically to our efforts to transfer control of current period deliveries to the customer and represents the amount we expect to be entitled to in exchange for the related products. Payment is typically due within 30 days or less. Transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into “in contemplation” of one another, are combined and reported net (i.e., on the same income statement line). • Shipping and Handling Costs —We typically incur shipping and handling costs prior to control transferring to the customer and account for these activities as fulfillment costs. Accordingly, we include shipping and handling costs in production and operating expenses for production activities. Transportation costs related to marketing activities are recorded in purchased commodities. Freight costs billed to customers are treated as a component of the transaction price and recorded as a component of revenue when the customer obtains control. • Cash Equivalents —Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value. • Short-Term Investments —Short-term investments include investments in bank time deposits and marketable securities (commercial paper and government obligations) which are carried at cost plus accrued interest and have original maturities of greater than 90 days but within one year or when the remaining maturities are within one year. We also invest in financial instruments classified as available for sale debt securities which are carried at fair value. Those instruments are included in short-term investments when they have remaining maturities of one year or less, as of the balance sheet date. • Long-Term Investments in Debt Securities —Long-term investments in debt securities includes financial instruments classified as available for sale debt securities with remaining maturities greater than one year as of the balance sheet date. They are carried at fair value and presented within the “Investments and long-term receivables” line of our consolidated balance sheet. • Inventories —We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. The majority of our commodity-related inventories are recorded at cost using the LIFO basis. We measure these inventories at the lower-of-cost-or-market in the aggregate. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual/nonrecurring costs or research and development costs. Materials, supplies and other miscellaneous inventories, such as tubular goods and well equipment, are valued using various methods, including the weighted-average-cost method and the FIFO method, consistent with industry practice. • Fair Value Measurements —Assets and liabilities measured at fair value and required to be categorized within the fair value hierarchy are categorized into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants. • Derivative Instruments —Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the balance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. We do not apply hedge accounting to our derivative instruments. • Oil and Gas Exploration and Development —Oil and gas exploration and development costs are accounted for using the successful efforts method of accounting. Property Acquisition Costs —Oil and gas leasehold acquisition costs are capitalized and included in the balance sheet caption PP&E. Leasehold impairment is recognized based on exploratory experience and management’s judgment. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated leasehold costs are reclassified to proved properties. Exploratory Costs —Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. Exploratory well costs are capitalized, or “suspended,” on the balance sheet pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. If exploratory wells encounter potentially economic quantities of oil and gas, the well costs remain capitalized on the balance sheet as long as sufficient progress assessing the reserves and the economic and operating viability of the project is being made. For complex exploratory discoveries, it is not unusual to have exploratory wells remain suspended on the balance sheet for several years while we perform additional appraisal drilling and seismic work on the potential oil and gas field or while we seek government or coventurer approval of development plans or seek environmental permitting. Once all required approvals and permits have been obtained, the projects are moved into the development phase, and the oil and gas resources are designated as proved reserves. Management reviews suspended well balances quarterly, continuously monitors the results of the additional appraisal drilling and seismic work, and expenses the suspended well costs as dry holes when it judges the potential field does not warrant further investment in the near term. See Note . Development Costs —Costs incurred to drill and equip development wells, including unsuccessful development wells, are capitalized. Depletion and Amortization —Leasehold costs of producing properties are depleted using the unit-of-production method based on estimated proved oil and gas reserves. Amortization of development costs is based on the unit-of-production method using estimated proved developed oil and gas reserves. • Capitalized Interest —Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets. • Depreciation and Amortization —Depreciation and amortization of PP&E on producing hydrocarbon properties and SAGD facilities and certain pipeline and LNG assets (those which are expected to have a declining utilization pattern), are determined by the unit-of-production method. Depreciation and amortization of all other PP&E are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). • Impairment of Properties, Plants and Equipment —Long-lived assets used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If there is an indication the carrying amount of an asset may not be recovered, a recoverability test is performed using management’s assumptions for prices, volumes and future development plans. If the sum of the undiscounted cash flows before income-taxes is less than the carrying value of the asset group, the carrying value is written down to estimated fair value and reported as an impairment in the period in which the determination is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets—generally on a field-by-field basis for E&P assets. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future production volumes, commodity prices, operating costs and capital decisions, considering all available evidence at the date of review. The impairment review includes cash flows from proved developed and undeveloped reserves, including any development expenditures necessary to achieve that production. Additionally, when probable and possible reserves exist, an appropriate risk-adjusted amount of these reserves may be included in the impairment calculation. Long-lived assets committed by management for disposal within one year are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. • Maintenance and Repairs —Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. • Property Dispositions —When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Gain (loss) on dispositions” line of our consolidated income statement. When partial units of depreciable property are sold or retired which do not significantly alter the DD&A rate, the asset cost and accumulated depreciation are eliminated such that no gain or loss is recorded. • Asset Retirement Obligations and Environmental Costs —The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred (typically when the asset is installed at the production location). Fair value is estimated using a present value approach, incorporating assumptions about estimated amounts and timing of settlements and impacts of the use of technologies. See Note . Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired through a business combination, which we record on a discounted basis) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is probable and estimable. • Impairment of Investments in Nonconsolidated Entities —Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When such a condition is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate. • Guarantees —The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable that we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. • Share-Based Compensation —We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. • Income Taxes —Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial reporting basis and the tax basis of our assets and liabilities, except for deferred taxes on income and temporary differences related to the cumulative translation adjustment considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures. Allowable tax credits are applied currently as reductions of the provision for income taxes. Interest related to unrecognized tax benefits is reflected in interest and debt expense, and penalties related to unrecognized tax benefits are reflected in production and operating expenses. • Taxes Collected from Customers and Remitted to Governmental Authorities —Sales and value-added taxes are recorded net. • Net Income (Loss) Per Share of Common Stock —Basic net income (loss) per share (EPS) is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock (including fully vested stock and unit awards that have not yet been issued as common stock) and participating securities. ConocoPhillips grants RSUs under its share-based compensation programs, the majority of which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Company’s common stock. See Note . These unvested RSUs meet the definition of participating securities based on their respective rights to receive non-forfeitable dividends and are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS. Diluted EPS includes the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Diluted net loss per share does not assume conversion or exercise of securities that would have an antidilutive effect. Treasury stock is excluded from the daily weighted-average number of common shares outstanding in both calculations. See Note . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2—Inventories Inventories at December 31 were: Millions of Dollars 2023 2022 Crude oil and natural gas $ 676 641 Materials and supplies 722 578 Total inventories $ 1,398 1,219 Inventories valued on the LIFO basis $ 401 396 The estimated excess of current replacement cost over LIFO cost of inventories was approximately $91 million and $149 million at December 31, 2023 and 2022, respectively. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination, Asset Acquisition And Dispositions [Abstract] | |
Acquisitions and Dispositions | Note 3—Acquisitions and Dispositions All gains or losses on asset dispositions are reported before-tax and are included net in the “ Gain (loss) on dispositions 2023 Surmont Acquisition In October 2023, we completed our acquisition of the remaining 50 percent working interest in Surmont, an asset in our Canada segment, from TotalEnergies EP Canada Ltd. Following the acquisition, we own 100 percent working interest in Surmont. The fair value of total consideration for the all-cash transaction was $3.0 billion (CAD $4.1 billion): Fair value of consideration Millions of Dollars Cash paid $ 2,685 Contingent consideration 320 Total consideration $ 3,005 The contingent payment arrangement requires additional consideration to be paid to TotalEnergies EP Canada Ltd. up to $0.4 billion CAD over a five-year term. The contingent payments represent $2.0 million for every dollar that WCS pricing exceeds $52 per barrel during the month, subject to certain production targets being achieved. The range of the undiscounted amounts we could pay under this arrangement is between $0 and $0.3 billion. The fair value of the contingent consideration on the acquisition date was $320 million and estimated by applying the income approach. See Note . The transaction is accounted for as a business combination under FASB Topic ASC 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. Fair value measurements were made for acquired assets and liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date as we identify new information about facts and circumstances that existed as of the acquisition date to consider. Oil and gas properties were valued using a discounted cash flow approach incorporating market participants and internally generated price assumptions, production profiles and operating and development cost assumptions. The fair values of other assets acquired and liabilities assumed, which included accounts receivable, accounts payable, and most other current assets and current liabilities, were determined to be equivalent to the carrying value due to their short-term nature. The total consideration of $3.0 billion was allocated to the identifiable assets and liabilities based on their fair values as of the acquisition date, October 4, 2023. Recognized amounts of identifiable assets acquired and liabilities assumed Millions of Dollars Oil and gas properties 3,129 Asset retirement obligations (112) Other (12) Total identifiable net assets $ 3,005 With the completion of the transaction, we acquired proved and unproved properties of approximately $2.9 billion and $0.2 billion, respectively. In anticipation of the acquisition, we entered into, and settled, various foreign exchange forward contracts to purchase CAD and recognized a loss of $112 million in the "Foreign currency transaction (gain) loss" line on our consolidated income statement associated with these forward contracts. The related cash flows are included within "cash flows from investing activities" on our consolidated statement of cash flows. From the acquisition date through December 31, 2023, "Total Revenues and Other Income" and "Net Income (Loss)" associated with the acquired assets were $572 million and $119 million, respectively. Supplemental Pro Forma (unaudited) The following tables summarize the unaudited supplemental pro forma financial information for the year ended December 31, 2023, and 2022, as if we had completed the acquisition on January 1, 2022. Millions of Dollars Year Ended December 31, 2023 As reported Pro forma Surmont Pro forma Combined Total Revenues and Other Income $ 58,574 2,561 61,135 Income (loss) before income taxes 16,288 659 16,947 Net Income (Loss) 10,957 501 11,458 Earnings per share: Basic net income (loss) $ 9.08 9.50 Diluted net income (loss) 9.06 9.47 Millions of Dollars Year Ended December 31, 2022 As reported Pro forma Surmont Pro forma Combined Total Revenues and Other Income $ 82,156 3,582 85,738 Income (loss) before income taxes 28,228 947 29,175 Net Income (Loss) 18,680 720 19,400 Earnings per share: Basic net income (loss) $ 14.62 15.18 Diluted net income (loss) 14.57 15.13 The unaudited supplemental pro forma financial information is presented for illustration purposes only and is not necessarily indicative of the operating results that would have occurred had the transactions been completed on January 1, 2022, nor is it necessarily indicative of future operating results of the combined entity. The unaudited pro forma financial information for the years ending December 31, 2023 and 2022, respectively, is a result of combining the consolidated income statement of ConocoPhillips with the assets acquired from TotalEnergies EP Canada Ltd. The pro forma results do not include transaction-related costs, nor any cost savings anticipated as a result of the transaction. The pro forma results include adjustments which relate primarily to DD&A, which is based on the unit-of-production method, resulting from the purchase price allocated to properties, plants and equipment. We believe the estimates and assumptions are reasonable, and the relative effects of the transaction are properly reflected. QatarEnergy LNG NFS(3) (NFS3), formerly Qatar Liquefied Gas Company Limited (12) (QG12) During 2022, we were awarded a 25 percent interest in NFS3, a new joint venture with QatarEnergy, to participate in the North Field South (NFS) LNG project. Formation of NFS3 closed during 2023. NFS3 has a 25 percent interest in the NFS project and is reported as an equity method investment in our Europe, Middle East and North Africa segment. See Note . Port Arthur Liquefaction Holdings, LLC (PALNG) During 2023, we acquired a 30 percent interest in PALNG, a joint venture for the development of a large-scale LNG facility for the first phase of the Port Arthur LNG project ("Phase 1"). Sempra PALNG Holdings, LLC owns the remaining 70 percent interest in the joint venture. PALNG is reported as an equity method investment in our Corporate and Other segment. See Note Contingent Payments We recorded contingent payments related to the previous dispositions of our working interests in the Foster Creek Christina Lake Partnership and western Canada gas assets, and our San Juan assets. Contingent payments were recorded as (gain) loss on disposition on our consolidated income statement and reflected within our Canada and Lower 48 segments. In our Canada segment, the contingent payment, calculated and paid quarterly, was $6 million CAD for every $1 CAD by which the WCS quarterly average crude oil price exceeded $52 CAD per barrel. In our Lower 48 segment, the contingent payment, paid annually, was calculated monthly at $7 million per month when the U.S. Henry Hub natural gas price was at or above $3.20 per MMBTU. The term of contingent payments in our Canada segment ended in the second quarter of 2022 and the term of contingent payments in our Lower 48 segment ended at the end of 2023. Contingent payments recorded in the years 2023, 2022 and 2021 were $7 million, $451 million and $369 million, respectively. 2022 Acquisition of Additional Shareholding Interest in Australia Pacific LNG (APLNG) In February 2022, we completed the acquisition of an additional 10 percent interest in APLNG from Origin Energy for approximately $1.4 billion, after customary adjustments, in an all-cash transaction resulting from the exercise of our preemption right. This increased our ownership in APLNG to 47.5 percent, with Origin Energy and Sinopec owning 27.5 percent and 25.0 percent, respectively. APLNG is reported as an equity investment in our Asia Pacific segment. QatarEnergy LNG NFE(4) (NFE4), formerly Qatar Liquefied Gas Company Limited (8) (QG8) During 2022, we were awarded a 25 percent interest in NFE4, a new joint venture with QatarEnergy to participate in the North Field East (NFE) LNG project. NFE4 has a 12.5 percent interest in the NFE project and is reported as an equity method investment in our Europe, Middle East and North Africa segment. See Note . Asset Acquisition In September 2022, we completed the acquisition of an additional working interest in certain Eagle Ford acreage in the Lower 48 segment for cash consideration of $236 million after customary adjustments. This agreement was accounted for as an asset acquisition, with the consideration allocated primarily to PP&E. Assets Sold During 2022, we sold our interests in certain noncore assets in our Lower 48 segment for net proceeds of $680 million, with no gain or loss recognized on sale. At the time of disposition, our interest in these assets had a net carrying value of $680 million, consisting of $825 million of assets, primarily related to $818 million of PP&E, and $145 million of liabilities, primarily related to AROs. In March 2022, we completed the divestiture of our subsidiaries that held our Indonesia assets and operations, and based on an effective date of January 1, 2021, we received net proceeds of $731 million after customary adjustments and recognized a $534 million before-tax and $462 million after-tax gain related to this transaction. Together, the subsidiaries sold indirectly held our 54 percent interest in the Indonesia Corridor Block PSC and 35 percent shareholding in the Transasia Pipeline Company. At the time of the disposition, the net carrying value was approximately $0.2 billion, excluding $0.2 billion of cash and restricted cash. The net book value consisted primarily of $0.3 billion of PP&E and $0.1 billion of ARO. The before-tax earnings associated with the subsidiaries sold, excluding the gain on disposition noted above, were $138 million and $604 million for the years ended December 31, 2022 and 2021, respectively. Results of operations for the Indonesia interests sold were reported in our Asia Pacific segment. 2021 During the year, we completed the acquisitions of Concho Resources Inc. (Concho) and of Shell Enterprises LLC’s (Shell) Permian assets. The acquisitions were accounted for as business combinations under FASB Topic ASC 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. We completed the final allocation of the purchase price to acquired assets and liabilities of Concho by the end of the year, and by the end of the first quarter of 2022 for the Shell assets. It was based on the fair value of the long-lived assets and the conclusion of the fair value determination of all other assets and liabilities acquired. Acquisition of Concho Resources Inc. In January 2021, we completed our acquisition of Concho, an independent oil and gas exploration and production company with operations across New Mexico and West Texas focused in the Permian-based Delaware and Midland Basins. Total consideration for the all-stock transaction was valued at $13.1 billion, in which 1.46 shares of ConocoPhillips common stock were exchanged for each outstanding share of Concho common stock. We recognized approximately $157 million of transaction-related costs, all of which were expensed in the first quarter of 2021. These non-recurring costs related primarily to fees paid to advisors and the settlement of share-based awards for certain Concho employees based on the terms of the Merger Agreement. In the first quarter of 2021, we commenced a company-wide restructuring program, the scope of which included combining the operations of the two companies as well as other global restructuring activities. We recognized non-recurring restructuring costs mainly for employee severance and related incremental pension benefit costs. The impact from the transaction and restructuring costs to the lines of our consolidated income statement for the year ended December 31, 2021, are below: Millions of Dollars Transaction Cost Restructuring Cost Total Cost Production and operating expenses 128 128 Selling, general and administration expenses 135 67 202 Exploration expenses 18 8 26 Taxes other than income taxes 4 2 6 Other expenses — 29 29 $ 157 234 391 In February 2021, we completed a debt exchange offer related to the debt assumed from Concho. As a result of the debt exchange, we recognized an additional income tax-related restructuring charge of $75 million. From the acquisition date through December 31, 2021, “Total Revenues and Other Income” and “Net Income (Loss)” associated with the acquired Concho business were approximately $6,571 million and $2,330 million, respectively. The results associated with the Concho business for the same period include a before- and after-tax loss of $305 million and $233 million, respectively, on the acquired derivative contracts. The before-tax loss is recorded within “Total Revenues and Other Income” on our consolidated income statement. See Note . Acquisition of Shell Permian Assets In December 2021, we completed our acquisition of Shell assets in the Permian based Delaware Basin. The accounting close date used for reporting purposes was December 31, 2021. Assets acquired include approximately 225,000 net acres and producing properties located entirely in Texas. Total consideration for the transaction was $8.6 billion. We recognized approximately $44 million of transaction-related costs which were expensed in 2021. Supplemental Pro Forma (unaudited) The following table summarizes the unaudited supplemental pro forma financial information for the year ended December 31, 2021, as if we had completed the acquisition of the Shell Permian assets on January 1, 2020. Millions of Dollars Year Ended December 31, 2021 As reported Pro forma Pro forma Total Revenues and Other Income $ 48,349 3,220 51,569 Income (loss) before income taxes 12,712 1,201 13,913 Net Income (Loss) 8,079 920 8,999 Earnings per share: Basic net income (loss) $ 6.09 6.78 Diluted net income (loss) 6.07 6.76 The unaudited supplemental pro forma financial information is presented for illustration purposes only and is not necessarily indicative of the operating results that would have occurred had the transaction been completed on January 1, 2020, nor is it necessarily indicative of future operating results of the combined entity. The pro forma results do not include transaction-related costs, nor any cost savings anticipated as a result of the transaction. The pro forma includes adjustments which relate primarily to DD&A, which is based on the unit-of-production method, resulting from the purchase price allocated to properties, plants and equipment. We believe the estimates and assumptions are reasonable, and the relative effects of the transaction are properly reflected. Assets Sold In 2020, we completed the sale of our Australia-West assets and operations. The sales agreement entitled us to a $200 million payment upon a FID of the Barossa development project. In March 2021, FID was announced and as such, we recognized a $200 million gain on disposition in the first quarter of 2021. The purchaser failed to pay the FID bonus when due. We filed an arbitration proceeding against the purchaser to enforce our contractual right to the $200 million, plus interest accruing from the due date and the matter was resolved in April 2023 to our satisfaction. Results of operations related to this transaction are reflected in our Asia Pacific segment. See Note . In the second half of 2021, we sold our interests in certain noncore assets in our Lower 48 segment for approximately $250 million after customary adjustments, recognizing a before-tax gain on sale of approximately $58 million. We also completed the sale of our noncore exploration interests in Argentina, recognizing a before-tax loss on disposition of $179 million. Results of operations for Argentina were reported in our Other International segment. |
Investments, Loans and Long-Ter
Investments, Loans and Long-Term Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments, Loans and Long-Term Receivables | Note 4—Investments, Loans and Long-Term Receivables Components of investments and long-term receivables at December 31 were: Millions of Dollars 2023 2022 Equity investments $ 7,905 7,493 Long-term receivables 143 142 Long-term investments in debt securities 989 522 Other investments 93 68 $ 9,130 8,225 Equity Investments Affiliated companies in which we had a significant equity investment at December 31, 2023, included: • APLNG—47.5 percent owned joint venture with Origin Energy (27.5 percent) and Sinopec (25 percent)—to produce CBM from the Bowen and Surat basins in Queensland, Australia, as well as process and export LNG. • Port Arthur Liquefication Holdings, LLC (PALNG)— 30 percent owned joint venture with Sempra PALNG Holdings, LLC for the development of a large-scale LNG facility for the first phase of the Port Arthur LNG project ("Phase 1"). See Note . • QatarEnergy LNG N(3) (N3), formerly Qatar Liquefied Gas Company Limited (3) (QG3)—30 percent owned joint venture with affiliates of QatarEnergy (68.5 percent) and Mitsui & Co., Ltd. (1.5 percent)—produces and liquefies natural gas from Qatar’s North Field, as well as exports LNG. • QatarEnergy LNG NFE(4) (NFE4), formerly Qatar Liquefied Gas Company Limited (8) (QG8)—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field East (NFE) LNG project. See Note . • QatarEnergy LNG NFS(3) (NFS3), formerly Qatar Liquefied Gas Company Limited (12) (QG12)— 25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field South project. See Note . Summarized 100 percent earnings information for equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2023 2022 2021 Revenues $ 15,314 18,356 11,824 Income (loss) before income taxes 6,301 8,234 3,946 Net income (loss) 4,214 5,507 2,557 Summarized 100 percent balance sheet information for equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2023 2022 Current assets $ 3,827 5,001 Noncurrent assets 39,299 37,789 Current liabilities 3,462 4,169 Noncurrent liabilities 16,665 17,244 Our share of income taxes incurred directly by an equity method investee is reported in equity in earnings of affiliates, and as such is not included in income taxes on our consolidated financial statements. At December 31, 2023, retained earnings included $60 million related to the undistributed earnings of affiliated companies. Dividends received from affiliates were $2,684 million, $3,045 million and $1,279 million in 2023, 2022 and 2021, respectively. APLNG APLNG is a joint venture focused on producing CBM from the Bowen and Surat basins in Queensland, Australia. Natural gas is sold to domestic customers and LNG is processed and exported to Asia Pacific markets. Our investment in APLNG gives us access to CBM resources in Australia and enhances our LNG position. The majority of APLNG LNG is sold under two long-term sales and purchase agreements, supplemented with sales of additional LNG cargoes targeting the Asia Pacific markets. Origin Energy, an integrated Australian energy company, is the operator of APLNG’s production and pipeline system, while we operate the LNG facility. In 2012, APLNG executed an $8.5 billion project finance facility that became non-recourse following financial completion in 2017. The facility is currently composed of a financing agreement with the Export-Import Bank of the United States, a commercial bank facility and two United States Private Placement note facilities. APLNG principal and interest payments commenced in March 2017 and are scheduled to occur bi-annually until September 2030. At December 31, 2023, a balance of $4.7 billion was outstanding on the facilities. See Note . During the fourth quarter of 2021, Origin Energy Limited agreed to the sale of 10 percent of their interest in APLNG for $1.645 billion, before customary adjustments. ConocoPhillips announced in December 2021 that we were exercising our preemption right under the APLNG Shareholders Agreement to purchase an additional 10 percent shareholding interest in APLNG, subject to government approvals. The sales price associated with this preemption right was determined to reflect a relevant observable market participant view of APLNG’s fair value which was below the carrying value of our existing investment in APLNG. Based on a review of the facts and circumstances surrounding this decline in fair value, we concluded in the fourth quarter of 2021 the impairment was other than temporary under the guidance of FASB ASC Topic 323, and the recognition of an impairment of our existing investment was necessary. Accordingly, we recorded a noncash $688 million before- and after-tax impairment in the fourth quarter of 2021. The impairment was included in the “Impairments” line on our consolidated income statement. See Note . At December 31, 2023, the carrying value of our equity method investment in APLNG was approximately $5.4 billion. The historical cost basis of our 47.5 percent share of net assets of APLNG was $5.4 billion, resulting in a basis difference of $33 million on our books. The basis difference, which is substantially all associated with PP&E and subject to amortization, has been allocated on a relative fair value basis to individual production license areas owned by APLNG. Any future additional payments are expected to be allocated in a similar manner. As the joint venture produces natural gas from each license, we amortize the basis difference allocated to that license using the unit-of-production method. Included in net income (loss) for 2023, 2022 and 2021 was after-tax expense of $8 million, $10 million and $39 million, respectively, representing the amortization of this basis difference on currently producing licenses. PALNG PALNG is a joint venture for the development of a large-scale LNG facility. At December 31, 2023, the carrying value of our equity method investment in PALNG was approximately $1.1 billion. See Note . N3 N3 is a joint venture that owns an integrated large-scale LNG project located in Qatar. We have terminal and pipeline use agreements with Golden Pass LNG Terminal and affiliated Golden Pass Pipeline near Sabine Pass, Texas, intended to provide us with terminal and pipeline capacity for the receipt, storage and regasification of LNG purchased from N3. Currently, the LNG from N3 is being sold to markets outside of the U.S. NFE4 NFE4 is a joint venture with QatarEnergy participating in the NFE LNG project. NFE4 has a 12.5 percent interest in the NFE project. See Note . NFS3 NFS3 is a joint venture with QatarEnergy to participate in the NFS LNG project. NFS3 has a 25 percent interest in the NFS project. See Note . At December 31, 2023, the carrying value of our equity method investments in Qatar was approximately $1.1 billion. Loans As part of our normal ongoing business operations and consistent with industry practice, we enter into numerous agreements with other parties to pursue business opportunities. Included in such activity are loans to certain affiliated and non-affiliated companies. At December 31, 2023, there were no outstanding loans to affiliated companies. |
Investment in Cenovus Energy
Investment in Cenovus Energy | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Cenovus Energy | Note 5—Investment in Cenovus Energy In 2022, we sold our remaining 91 million shares of Cenovus Energy (CVE), recognizing proceeds of $1.4 billion and a net gain of $251 million. All gains and losses were recognized within "Other income" on our consolidated income statement. Proceeds related to the sale of our CVE shares were included within "Cash Flows from Investing Activities" on our consolidated statement of cash flows. Millions of Dollars 2023 2022 2021 Total Net gain on equity securities 251 1,040 Less: Net gain on equity securities sold during the period 251 473 Unrealized gain on equity securities still held at the reporting date $ 567 |
Suspended Wells and Exploration
Suspended Wells and Exploration Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Extractive Industries [Abstract] | |
Suspended Wells and Exploration Expenses | Note 6—Suspended Wells and Exploration Expenses The following table reflects the net changes in suspended exploratory well costs during 2023, 2022 and 2021: Millions of Dollars 2023 2022 2021 Beginning balance $ 527 660 682 Additions pending the determination of proved reserves — 5 10 Reclassifications to proved properties (285) (7) — Charged to dry hole expense (58) (131) (32) Ending balance $ 184 527 660 The following table provides an aging of suspended well balances at December 31: Millions of Dollars 2023 2022 2021 Exploratory well costs capitalized for a period of one year or less $ — 15 4 Exploratory well costs capitalized for a period greater than one year 184 512 656 Ending balance $ 184 527 660 Number of projects with exploratory well costs capitalized for a period greater than one year 14 17 22 The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December 31, 2023: Millions of Dollars Suspended Since Total 2020-2022 2017-2019 2006-2016 WL4-00—Malaysia (2) 36 19 17 — PL891—Norway (1) 30 30 — — West Willow—Alaska (1) 29 — 29 — Narwhal Trend—Alaska (1) 25 — 25 — PL782S—Norway (1) 19 — 19 — Montney—Canada (1) 16 8 8 — Other of $10 million or less each (1)(2) 29 — 4 25 Total $ 184 57 102 25 (1) Additional appraisal wells planned. (2) Appraisal drilling complete; costs being incurred to assess development. Exploration Expenses The charges discussed below are included in the “Exploration expenses” line on our consolidated income statement. 2023 In our Europe, Middle East and North Africa segment, after further evaluation we recognized a before-tax expense of $37 million for dry hole costs associated with the suspended Warka discovery well, drilled in 2020, on license PL1009 in the Norwegian Sea. In our Alaska segment, we recorded a before-tax expense of approximately $31 million for dry hole costs associated with the Bear-1 exploration well. 2022 In the fourth quarter, we recorded a before-tax expense of $129 million for impairment of certain aged, suspended wells associated with Surmont in our Canada segment. In our Europe, Middle East and North Africa segment, we recorded a before-tax expense of $102 million for dry hole costs associated with four operated exploration and appraisal wells and one partner-operated well that were drilled in Norway in 2022. |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2023 | |
Asset Impairment Charges [Abstract] | |
Impairments | Note 7—Impairments During 2023, 2022 and 2021, we recognized the following before-tax impairment charges: Millions of Dollars 2023 2022 2021 Alaska $ — 2 5 Lower 48 7 (11) (8) Canada 6 (2) 6 Europe, Middle East and North Africa — (1) (24) Asia Pacific — — 695 Corporate and Other 1 — — $ 14 (12) 674 2021 We recorded an impairment of $688 million on our APLNG investment included within the Asia Pacific segment. See Note and Note . In our Lower 48 segment, we recorded a credit to impairment of $89 million due to a decreased ARO estimate for a previously sold asset, in which we retained the ARO liability. This was offset by recorded impairments of $84 million during the fourth quarter of 2021, related to certain noncore assets due to changes in development plans. See Note . |
Asset Retirement Obligations an
Asset Retirement Obligations and Accrued Environmental Costs | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations and Accrued Environmental Cost | Note 8—Asset Retirement Obligations and Accrued Environmental Costs Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2023 2022 Asset retirement obligations $ 7,227 6,380 Accrued environmental costs 184 182 Total asset retirement obligations and accrued environmental costs 7,411 6,562 Asset retirement obligations and accrued environmental costs due within one year* (191) (161) Long-term asset retirement obligations and accrued environmental costs $ 7,220 6,401 *Classified as a current liability on the balance sheet under “Other accruals.” Asset Retirement Obligations We record the fair value of a liability for an ARO when it is incurred (typically when the asset is installed at the production location). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related PP&E. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. If in subsequent periods, our estimate of this liability changes, we will record an adjustment to both the liability and PP&E. Reductions to estimated liabilities for assets that are no longer producing are recorded as a credit to impairment. We have numerous AROs we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until several years, or decades, in the future and will be funded from general company resources at the time of removal. Our largest individual obligations involve plugging and abandonment of wells and removal and disposal of offshore oil and gas platforms around the world, as well as oil and gas production facilities and pipelines in Alaska. During 2023 and 2022, our overall ARO changed as follows: Millions of Dollars 2023 2022 Balance at January 1 $ 6,380 5,926 Accretion of discount 278 245 New obligations 257 144 Changes in estimates of existing obligations 484 681 Spending on existing obligations (119) (231) Property dispositions (27) (203) Foreign currency translation (26) (182) Balance at December 31 $ 7,227 6,380 Accrued Environmental Costs Total accrued environmental costs at December 31, 2023 and 2022, were $184 million and $182 million, respectively. We had accrued environmental costs of $112 million and $107 million at December 31, 2023 and 2022, respectively, related to remediation activities in the U.S. and Canada. We had also accrued in Corporate and Other $55 million and $59 million of environmental costs associated with sites no longer in operation at December 31, 2023 and 2022, respectively. In addition, December 31, 2023 and 2022, included a $17 million and $16 million accrual, respectively, where the company has been named a potentially responsible party under the Federal Comprehensive Environmental Response, Compensation and Liability Act, or similar state laws. Accrued environmental liabilities are expected to be paid over periods extending up to 30 years. Expected expenditures for environmental obligations acquired in various business combinations are discounted using a weighted-average 5 percent discount factor, resulting in an accrued balance for acquired environmental liabilities |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 9—Debt Long-term debt at December 31 was: Millions of Dollars 2023 2022 7.65% Debentures due 2023 — 78 2.125% Notes due 2024 461 900 3.35% Notes due 2024 265 426 2.4% Notes due 2025 366 900 8.2% Notes due 2025 134 134 3.35% Debentures due 2025 199 199 6.875% Debentures due 2026 67 67 7.8% Debentures due 2027 203 203 3.75% Notes due 2027 196 196 4.3% Notes due 2028 223 223 7.375% Debentures due 2029 92 92 7.0% Debentures due 2029 112 112 6.95% Notes due 2029 1,195 1,195 8.125% Notes due 2030 390 390 2.4% Notes due 2031 227 227 7.2% Notes due 2031 447 447 7.25% Notes due 2031 400 400 7.4% Notes due 2031 382 382 5.9% Notes due 2032 505 505 5.05% Notes due 2033 1,000 — 4.15% Notes due 2034 246 246 5.95% Notes due 2036 326 326 5.951% Notes serially maturing 2022 through 2037 603 631 5.9% Notes due 2038 350 350 6.5% Notes due 2039 1,588 1,588 3.758% Notes due 2042 785 785 4.3% Notes due 2044 750 750 5.95% Notes due 2046 329 329 7.9% Debentures due 2047 60 60 4.875% Notes due 2047 319 319 4.85% Notes due 2048 219 219 3.8% Notes due 2052 1,100 1,100 5.3% Notes due 2053 1,100 — 5.55% Notes due 2054 1,000 — 4.025% Notes due 2062 1,770 1,770 5.70% Notes due 2063 700 — Marine Terminal Revenue Refunding Bonds due 2031 at 1.65% – 4.70% during 2023 and 0.07% – 4.10% during 2022 265 265 Industrial Development Bonds due 2035 at 1.85% – 4.70% during 2023 and 0.07% – 4.10% during 2022 18 18 Other 21 23 Debt at face value 18,413 15,855 Finance leases 1,129 1,320 Net unamortized premiums, discounts and debt issuance costs (605) (532) Total debt 18,937 16,643 Short-term debt (1,074) (417) Long-term debt $ 17,863 16,226 The principal amounts of long-term debt, excluding finance lease obligations, maturing in 2024 through 2028 are: $759 million, $735 million, $104 million, $438 million, and $265 million, respectively. 2023 In December 2023, the company retired $78 million principal amount of our 7.65 percent Notes at maturity. In the third quarter of 2023, we issued $2.7 billion in new Notes through our universal shelf registration statement and prospectus supplement. The net proceeds were used to fund the acquisition of the remaining 50 percent working interest in Surmont which closed in October 2023. See Note . The following Notes were issued: • 5.05% Notes due 2033 with principal of $1.0 billion • 5.55% Notes due 2054 with principal of $1.0 billion • 5.70% Notes due 2063 with principal of $0.7 billion In the second quarter of 2023, as described further below, we initiated and completed two concurrent transactions as part of our debt refinancing strategy. We issued $1.1 billion in new Notes through our universal shelf registration statement and prospectus supplement and used the proceeds to repurchase $1.1 billion of existing debt. Debt Issuance On May 23, 2023, we issued 5.3% Notes due 2053 with principal of $1.1 billion. Tender Offers On May 25, 2023, we repurchased a total of $1,133 million aggregate principal amount of debt as listed below. We paid $33 million below face value to repurchase these debt instruments and recognized a gain on debt extinguishment of $27 million, which is included in the "Other expenses" line on our consolidated income statement. • 2.125% Notes due 2024 with principal of $900 million (partial repurchase of $439 million) • 3.350% Notes due 2024 with principal of $426 million (partial repurchase of $160 million) • 2.400% Notes due 2025 with principal of $900 million (partial repurchase of $534 million) 2022 In December 2022, the company retired $329 million principal amount of our 2.40 percent Notes at maturity. In May 2022, we redeemed $1,250 million principal amount of our 4.95 percent Notes due 2026. We paid premiums above face value of $79 million to redeem the debt and recognized a loss on debt extinguishment of $83 million which is included in the "Other expenses" line on our consolidated income statement. We also paid $500 million to retire the outstanding principal amount of the floating rate notes due 2022 at maturity. In the first quarter of 2022, we completed a debt refinancing consisting of three concurrent transactions: a tender offer to repurchase existing debt for cash; exchange offers to retire certain debt in exchange for new debt and cash; and a new debt issuance to partially fund the cash paid in the tender and exchange offers. Tender Offer In March 2022, we repurchased a total of $2,716 million aggregate principal amount of debt as listed below. We paid premiums above face value of $333 million to repurchase these debt instruments and recognized a gain on debt extinguishment of $155 million, which is included in the "Other expenses" line on our consolidated income statement. • 3.75% Notes due 2027 with principal of $1,000 million (partial repurchase of $804 million) • 4.3% Notes due 2028 with principal of $1,000 million (partial repurchase of $777 million) • 2.4% Notes due 2031 with principal of $500 million (partial repurchase of $273 million) • 4.875% Notes due 2047 with principal of $800 million (partial repurchase of $481 million) • 4.85% Notes due 2048 with principal of $600 million (partial repurchase of $381 million) Exchange Offers Also in March 2022, we completed two concurrent debt exchange offers through which $2,544 million of aggregate principal of existing notes was tendered and accepted in exchange for a combination of new notes and cash. The debt exchange offers were treated as debt modifications for accounting purposes resulting in a portion of the unamortized debt discount, premiums and debt issuance costs of the existing notes being allocated to the new notes on the settlement dates of the exchange offers. We paid premiums above face value of $883 million, comprised of $872 million of cash as well as new notes, which were capitalized as additional debt discount. We incurred expenses of $28 million in the exchanges, which are included in the "Other expenses" line on our consolidated income statement. The notes tendered and accepted in the exchange offers were: • 7.0% Debentures due 2029 with principal amount of $200 million (partial exchange of $88 million) • 6.95% Notes due 2029 with principal amount of $1,549 million (partial exchange of $354 million) • 7.4% Notes due 2031 with principal amount of $500 million (partial exchange of $118 million) • 7.25% Notes due 2031 with principal amount of $500 million (partial exchange of $100 million) • 7.2% Notes due 2031 with principal amount of $575 million (partial exchange of $128 million) • 5.95% Notes due 2036 with principal amount of $500 million (partial exchange of $174 million) • 5.9% Notes due 2038 with principal amount of $600 million (partial exchange of $250 million) • 6.5% Notes due 2039 with principal amount of $2,750 million (partial exchange of $1,162 million) • 5.95% Notes due 2046 with principal amount of $500 million (partial exchange of $171 million) The notes tendered and accepted were exchanged for the following notes: • 3.758% Notes due 2042 with principal amount of $785 million • 4.025% Notes due 2062 with principal amount of $1,770 million Debt Issuance In March 2022, we issued the following notes: • 2.125% Notes due 2024 with principal of $900 million • 2.4% Notes due 2025 with principal of $900 million • 3.8% Notes due 2052 with principal of $1,100 million Revolving Credit Facility and Credit Rating Information In 2022, we refinanced our revolving credit facility from a total borrowing capacity of $6.0 billion down to $5.5 billion with an expiration date of February 2027. Our revolving credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $500 million, or as support for our commercial paper program. The revolving credit facility is broadly syndicated among financial institutions and does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or credit ratings. The facility agreement contains a cross-default provision relating to the failure to pay principal or interest on other debt obligations of $200 million or more by ConocoPhillips, or any of its consolidated subsidiaries. The amount of the facility is not subject to redetermination prior to its expiration date. Credit facility borrowings may bear interest at a margin above the Secured Overnight Financing Rate (SOFR). The facility agreement calls for commitment fees on available, but unused, amounts. The facility agreement also contains early termination rights if our current directors or their approved successors cease to be a majority of the Board of Directors. The revolving credit facility supports our ability to issue up to $5.5 billion of commercial paper. Commercial paper is generally limited to maturities of 90 days and is included in short-term debt on our consolidated balance sheet. With no commercial paper outstanding and no direct borrowings or letters of credit, we had access to $5.5 billion in available borrowing capacity under our revolving credit facility at December 31, 2023 and December 31, 2022. For information on Finance Leases, see Note . The current credit ratings on our long-term debt are: • Fitch: “A” with a “stable” outlook • S&P: “A-” with a “stable” outlook • Moody's: " A2 " with a " stable " outlook We do not have any ratings triggers on any of our corporate debt that would cause an automatic default, and thereby impact our access to liquidity upon downgrade of our credit ratings. If our credit ratings are downgraded from their current levels, it could increase the cost of corporate debt available to us and restrict our access to the commercial paper markets. If our credit ratings were to deteriorate to a level prohibiting us from accessing the commercial paper market, we would still be able to access funds under our revolving credit facility. At both December 31, 2023 and 2022, we had $283 million of certain variable rate demand bonds (VRDBs) outstanding with maturities ranging through 2035. The VRDBs are redeemable at the option of the bondholders on any business day. If they are ever redeemed, we have the ability and intent to refinance on a long-term basis, therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2023 | |
Guarantees [Abstract] | |
Guarantees | Note 10—Guarantees At December 31, 2023, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. APLNG Guarantees At December 31, 2023, we had outstanding multiple guarantees in connection with our 47.5 percent ownership interest in APLNG. The following is a description of the guarantees with values calculated utilizing December 2023 exchange rates: • During the third quarter of 2016, we issued a guarantee to facilitate the withdrawal of our pro-rata portion of the funds in a project finance reserve account. We estimate the remaining term of this guarantee to be seven years. Our maximum exposure under this guarantee is approximately $210 million and may become payable if an enforcement action is commenced by the project finance lenders against APLNG. At December 31, 2023, the carrying value of this guarantee was approximately $14 million. • In conjunction with our original purchase of an ownership interest in APLNG from Origin Energy Limited in October 2008, we agreed to reimburse Origin Energy Limited for our share of the existing contingent liability arising under guarantees of an existing obligation of APLNG to deliver natural gas under several sales agreements. The final guarantee expires in the fourth quarter of 2041. Our maximum potential liability for future payments, or cost of volume delivery, under these guarantees is estimated to be $730 million ($1.2 billion in the event of intentional or reckless breach) and would become payable if APLNG fails to meet its obligations under these agreements and the obligations cannot otherwise be mitigated. Future payments are considered unlikely, as the payments, or cost of volume delivery, would only be triggered if APLNG does not have enough natural gas to meet these sales commitments and if the co-venturers do not make necessary equity contributions into APLNG. • We have guaranteed the performance of APLNG with regard to certain other contracts executed in connection with the project’s continued development. The guarantees have remaining terms of 13 to 22 years or the life of the venture. Our maximum potential amount of future payments related to these guarantees is approximately $390 million and would become payable if APLNG does not perform. At December 31, 2023, the carrying value of these guarantees was approximately $29 million. QatarEnergy LNG Limited Guarantee We have guaranteed our portion of certain fiscal and other joint venture obligations as a shareholder in NFE4 and NFS3. This guarantee has an approximate 30-year term with no maximum limit. At December 31, 2023, the carrying value of this guarantee was approximately $14 million. Other Guarantees We have other guarantees with maximum future potential payment amounts totaling approximately $620 million, which consist primarily of guarantees of the residual value of leased office buildings and guarantees of the residual value of corporate aircraft. These guarantees have remaining terms of two Indemnifications Over the years, we have entered into agreements to sell ownership interests in certain legal entities, joint ventures and assets that gave rise to qualifying indemnifications. These agreements include indemnifications for taxes and environmental liabilities. The carrying amount recorded for these indemnifications at December 31, 2023, was approximately $20 million. Those related to environmental issues have terms that are generally indefinite and the maximum amounts of future payments are generally unlimited. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. See Note |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 11—Contingencies and Commitments A number of lawsuits involving a variety of claims arising in the ordinary course of business have been filed against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the low end of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. We accrue receivables for insurance or other third-party recoveries when applicable. With respect to income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. See Note , for additional information about income tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations and record accruals for environmental liabilities based on management’s best estimates. These estimates are based on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. EPA or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the agency concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, and some of the indemnifications are subject to dollar limits and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state and international sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note for a summary of our accrued environmental liabilities. Litigation and Other Contingencies We are subject to various lawsuits and claims including but not limited to matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, climate change, personal injury, and property damage. Our primary exposures for such matters relate to alleged royalty and tax underpayments on certain federal, state and privately owned properties, claims of alleged environmental contamination and damages from historic operations, and climate change. We will continue to defend ourselves vigorously in these matters. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. In addition, at December 31, 2023, we had performance obligations secured by letters of credit of $340 million (issued as direct bank letters of credit) related to various purchase commitments for materials, supplies, commercial activities and services incident to the ordinary conduct of business. In 2007, ConocoPhillips was unable to reach agreement with respect to the empresa mixta structure mandated by the Venezuelan government’s Nationalization Decree. As a result, Venezuela’s national oil company, Petróleos de Venezuela, S.A. (PDVSA), or its affiliates, directly assumed control over ConocoPhillips’ interests in the Petrozuata and Hamaca heavy oil ventures and the offshore Corocoro development project. In response to this expropriation, ConocoPhillips initiated international arbitration on November 2, 2007, with the ICSID. On September 3, 2013, an ICSID arbitration tribunal held that Venezuela unlawfully expropriated ConocoPhillips’ significant oil investments in June 2007. On January 17, 2017, the Tribunal reconfirmed the decision that the expropriation was unlawful. In March 2019, the Tribunal unanimously ordered the government of Venezuela to pay ConocoPhillips approximately $8.7 billion in compensation for the government’s unlawful expropriation of the company’s investments in Venezuela in 2007. On August 29, 2019, the ICSID Tribunal issued a decision rectifying the award and reducing it by approximately $227 million. The award now stands at $8.5 billion plus interest. The government of Venezuela sought annulment of the award, which automatically stayed enforcement of the award. On September 29, 2021, the ICSID annulment committee lifted the stay of enforcement of the award. The annulment proceedings are underway. In 2014, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Petrozuata and Hamaca projects. The ICC Tribunal issued an award in April 2018, finding that PDVSA owed ConocoPhillips approximately $2 billion under their agreements in connection with the expropriation of the projects and other pre-expropriation fiscal measures. In August 2018, ConocoPhillips entered into a settlement with PDVSA to recover the full amount of this ICC award, plus interest through the payment period, including initial payments totaling approximately $500 million within a period of 90 days from the time of signing of the settlement agreement. The balance of the settlement is to be paid quarterly over a period of four and a half years. Per the settlement, PDVSA recognized the ICC award as a judgment in various jurisdictions, and ConocoPhillips agreed to suspend its legal enforcement actions. ConocoPhillips sent notices of default to PDVSA on October 14 and November 12, 2019, and to date PDVSA has failed to cure its breach. As a result, ConocoPhillips has resumed legal enforcement actions. To date, ConocoPhillips has received approximately $777 million in connection with the ICC award. ConocoPhillips has ensured that the settlement and any actions taken in enforcement thereof meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela. In 2016, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Corocoro Project. On August 2, 2019, the ICC Tribunal awarded ConocoPhillips approximately $33 million plus interest under the Corocoro contracts. ConocoPhillips is seeking recognition and enforcement of the award in various jurisdictions. ConocoPhillips has ensured that all the actions related to the award meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela. Beginning in 2017, governmental and other entities in several states/territories in the U.S. have filed lawsuits against oil and gas companies, including ConocoPhillips, seeking compensatory damages and equitable relief to abate alleged climate change impacts. Additional lawsuits with similar allegations are expected to be filed. The amounts claimed by plaintiffs are unspecified and the legal and factual issues are unprecedented, therefore, there is significant uncertainty about the scope of the claims and alleged damages and any potential impact on the Company’s financial condition. ConocoPhillips believes these lawsuits are factually and legally meritless and are an inappropriate vehicle to address the challenges associated with climate change and will vigorously defend against such lawsuits. Several Louisiana parishes and the State of Louisiana have filed numerous lawsuits under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA) against oil and gas companies, including ConocoPhillips, seeking compensatory damages for contamination and erosion of the Louisiana coastline allegedly caused by historical oil and gas operations. ConocoPhillips entities are defendants in 22 of the lawsuits and will vigorously defend against them. On October 17, 2022, the Fifth Circuit affirmed remand of the lead case to state court and the subsequent request for rehearing was denied. Accordingly, the federal district courts have issued remands to state court. Because Plaintiffs’ SLCRMA theories are unprecedented, there is uncertainty about these claims (both as to scope and damages) and we continue to evaluate our exposure in these lawsuits. In October 2020, the Bureau of Safety and Environmental Enforcement (BSEE) ordered the prior owners of Outer Continental Shelf (OCS) Lease P-0166, including ConocoPhillips, to decommission the lease facilities, including two offshore platforms located near Carpinteria, California. This order was sent after the current owner of OCS Lease P-0166 relinquished the lease and abandoned the lease platforms and facilities. BSEE’s order to ConocoPhillips is premised on its connection to Phillips Petroleum Company, a legacy company of ConocoPhillips, which held a historical 25 percent interest in this lease and operated these facilities, but sold its interest approximately 30 years ago. ConocoPhillips continues to evaluate its exposure in this matter. On May 10, 2021, ConocoPhillips filed arbitration under the rules of the Singapore International Arbitration Centre (SIAC) against Santos KOTN Pty Ltd. and Santos Limited for their failure to timely pay the $200 million bonus due upon final investment decision of the Barossa development project under the sale and purchase agreement for the sale of our Australia-West asset and operations. The matter was resolved in April 2023 to our satisfaction. In July 2021, a federal securities class action was filed against Concho, certain of Concho’s officers, and ConocoPhillips as Concho’s successor in the United States District Court for the Southern District of Texas. On October 21, 2021, the court issued an order appointing Utah Retirement Systems and the Construction Laborers Pension Trust for Southern California as lead plaintiffs (Lead Plaintiffs). On January 7, 2022, the Lead Plaintiffs filed their consolidated complaint alleging that Concho made materially false and misleading statements regarding its business and operations in violation of the federal securities laws and seeking unspecified damages, attorneys’ fees, costs, equitable/injunctive relief, and such other relief that may be deemed appropriate. The defendants filed a motion to dismiss the consolidated complaint on March 8, 2022. On June 23, 2023, the court denied defendants’ motion as to most defendants including Concho/ConocoPhillips. We believe the allegations in the action are without merit and are vigorously defending this litigation. ConocoPhillips is involved in pending disputes with commercial counterparties relating to the propriety of its force majeure notices following Winter Storm Uri in 2021. We believe these claims are without merit and are vigorously defending them. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements We have certain throughput agreements and take-or-pay agreements in support of financing arrangements. The agreements typically provide for natural gas or crude oil transportation and LNG purchase commitments. The fixed and determinable portion of the remaining estimated payments under these various agreements as of December 31, 2023 are: 2024—$7 million; 2025—$7 million; 2026—$7 million; 2027—$7 million; 2028—$283 million; and 2029 and after—$11 billion. Generally, variable components of these obligations include commodity futures prices and inflation rates. Purchases of LNG under these commitments are expected to be offset in the same or approximately same periods by cash received from the related sales transactions. Total payments under the agreements were $26 million in 2023, $26 million in 2022 and $27 million in 2021. |
Derivative and Financial Instru
Derivative and Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Financial Instruments | Note 12—Derivative and Financial Instruments We use futures, forwards, swaps and options in various markets to meet our customer needs, capture market opportunities and manage foreign exchange currency risk. Commodity Derivative Instruments Our commodity business primarily consists of natural gas, crude oil, bitumen, NGLs, LNG and power. Commodity derivative instruments are held at fair value on our consolidated balance sheet. Where these balances have the right of setoff, they are presented on a net basis. Related cash flows are recorded as operating activities on our consolidated statement of cash flows. On our consolidated income statement, gains and losses are recognized either on a gross basis if directly related to our physical business or a net basis if held for trading. Gains and losses related to contracts that meet and are designated with the NPNS exception are recognized upon settlement. We generally apply this exception to eligible crude contracts and certain gas contracts. We do not apply hedge accounting for our commodity derivatives. The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet: Millions of Dollars 2023 2022 Assets Prepaid expenses and other current assets $ 611 1,795 Other assets 113 242 Liabilities Other accruals 567 1,800 Other liabilities and deferred credits 80 210 The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table: Millions of Dollars 2023 2022 2021 Sales and other operating revenues $ 86 (88) (228) Other income (6) (5) 25 Purchased commodities (90) (91) 75 On January 15, 2021, we assumed financial derivative instruments consisting of oil and natural gas swaps in connection with the acquisition of Concho. At the acquisition date, these financial derivative instruments acquired were recognized at fair value as a net liability of $456 million with settlement dates under the contracts through December 31, 2022. During 2021, we recognized a loss on settlement of these derivatives contracts of $305 million. This loss is recorded within the “Sales and other operating revenues” line on our consolidated income statement. In connection with the settlement, we issued a cash payment of $761 million during 2021 which is included within “Cash Flows From Operating Activities” on our consolidated statement of cash flows. The table below summarizes our net exposures resulting from outstanding commodity derivative contracts: Open Position 2023 2022 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (12) (14) Basis (2) (8) Interest Rate Derivative Instruments During 2023, PALNG executed interest rate swaps that had the effect of converting 60 percent of the projected term loans outstanding to finance the cost of development and construction of Phase 1 from floating to fixed rate. These swaps were designated and qualify for hedge accounting under ASC Topic 815, “Derivatives and Hedging,” as a cash flow hedge with changes in the fair value of the designated hedging instruments reported as a component of other comprehensive income and reclassified into earnings in the same periods that the hedged transactions will affect earnings. We recognize our proportionate share of PALNG’s adjustments for other comprehensive income as a change to our equity method investment with corresponding adjustments in equity. For the year ended December 31, 2023, we recognized an unrealized gain of $78 million in other comprehensive income related to these swaps. Financial Instruments We invest in financial instruments with maturities based on our cash forecasts for the various accounts and currency pools we manage. The types of financial instruments in which we currently invest include: • Time deposits: Interest bearing deposits placed with financial institutions for a predetermined amount of time. • Demand deposits: Interest bearing deposits placed with financial institutions. Deposited funds can be withdrawn without notice. • Commercial paper: Unsecured promissory notes issued by a corporation, commercial bank or government agency purchased at a discount to mature at par. • U.S. government or government agency obligations: Securities issued by the U.S. government or U.S. government agencies. • Foreign government obligations: Securities issued by foreign governments. • Corporate bonds: Unsecured debt securities issued by corporations. • Asset-backed securities: Collateralized debt securities. The following investments are carried on our consolidated balance sheet at cost, plus accrued interest and the table reflects remaining maturities at December 31, 2023 and 2022: Millions of Dollars Carrying Amount Cash and Cash Short-Term 2023 2022 2023 2022 Cash $ 474 593 Demand Deposits 1,424 1,638 Time Deposits 1 to 90 days 3,713 4,116 511 1,288 91 to 180 days 22 883 Within one year 3 11 U.S. Government Obligations 1 to 90 days 24 14 — — $ 5,635 6,361 536 2,182 The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at December 31, 2023 and 2022: Millions of Dollars Carrying Amount Cash and Cash Short-Term Investments and Long-Term 2023 2022 2023 2022 2023 2022 Major Security Type Corporate Bonds $ — — 201 323 606 309 Commercial Paper — 97 131 156 U.S. Government Obligations — — 89 115 189 63 U.S. Government Agency Obligations 5 8 7 5 Foreign Government Obligations 7 — 4 7 Asset-backed Securities 2 1 183 138 $ — 97 435 603 989 522 Cash and Cash Equivalents and Short-Term Investments have remaining maturities within one year. Investments and Long-Term Receivables have remaining maturities that vary from greater than one year through five years. The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale at December 31: Millions of Dollars Amortized Cost Basis Fair Value 2023 2022 2023 2022 Major Security Type Corporate Bonds $ 806 641 807 632 Commercial Paper 131 253 131 253 U.S. Government Obligations 278 181 278 178 U.S. Government Agency Obligations 12 13 12 13 Foreign Government Obligations 11 7 11 7 Asset-backed Securities 184 139 185 139 $ 1,422 1,234 1,424 1,222 As of December 31, 2023, total unrealized gains for debt securities classified as available for sale with net unrealized gains were $5 million and as of December 31, 2022, total unrealized losses for debt securities classified as available for sale with net unrealized losses were $12 million. No allowance for credit losses has been recorded on investments in debt securities which are in an unrealized loss position. For the years ended December 31, 2023 and 2022, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $983 million and $644 million, respectively. Gross realized gains and losses included in earnings from those sales and redemptions were negligible. The cost of securities sold and redeemed is determined using the specific identification method. Credit Risk Financial instruments potentially exposed to concentrations of credit risk consist primarily of cash equivalents, short-term investments, long-term investments in debt securities, OTC derivative contracts and trade receivables. Our cash equivalents and short-term investments are placed in high-quality commercial paper, government money market funds, U.S. government and government agency obligations, time deposits with major international banks and financial institutions, high-quality corporate bonds, foreign government obligations and asset-backed securities. Our long-term investments in debt securities are placed in high-quality corporate bonds, asset-backed securities, U.S. government and government agency obligations, foreign government obligations, and time deposits with major international banks and financial institutions. The credit risk from our OTC derivative contracts, such as forwards, swaps and options, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared primarily with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements. Our trade receivables result primarily from our petroleum operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less, and we continually monitor this exposure and the creditworthiness of the counterparties. We may require collateral to limit the exposure to loss including, letters of credit, prepayments and surety bonds, as well as master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due to us. Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if we fall below investment grade. Cash is the primary collateral in all contracts; however, many also permit us to post letters of credit as collateral, such as transactions administered through the New York Mercantile Exchange. The aggregate fair value of all derivative instruments with such credit risk-related contingent features that were in a liability position on December 31, 2023 and December 31, 2022, was $181 million and $333 million, respectively. For these instruments, no collateral was posted as of December 31, 2023 and $42 million collateral was posted as of December 31, 2022. If our credit rating had been downgraded below investment grade on December 31, 2023, we would have been required to post $152 million of additional collateral, either with cash or letters of credit. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 13—Fair Value Measurement We carry a portion of our assets and liabilities at fair value that are measured at the reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclosed according to the quality of valuation inputs under the fair value hierarchy. The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. There were no material transfers into or out of Level 3 during 2023 or 2022. Recurring Fair Value Measurement Financial assets and liabilities reported at fair value on a recurring basis primarily include our investments in debt securities classified as available for sale, commodity derivatives, and our contingent consideration arrangement related to the Surmont acquisition. S ee Note . • Level 1 derivative assets and liabilities primarily represent exchange-traded futures and options that are valued using unadjusted prices available from the underlying exchange. Level 1 financial assets also include our investments in U.S. government obligations classified as available for sale debt securities, which are valued using exchange prices. • Level 2 derivative assets and liabilities primarily represent OTC swaps, options and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers or pricing service companies that are all corroborated by market data. Level 2 financial assets also include our investments in debt securities classified as available for sale including investments in corporate bonds, commercial paper, asset-backed securities, U.S. government agency obligations and foreign government obligations that are valued using pricing provided by brokers or pricing service companies that are corroborated with market data. • Level 3 derivative assets and liabilities consist of OTC swaps, options and forward purchase and sale contracts where a significant portion of fair value is calculated from underlying market data that is not readily available. The derived value uses industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, time value, volatility factors and other relevant economic measures. The use of these inputs results in management’s best estimate of fair value. Level 3 commodity derivative activity was not material for all periods presented. • Level 3 liabilities include the fair value of future quarterly contingent payments to Total Energies EP Canada Ltd. in connection with the acquisition of the remaining 50 percent working interest in Surmont. Contingent consideration consists of payments up to approximately $0.4 billion CAD over a five-year term ending in the fourth quarter of 2028. The contingent payments represent $2.0 million for every dollar that the monthly WCS average pricing exceeds $52 per barrel. The terms include adjustments related to not achieving certain production targets. The fair value of the contingent consideration as of December 31, 2023 is calculated using the income approach and is largely based on the estimated commodity price outlook using a combination of external pricing service companies' and our internal price outlook (unobservable input) and a discount rate consistent with those used by principal market participants (observable input). Impact of other unobservable inputs on the fair value as of December 31, 2023 was not significant. The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis): Millions of Dollars December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investments in debt securities $ 278 1,146 — 1,424 178 1,044 — 1,222 Commodity derivatives 308 301 115 724 958 951 128 2,037 Total assets $ 586 1,447 115 2,148 1,136 1,995 128 3,259 Liabilities Commodity derivatives $ 350 283 14 647 906 843 261 2,010 Contingent consideration — — 312 312 — — — — Total liabilities $ 350 283 326 959 906 843 261 2,010 The range and arithmetic average of the significant unobservable input used in the Level 3 fair value measurement was as follows: Fair Value Valuation Unobservable Input Range (Arithmetic Average) December 31, 2023 Contingent consideration - Surmont $ 312 Discounted cash flow Commodity price outlook* ($/BOE) $45.48 - $63.04 ($57.45) *Commodity price outlook based on a combination of external pricing service companies' outlooks and our internal outlook. The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists. Millions of Dollars Amounts Subject to Right of Setoff Gross Amounts Not Gross Gross Net Cash Net December 31, 2023 Assets $ 724 39 685 375 310 4 306 Liabilities 647 34 613 375 238 47 191 December 31, 2022 Assets $ 2,037 39 1,998 1,176 822 37 785 Liabilities 2,010 20 1,990 1,176 814 52 762 At December 31, 2023 and December 31, 2022, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff. Non-Recurring Fair Value Measurement The following table summarizes the fair value hierarchy by major category and date of remeasurement for assets accounted for at fair value on a non-recurring basis: Millions of Dollars Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 Before-Tax Year ended December 31, 2021 Net PP&E (held for use) December 31, 2021 $ 472 — — 472 80 Equity Method Investments December 31, 2021 5,574 — 5,574 — 688 Net PP&E (held for use) During 2021, the estimated fair value of certain noncore assets included in our Lower 48 segment declined to amounts below the carrying values. The carrying values were written down to fair value. The fair values were estimated based on internal discounted cash flow models using the following estimated assumptions: estimated future production, an outlook of future prices from a combination of exchanges (short-term) coupled with pricing service companies and our internal outlook (long-term), future operating costs and capital expenditures, and a discount rate believed to be consistent with those used by principal market participants. The range and arithmetic average of significant unobservable inputs used in the Level 3 fair value measurements for significant assets were as follows: Fair Value Valuation Unobservable Inputs Range (Arithmetic Average) December 31, 2021 Lower 48 Gulf Coast and Rockies noncore field $ 472 Discounted cash flow Commodity production (MBOED) 0.2 - 17 (5.4) Commodity price outlook* ($/BOE) $41.45 - $93.68 ($64.39) Discount rate** 7.3% - 9.7% (8.7%) *Commodity price outlook based on a combination of external pricing service companies' and our internal outlook for years 2024-2050; future prices escalated at 2.0 percent annually after year 2050. **Determined as the weighted average cost of capital of a group of peer companies, adjusted for risks where appropriate. Equity Method Investments During 2021, Origin Energy Limited agreed to the sale of 10 percent of their interest in APLNG for $1.645 billion, before customary adjustments. ConocoPhillips announced in December 2021 that we were exercising our preemption right under the APLNG Shareholders Agreement to purchase an additional 10 percent shareholding interest in APLNG, subject to government approvals. The sales price associated with this preemption right was determined to reflect a relevant observable market participant view of APLNG’s fair value which was below the carrying value of our existing investment in APLNG. As such, our investment in APLNG was written down to its fair value of $5,574 million, resulting in a before-tax charge of $688 million. See Note and Note . Reported Fair Values of Financial Instruments We used the following methods and assumptions to estimate the fair value of financial instruments: • Cash and cash equivalents and short-term investments: The carrying amount reported on the balance sheet approximates fair value. For those investments classified as available for sale debt securities, the carrying amount reported on the balance sheet is fair value. • Accounts and notes receivable (including long-term and related parties): The carrying amount reported on the balance sheet approximates fair value. • Investments in debt securities classified as available for sale: The fair value of investments in debt securities categorized as Level 1 in the fair value hierarchy is measured using exchange prices. The fair value of investments in debt securities categorized as Level 2 in the fair value hierarchy is measured using pricing provided by brokers or pricing service companies that are corroborated with market data. See Note 12 . • Accounts payable (including related parties) and floating-rate debt: The carrying amount of accounts payable and floating-rate debt reported on the balance sheet approximates fair value. • Fixed-rate debt: The estimated fair value of fixed-rate debt is measured using prices available from a pricing service that is corroborated by market data; therefore, these liabilities are categorized as Level 2 in the fair value hierarchy. • Commercial paper: The carrying amount of our commercial paper instruments approximates fair value and is reported on the balance sheet as short-term debt. The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value 2023 2022 2023 2022 Financial assets Commodity derivatives 345 824 345 824 Investments in debt securities 1,424 1,222 1,424 1,222 Financial liabilities Total debt, excluding finance leases 17,808 15,323 18,621 15,545 Commodity derivatives 225 782 225 782 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Note 14—Equity Common Stock The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were: Shares 2023 2022 2021 Issued Beginning of year 2,100,885,134 2,091,562,747 1,798,844,267 Acquisition of Concho — — 285,928,872 Distributed under benefit plans 2,887,382 9,322,387 6,789,608 End of year 2,103,772,516 2,100,885,134 2,091,562,747 Held in Treasury Beginning of year 877,029,062 789,319,875 730,802,089 Repurchase of common stock 48,641,899 87,709,187 58,517,786 End of year 925,670,961 877,029,062 789,319,875 Preferred Stock We have authorized 500 million shares of preferred stock, par value $0.01 per share, none of which was issued or outstanding at December 31, 2023 or 2022. Repurchase of Common Stock In late 2016, we initiated our current share repurchase program. In October 2022, our Board of Directors approved an increase to our authorization from $25 billion to $45 billion of our common stock to support our plan for future share repurchases. Share repurchases since inception of our current program totaled 383 million shares at a cost of $29 billion through the end of December 2023. |
Non-Mineral Leases
Non-Mineral Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Non-Mineral Leases | Note 15—Non-Mineral Leases The company primarily leases office buildings and drilling equipment, as well as ocean transport vessels, tugboats, corporate aircraft, and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, and other leases include payment provisions that vary based on the nature of usage of the leased asset. Additionally, the company has executed certain leases that provide it with the option to extend or renew the term of the lease, terminate the lease prior to the end of the lease term, or purchase the leased asset as of the end of the lease term. In other cases, the company has executed lease agreements that require it to guarantee the residual value of certain leased office buildings. For additional information about guarantees, see Note . There are no significant restrictions imposed on us by the lease agreements with regard to dividends, asset dispositions or borrowing ability. We determine if an arrangement is or contains a lease at contract inception. Certain contractual arrangements may contain both lease and non-lease components. Only the lease components of these contractual arrangements are subject to the provisions of ASC Topic 842, and any non-lease components are subject to other applicable accounting guidance; however, we have elected to adopt the optional practical expedient not to separate lease components apart from non-lease components for existing asset classes (as of the adoption date of ASC 842) for accounting purposes. For contractual arrangements involving a new leased asset class, we determine at contract inception whether it will apply the optional practical expedient to the new leased asset class. Leases are evaluated for classification as operating or finance leases at the commencement date of the lease and right-of-use assets and corresponding liabilities are recognized on our consolidated balance sheet based on the present value of future lease payments relating to the use of the underlying asset during the lease term. Future lease payments include variable lease payments that depend upon an index or rate using the index or rate at the commencement date and probable amounts owed under residual value guarantees. The amount of future lease payments may be increased to include additional payments related to lease extension, termination, and/or purchase options when the company has determined, at or subsequent to lease commencement, generally due to limited asset availability or operating commitments, it is reasonably certain of exercising such options. We use our incremental borrowing rate as the discount rate in determining the present value of future lease payments, unless the interest rate implicit in the lease arrangement is readily determinable. Lease payments that vary subsequent to the commencement date based on future usage levels, the nature of leased asset activities, or certain other contingencies are not included in the measurement of lease right-of-use assets and corresponding liabilities. We have elected not to record assets and liabilities on our consolidated balance sheet for lease arrangements with terms of 12 months or less. We often enter into leasing arrangements acting in the capacity as operator for and/or on behalf of certain oil and gas joint ventures of undivided interests. If the lease arrangement can be legally enforced only against us as operator and there is no separate arrangement to sublease the underlying leased asset to our coventurers, we recognize at lease commencement a right-of-use asset and corresponding lease liability on our consolidated balance sheet on a gross basis. While we record lease costs on a gross basis in our consolidated income statement and statement of cash flows, such costs are offset by the reimbursement we receive from our coventurers for their share of the lease cost as the underlying leased asset is utilized in joint venture activities. As a result, lease cost is presented in our consolidated income statement and statement of cash flows on a proportional basis. If we are a nonoperating coventurer, we recognize a right-of-use asset and corresponding lease liability only if we were a specified contractual party to the lease arrangement and the arrangement could be legally enforced against us. In this circumstance, we would recognize both the right-of-use asset and corresponding lease liability on our consolidated balance sheet on a proportional basis consistent with our undivided interest ownership in the related joint venture. The company has historically recorded finance lease assets and liabilities associated with certain oil and gas joint ventures on a proportional basis pursuant to accounting guidance applicable prior to the adoption date of ASC 842. In accordance with the transition provisions of ASC Topic 842, and since we have elected to adopt the package of optional transition-related practical expedients, the historical accounting treatment for these leases has been carried forward and is subject to reconsideration upon the modification or other required reassessment of the arrangements prior to lease term expiration. The following table summarizes the right-of-use assets and lease liabilities for both the operating and finance leases on our consolidated balance sheet as of December 31: Millions of Dollars 2023 2022 Operating Finance Operating Finance Right-of-Use Assets Properties, plants and equipment Gross 2,010 2,043 Accumulated DD&A (1,185) (1,022) Net PP&E* 825 1,021 Other assets 691 536 Lease Liabilities Short-term debt** 291 284 Other accruals 193 155 Long-term debt*** 838 1,036 Other liabilities and deferred credits 504 390 Total lease liabilities $ 697 1,129 545 1,320 * Includes proportionately consolidated finance lease assets of $134 million at December 31, 2023 and $171 million at December 31, 2022. ** Includes proportionately consolidated finance lease liabilities of $175 million at December 31, 2023 and $169 million at December 31, 2022. *** Includes proportionately consolidated finance lease liabilities of $326 million at December 31, 2023 and $399 million at December 31, 2022. The following table summarizes our lease costs: Millions of Dollars 2023 2022 2021 Lease Cost* Operating lease cost $ 229 212 278 Finance lease cost Amortization of right-of-use assets 180 189 148 Interest on lease liabilities 35 32 27 Short-term lease cost** 40 94 21 Total lease cost*** $ 484 527 474 * The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. ** Short-term leases are not recorded on our consolidated balance sheet. *** Variable lease cost and sublease income are immaterial for the periods presented and therefore are not included in the table above. The following table summarizes the lease terms and discount rates as of December 31: 2023 2022 Lease Term and Discount Rate Weighted-average term (years) Operating leases 5.83 5.64 Finance leases 5.73 6.60 Weighted-average discount rate (percent) Operating leases 4.13 2.99 Finance leases 3.39 3.40 The following table summarizes other lease information: Millions of Dollars 2023 2022 2021 Other Information* Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 173 148 204 Operating cash flows from finance leases 33 30 6 Financing cash flows from finance leases 169 166 73 Right-of-use assets obtained in exchange for operating lease liabilities $ 355 114 174 Right-of-use assets obtained in exchange for finance lease liabilities 9 256 447 *The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. In addition, pursuant to other applicable accounting guidance, lease payments made in connection with preparing another asset for its intended use are reported in the "Cash Flows From Investing Activities" section of our consolidated statement of cash flows. The following table summarizes future lease payments for operating and finance leases at December 31, 2023: Millions of Dollars Operating Leases Finance Leases Maturity of Lease Liabilities 2024 $ 217 358 2025 150 207 2026 113 204 2027 88 161 2028 67 178 Remaining years 153 174 Total* 788 1,282 Less: portion representing imputed interest (91) (153) Total lease liabilities $ 697 $ 1,129 *Future lease payments for operating and finance leases commencing on or after January 1, 2019, also include payments related to non-lease components in accordance with our election to adopt the optional practical expedient not to separate lease components apart from non-lease components for accounting purposes. In addition, future payments related to operating and finance leases proportionately consolidated by the company have been included in the table on a proportionate basis consistent with our respective ownership interest in the underlying investee company or oil and gas venture. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 16—Employee Benefit Plans Pension and Postretirement Plans An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for our postretirement health and life insurance plans follows: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Change in Benefit Obligation Benefit obligation at January 1 $ 1,478 2,776 1,924 4,124 102 137 Service cost 51 38 58 47 1 1 Interest cost 77 113 62 77 5 4 Plan participant contributions — — — — 14 16 Plan amendments — — — — — 9 Actuarial (gain) loss 40 11 (325) (847) 22 (27) Benefits paid (121) (124) (241) (144) (37) (38) Divestiture — — — (56) — — Foreign currency exchange rate change — 52 — (425) — — Benefit obligation at December 31* $ 1,525 2,866 1,478 2,776 107 102 *Accumulated benefit obligation portion of above at December 31: $ 1,414 2,642 1,384 2,542 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 1,179 2,879 1,664 4,812 — — Actual return on plan assets 129 199 (319) (1,372) — — Company contributions 119 58 75 96 23 22 Plan participant contributions — — — 1 14 16 Benefits paid (121) (124) (241) (144) (37) (38) Divestiture — — — (46) — — Foreign currency exchange rate change — 73 — (468) — — Fair value of plan assets at December 31 $ 1,306 3,085 1,179 2,879 — — Funded Status $ (219) 219 (299) 103 (107) (102) Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet at December 31 Noncurrent assets $ — 491 — 373 — — Current liabilities (16) (9) (28) (10) (24) (32) Noncurrent liabilities (203) (263) (271) (260) (83) (70) Total recognized $ (219) 219 (299) 103 (107) (102) Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 Discount rate 5.35 % 4.10 5.65 4.20 5.30 5.65 Rate of compensation increase 5.00 3.65 5.00 3.65 Interest crediting rate for applicable benefits 4.20 3.55 Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 Discount rate 5.65 % 4.20 3.85 2.15 5.65 2.65 Expected return on plan assets 5.30 5.20 3.90 2.85 Rate of compensation increase 5.00 3.65 4.00 3.40 Interest crediting rate for applicable benefits 3.55 2.50 For both U.S. and international pension plans, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets. During 2023, the actuarial losses related to the benefit obligations for U.S. and international plans were primarily related to a decrease in the discount rates. During 2022 and 2021, the actuarial gains related to the benefit obligations for U.S. and international plans were primarily related to an increase in the discount rates. The following tables summarize information related to the Company's pension plans with projected and accumulated benefit obligations in excess of the fair value of the plans' assets: Millions of Dollars Pension Benefits 2023 2022 U.S. Int’l. U.S. Int’l. Pension Plans with Projected Benefit Obligation in Excess of Plan Assets Projected benefit obligation $ 1,525 279 1,478 277 Fair value of plan assets 1,306 6 1,179 6 Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets Accumulated benefit obligation $ 165 243 1,384 239 Fair value of plan assets — 6 1,179 6 Included in accumulated other comprehensive income (loss) at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 123 585 172 681 3 (28) Unrecognized prior service cost (credit) — 1 — 1 (60) (98) Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income (Loss) Net gain (loss) arising during the period $ 30 29 (44) (606) (22) 27 Amortization of actuarial loss included in income (loss)* 18 67 61 11 (3) — Net change during the period $ 48 96 17 (595) (25) 27 Prior service credit (cost) arising during the period $ — — — (1) — (9) Amortization of prior service (credit) included in income (loss) — — — (1) (38) (38) Net change during the period $ — — — (2) (38) (47) *Includes settlement (gains) losses recognized in 2023 and 2022. The components of net periodic benefit cost of all defined benefit plans are presented in the following table: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2021 2023 2022 2021 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 51 38 58 47 73 61 1 1 2 Interest cost 77 113 62 77 53 79 5 4 4 Expected return on plan assets (58) (148) (50) (124) (80) (120) — — — Amortization of prior service credit — — — (1) — (1) (38) (38) (37) Recognized net actuarial loss (gain) 12 67 24 11 43 33 (3) — — Settlements loss (gain) 6 — 37 — 102 — — — — Curtailment loss (gain) — — — — 12 — — — — Net periodic benefit cost $ 88 70 131 10 203 52 (35) (33) (31) The components of net periodic benefit cost, other than the service cost component, are included in the “ Other expenses We recognized pension settlement losses of $6 million in 2023, $37 million in 2022, and $102 million in 2021 as lump-sum benefit payments from certain U.S. and international pension plans exceeded the sum of service and interest costs for those plans and led to recognition of settlement losses. In determining net pension and other postretirement benefit costs, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10 percent of the unamortized balance each year. We have multiple non-pension postretirement benefit plans for health and life insurance. The health care plans are contributory and subject to various cost sharing features, most with participant and company contributions adjusted annually; the life insurance plans are noncontributory. The measurement of the U.S. pre-65 retiree medical accumulated postretirement benefit obligation assumes a health care cost trend rate of 7 percent in 2024 that declines to 5 percent by 2031. The measurement of the U.S. post-65 retiree medical accumulated postretirement benefit obligation assumes a health care cost trend rate of 4.5 percent in 2024 that increases to 5 percent by 2030. Plan Assets We follow a policy of broadly diversifying pension plan assets across asset classes and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include U.S. equities, non-U.S. equities, U.S. fixed income, non-U.S. fixed income, real estate and private equity investments. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets, aggregated across U.S. and international plans, are 24 percent equity securities, 72 percent debt securities, and 4 percent real estate. Generally, the plan investments are publicly traded, therefore minimizing liquidity risk in the portfolio. The following is a description of the valuation methodologies used for the pension plan assets. There have been no changes in the methodologies used at December 31, 2023 and 2022. • Fair values of equity securities and government debt securities categorized in Level 1 are primarily based on quoted market prices in active markets for identical assets and liabilities. • Fair values of corporate debt securities, agency and mortgage-backed securities and government debt securities categorized in Level 2 are estimated using recently executed transactions and quoted market prices for similar assets and liabilities in active markets and for identical assets and liabilities in markets that are not active. If there have been no market transactions in a particular fixed income security, its fair value is calculated by pricing models that benchmark the security against other securities with actual market prices. When observable quoted market prices are not available, fair value is based on pricing models that use something other than actual market prices (e.g., observable inputs such as benchmark yields, reported trades and issuer spreads for similar securities), and these securities are categorized in Level 3 of the fair value hierarchy. • Fair values of investments in common/collective trusts are determined by the issuer of each fund based on the fair value of the underlying assets. • Fair values of mutual funds are based on quoted market prices, which represent the net asset value of shares held. • Time deposits are valued at cost, which approximates fair value. • Cash is valued at cost, which approximates fair value. Fair values of international cash equivalents categorized in Level 2 are valued using observable yield curves, discounting and interest rates. U.S. cash balances held in the form of short-term fund units that are redeemable at the measurement date are categorized as Level 2. • Fair values of exchange-traded derivatives classified in Level 1 are based on quoted market prices. For other derivatives classified in Level 2, the values are generally calculated from pricing models with market input parameters from third-party sources. • Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans’ participants. • Fair values of real estate investments are valued using real estate valuation techniques and other methods that include reference to third-party sources and sales comparables where available. • A portion of U.S. pension plan assets is held as a participating interest in an insurance annuity contract, which is calculated as the market value of investments held under this contract, less the accumulated benefit obligation covered by the contract. The participating interest is classified as Level 3 in the fair value hierarchy as the fair value is determined via a combination of quoted market prices, recently executed transactions, and an actuarial present value computation for contract obligations. At December 31, 2023, the participating interest in the annuity contract was valued at $46 million and consisted of $130 million in debt securities, less $84 million for the accumulated benefit obligation covered by the contract. At December 31, 2022, the participating interest in the annuity contract was valued at $55 million and consisted of $144 million in debt securities, less $89 million for the accumulated benefit obligation covered by the contract. The participating interest is not available for meeting general pension benefit obligations in the near term. No future company contributions are required and no new benefits are being accrued under this insurance annuity contract. The fair values of our pension plan assets at December 31, by asset class were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2023 Equity securities U.S. $ 6 — — 6 — — — — International 35 — — 35 — — — — Mutual funds 15 — — 15 244 276 — 520 Debt securities Corporate — 1 — 1 — — — — Mutual funds — — — — 421 — — 421 Cash and cash equivalents — — — — 25 — — 25 Real estate — — — — — — 126 126 Total in fair value hierarchy $ 56 1 — 57 690 276 126 1,092 Investments measured at net asset value* Equity securities Common/collective trusts 300 198 Debt securities Common/collective trusts 868 1,791 Cash and cash equivalents 6 — Real estate 28 — Total** $ 56 1 — 1,259 690 276 126 3,081 *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets. **Excludes the participating interest in the insurance annuity contract with a net asset of $46 million and net receivables related to security transactions of $5 million. The fair values of our pension plan assets at December 31, by asset class were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2022 Equity securities U.S. $ 4 — — 4 — — — — International 36 — — 36 — — — — Mutual funds 14 — — 14 201 298 — 499 Debt securities Corporate — 1 — 1 — — — — Mutual funds — — — — 365 — — 365 Cash and cash equivalents — — — — 36 — — 36 Derivatives Real estate — — — — — — 146 146 Total in fair value hierarchy $ 54 1 — 55 602 298 146 1,046 Investments measured at net asset value* Equity securities Common/collective trusts 265 192 Debt securities Common/collective trusts 759 1,637 Cash and cash equivalents 10 — Real estate 34 — Total** $ 54 1 — 1,123 602 298 146 2,875 *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets. **Excludes the participating interest in the insurance annuity contract with a net asset of $55 million and net receivables related to security transactions of $5 million. Level 3 activity was not material for all periods. Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to foreign plans are dependent upon local laws and tax regulations. In 2024, we expect to contribute approximately $125 million to our domestic qualified and nonqualified pension and postretirement benefit plans and $75 million to our international qualified and nonqualified pension and postretirement benefit plans. The following benefit payments, which are exclusive of amounts to be paid from the insurance annuity contract and which reflect expected future service, as appropriate, are expected to be paid: Millions of Dollars Pension Other U.S. Int’l. 2024 $ 205 128 16 2025 191 130 14 2026 175 133 14 2027 170 136 12 2028 162 141 11 2029–2033 664 778 45 The following table summarizes our severance accrual activity: Millions of Dollars 2023 2022 2021 Balance at January 1 $ 31 78 24 Accruals 1 1 170 Benefit payments (20) (48) (116) Balance at December 31 $ 12 31 78 Accruals include severance costs associated with our company-wide restructuring program. Of the remaining balance at December 31, 2023, $3 million is classified as short-term. Defined Contribution Plans Most U.S. employees are eligible to participate in the ConocoPhillips Savings Plan (CPSP). Employees can contribute up to 75 percent of their eligible pay, subject to statutory limits, in the CPSP to a choice of 17 investment options. Employees who participate in the CPSP and contribute 1 percent of their eligible pay receive a 6 percent company cash match with a potential company discretionary cash contribution of up to 6 percent. Effective January 1, 2019, new employees, rehires and employees that elected to opt out of Title II of the ConocoPhillips Retirement Plan are eligible to receive a Company Retirement Contribution (CRC) of 6 percent of eligible pay into their CPSP. After three years of service with the company, the employee is 100 percent vested in any CRC. Company contributions charged to expense for the CPSP and predecessor plans were $151 million in 2023, $140 million in 2022 and $93 million in 2021. We have several defined contribution plans for our international employees, each with its own terms and eligibility depending on location. Total compensation expense recognized for these international plans was approximately $23 million in 2023, $24 million in 2022 and $26 million in 2021. Share-Based Compensation Plans The 2023 Omnibus Stock and Performance Incentive Plan of ConocoPhillips (Omnibus Plan) was approved by shareholders in May 2023, replacing similar prior plans and providing that no new awards shall be granted under the prior plans. Over its 10-year life, the Omnibus Plan allows the issuance of up to 36 million shares of our common stock for compensation to our employees and directors, but the available shares (i) are reduced by awards granted under the prior plan between the board adoption date (February 15, 2023) and the shareholder approval date (May 16, 2023) and (ii) are increased by any shares of common stock represented by awards granted under the Omnibus Plan or the prior plans that are forfeited, expire or are cancelled without delivery of shares of common stock or which result in the forfeiture of shares of common stock back to the company, excluding shares surrendered in payment of the exercise of a stock option or stock appreciation right, shares not issued in connection with the stock settlement of a stock appreciation right, or shares reacquired by the company using cash proceeds from the exercise of a stock option. The Human Resources and Compensation Committee of our Board of Directors is authorized to determine the types, terms, conditions and limitations of awards granted. Awards may be granted in the form of, but not limited to, stock options, restricted stock units and performance share units to employees and non-employee directors who contribute to the company’s continued success and profitability. Total share-based compensation expense is measured using the grant date fair value for our equity-classified awards and the settlement date fair value for our liability-classified awards. We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or, for awards that provide for retirement-based vesting, the period beginning at the start of the service period and ending upon the later to occur of the date when an employee first becomes eligible for retirement or the date that is six months after the grant date (generally the minimum period of time required for an award to not be subject to forfeiture). Other than certain retention awards, our share-based compensation programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time of their retirement. Some of our share-based awards vest ratably (i.e., portions of the award vest at different times) while some of our awards cliff vest (i.e., all of the award vests at the same time). We recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. Compensation Expense —Total share-based compensation expense recognized in net income (loss) and the associated tax benefit were: Millions of Dollars 2023 2022 2021 Compensation cost $ 334 377 304 Tax benefit 84 95 76 Stock Options —Stock options granted under the provisions of the Omnibus Plan and prior plans permit purchase of our common stock at exercise prices equivalent to the average fair market value of ConocoPhillips common stock on the date the options were granted. The options have terms of 10 years and generally vest ratably, with one-third of the options awarded vesting and becoming exercisable on each anniversary date following the date of grant. Options awarded to certain employees already eligible for retirement vest within six months of the grant date, but those options do not become exercisable until the end of the normal vesting period. Beginning in 2018, stock option grants were discontinued and replaced with three-year, time-vested restricted stock units which generally were cash-settled for 2018 and 2019 awards and will be stock-settled beginning with 2020 awards. The following summarizes our stock option activity for the year ended December 31, 2023: Millions of Dollars Options Weighted-Average Aggregate Outstanding at December 31, 2022 4,303,575 $ 55.28 $ 266 Exercised (1,038,900) 63.87 58 Expired or cancelled — — Outstanding at December 31, 2023 3,264,675 $ 52.55 $ 209 Vested at December 31, 2023 3,264,675 $ 52.55 $ 209 Exercisable at December 31, 2023 3,264,675 $ 52.55 $ 209 The weighted-average remaining contractual term of outstanding options, vested options and exercisable options at December 31, 2023, were all 1.98 years. The aggregate intrinsic value of options exercised was $308 million in 2022 and $68 million in 2021. During 2023, we received $66 million in cash and realized a tax benefit of $12 million from the exercise of options. At December 31, 2023, all outstanding stock options were fully vested and there was no remaining compensation cost to be recorded. Stock Unit Programs —Restricted stock units (RSU) granted annually under the provisions of the Omnibus Plan and the general and executive RSU programs vest in one installment on the third anniversary of the grant date. RSUs granted under the Omnibus Plan for a variable long-term incentive retention program vest ratably in three equal annual installments beginning on the first anniversary of the grant date. Restricted stock units are also granted ad hoc to attract or retain key personnel, and the terms and conditions under which these restricted stock units vest vary by award. Stock-Settled Upon vesting, these restricted stock units are settled by issuing one share of ConocoPhillips common stock per unit. Units awarded to retirement eligible employees under the general and executive RSU programs vest six months from the grant date; however, those units are not settled through the issuance of common stock until the earlier of separation from the company or the end of the regularly scheduled vesting period. Until issued as stock, most recipients of the RSUs receive a cash payment of a dividend equivalent or an accrued reinvested dividend equivalent that is charged to retained earnings. The grant date fair market value of these RSUs is deemed equal to the average ConocoPhillips stock price on the grant date. The grant date fair market value of RSUs that do not receive a dividend equivalent while unvested is deemed equal to the average ConocoPhillips stock price on the grant date, less the net present value of the estimated dividends that will not be received. The following summarizes our stock-settled stock RSU activity for the year ended December 31, 2023: Stock Units Weighted-Average Millions of Dollars Total Fair Value Outstanding at December 31, 2022 7,578,193 $ 61.20 Granted 2,178,117 110.91 Forfeited (144,021) 88.54 Issued (2,518,599) 58.77 $ 284 Outstanding at December 31, 2023 7,093,690 $ 76.78 Not Vested at December 31, 2023 4,791,110 $ 78.20 At December 31, 2023, the remaining unrecognized compensation cost from the unvested stock-settled RSUs was $166 million, which will be recognized over a weighted-average period of 1.70 years, the longest period being 2.58 years. The weighted-average grant date fair value of stock-settled RSUs granted during 2022 and 2021 was $90.57 and $46.56, respectively. The total fair value of stock-settled RSUs issued during 2022 and 2021 was $193 million and $144 million, respectively. Cash-Settled Cash-settled executive RSUs granted in 2018 and 2019 replaced the stock option program. These RSUs, subject to elections to defer, were settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and are classified as liabilities on the balance sheet. Executive RSUs awarded to retirement eligible employees vest six months from the grant date; however, those units were not settled until the earlier of separation from the company or the end of the regularly scheduled vesting period. Compensation expense was initially measured using the average fair market value of ConocoPhillips common stock and was subsequently adjusted, based on changes in the ConocoPhillips stock price through the end of each subsequent reporting period, through the settlement date. Recipients received an accrued reinvested dividend equivalent that was charged to compensation expense. The accrued reinvested dividend was paid at the time of settlement, subject to the terms and conditions of the award. Beginning with executive RSUs granted in 2020, awards will be settled in stock. There was no cash-settled stock unit activity and no remaining unrecognized compensation cost to be recorded for the unvested cash-settled units for the year ended December 31, 2023. The total fair value of cash-settled executive RSUs issued during 2022 and 2021 were $21 million and $20 million, respectively. Performance Share Program —Under the Omnibus Plan, we also annually grant restricted performance share units (PSUs) to senior management. These PSUs are authorized three years prior to their effective grant date (the performance period). Compensation expense is initially measured using the average fair market value of ConocoPhillips common stock and is subsequently adjusted, based on changes in the ConocoPhillips stock price through the end of each subsequent reporting period, through the grant date for stock-settled awards and the settlement date for cash-settled awards. Stock-Settled Stock-settled PSUs are settled by issuing one share of ConocoPhillips common stock per unit. For performance periods beginning before 2009, PSUs do not vest until the employee becomes eligible for retirement by reaching age 55 with five years of service, and restrictions do not lapse until the employee separates from the company. With respect to awards for performance periods beginning in 2009 through 2012, PSUs do not vest until the earlier of the date the employee becomes eligible for retirement by reaching age 55 with five years of service or five years after the grant date of the award, and restrictions do not lapse until the earlier of the employee’s separation from the company or five years after the grant date (although recipients can elect to defer the lapsing of restrictions until separation). We recognize compensation expense for these awards beginning on the grant date and ending on the date the PSUs are scheduled to vest. Because these awards are authorized three years prior to the effective grant date, for employees eligible for retirement by or shortly after the grant date, we recognize compensation expense over the period beginning on the date of authorization and ending on the date of grant. Until issued as stock, recipients of the stock-settled PSUs issued prior to 2013 receive a cash payment of a dividend equivalent that is charged to retained earnings. Beginning in 2013, stock-settled PSUs authorized for future grants will vest, absent employee election to defer, upon settlement following the conclusion of the three-year performance period. We recognize compensation expense over the period beginning on the date of authorization and ending on the conclusion of the performance period. Until issued as stock, recipients of these PSUs receive an accrued reinvested dividend equivalent that is charged to compensation expense. The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2023: Weighted-Average Millions of Dollars Stock Units Total Fair Value Outstanding at December 31, 2022 1,231,615 $ 50.68 Granted 3,797 112.50 Forfeited (72) 55.13 Issued (272,522) 51.15 $ 29 Outstanding at December 31, 2023 962,818 $ 50.79 At December 31, 2023, there was no remaining unrecognized compensation cost to be recorded on the unvested stock-settled performance shares. The weighted-average grant date fair value of stock-settled PSUs granted during 2022 was $91.58; however, there were no stock-settled PSUs granted during 2021. The total fair value of stock-settled PSUs issued during 2022 and 2021 were $21 million and $18 million, respectively. Cash-Settled In connection with and immediately following the separation of our Downstream businesses in 2012, grants of new cash-settled PSUs, subject to a shortened performance period, were authorized. Once granted, these PSUs vest, absent employee election to defer, on the earlier of five years after the grant date of the award or the date the employee becomes eligible for retirement. For employees eligible for retirement by or shortly after the grant date, we recognize compensation expense over the period beginning on the date of authorization and ending on the date of grant. Otherwise, we recognize compensation expense beginning on the grant date and ending on the date the PSUs are scheduled to vest. These PSUs are settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and thus are classified as liabilities on the balance sheet. Until settlement occurs, recipients of the PSUs receive a cash payment of a dividend equivalent that is charged to compensation expense. Beginning in 2013, cash-settled PSUs authorized for future grants will vest upon settlement following the conclusion of the three-year performance period. We recognize compensation expense over the period beginning on the date of authorization and ending at the conclusion of the performance period. These PSUs will be settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and are classified as liabilities on the balance sheet. For performance periods beginning before 2018, during the performance period, recipients of the PSUs do not receive a cash payment of a dividend equivalent, but after the performance period ends, until settlement in cash occurs, recipients of the PSUs receive a cash payment of a dividend equivalent that is charged to compensation expense. For the performance periods beginning in 2018 or later, recipients of the PSUs receive an accrued reinvested dividend equivalent that is charged to compensation expense. The accrued reinvested dividend is paid at the time of settlement, subject to the terms and conditions of the award. The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2023: Weighted-Average Millions of Dollars Stock Units Total Fair Value Outstanding at December 31, 2022 109,823 $ 117.11 Granted 1,044,251 112.50 Settled (1,053,204) 104.94 $ 111 Outstanding at December 31, 2023 100,870 $ 116.68 At December 31, 2023, all outstanding cash-settled performance awards were fully vested and there was no remaining compensation cost to be recorded. The weighted-average grant date fair value of cash-settled PSUs granted during 2022 and 2021 was $91.58 and $46.65, respectively. The total fair value of cash-settled performance share awards settled during 2022 and 2021 was $88 million and $52 million, respectively. From inception of the Performance Share Program through 2013, approved PSU awards were granted after the conclusion of performance periods. Beginning in February 2014, initial target PSU awards are issued near the beginning of new performance periods. These initial target PSU awards will terminate at the end of the performance periods and will be settled after the performance periods have ended. Also in 2014, initial target PSU awards were issued for open performance periods that began in prior years. For the open performance period beginning in 2012, the initial target PSU awards terminated at the end of the three-year performance period and were replaced with approved PSU awards. For the open performance period beginning in 2013, the initial target PSU awards terminated at the end of the three-year performance period and were settled after the performance period ended. There is no effect on recognition of compensation expense. Other —In addition to the above active programs, we have outstanding shares of restricted stock and restricted stock units that were either issued as part of our non-employee director compensation program for current and former members of the company’s Board of Directors or as part of an executive compensation program that has been discontinued or acquired as a result of an acquisition. Gen |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17—Income Taxes Components of income tax provision (benefit) were: Millions of Dollars 2023 2022 2021 Income Taxes Federal Current $ 1,054 1,263 32 Deferred 825 1,629 1,161 Foreign Current 2,931 5,813 3,128 Deferred 254 387 66 State and local Current 202 386 127 Deferred 65 70 119 Total tax provision (benefit) $ 5,331 9,548 4,633 Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2023 2022 Deferred Tax Liabilities PP&E and intangibles $ 11,992 11,100 Inventory 46 48 Other 216 190 Total deferred tax liabilities 12,254 11,338 Deferred Tax Assets Benefit plan accruals 413 450 Asset retirement obligations and accrued environmental costs 2,608 2,333 Investments in joint ventures 2,133 1,917 Other financial accruals and deferrals 448 736 Loss and credit carryforwards 5,629 6,354 Other 121 112 Total deferred tax assets 11,352 11,902 Less: valuation allowance (7,656) (8,049) Total deferred tax assets net of valuation allowance 3,696 3,853 Net deferred tax liabilities $ 8,558 7,485 At December 31, 2023, noncurrent assets and liabilities included deferred taxes of $255 million and $8,813 million, respectively. At December 31, 2022, noncurrent assets and liabilities included deferred taxes of $241 million and $7,726 million, respectively. At December 31, 2023, the loss and credit carryforward deferred tax assets were primarily related to U.S. foreign tax credit carryforwards of $4.7 billion and various jurisdictions net operating loss and credit carryforwards of $0.9 billion. If not utilized, U.S. foreign tax credits and net operating losses will begin to expire in 2024. The following table shows a reconciliation of the beginning and ending deferred tax asset valuation allowance for 2023, 2022 and 2021: Millions of Dollars 2023 2022 2021 Balance at January 1 $ 8,049 8,342 9,965 Charged to expense (benefit) (2) 5 (45) Other* (391) (298) (1,578) Balance at December 31 $ 7,656 8,049 8,342 *Represents changes due to originating deferred tax assets that have no impact to our effective tax rate, acquisitions/dispositions/revisions and the effect of translating foreign financial statements. Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. At December 31, 2023, we have maintained a valuation allowance with respect to substantially all U.S. foreign tax credit carryforwards, basis differences in our APLNG investment, and certain net operating loss carryforwards for various jurisdictions. During 2022, the valuation allowance movement charged to earnings primarily relates to the impact of 2022 changes to Norway’s Petroleum Tax System which is partly offset by the U.S. tax impact of the disposition of our CVE common shares. Other movements are primarily related to valuation allowances on expiring tax attributes. Based on our historical taxable income, expectations for the future, and available tax-planning strategies, management expects deferred tax assets, net of valuation allowances, will primarily be realized as offsets to reversing deferred tax liabilities. During the second quarter of 2022, Norway enacted changes to the Petroleum Tax System. As a result of the enactment, a valuation allowance of $58 million was recorded during the second quarter to reflect changes to our ability to realize certain deferred tax assets under the new law. During 2021, the valuation allowance movement charged to earnings primarily relates to the fair value measurement of our CVE common shares that are not expected to be realized, and the expected realization of certain U.S. tax attributes associated with our planned disposition of our Indonesia assets. This is partially offset by Australian tax benefits associated with our impairment of APLNG that we do not expect to be realized. Other movements are primarily related to valuation allowances on expiring tax attributes. For more information on our Indonesia disposition see Note . At December 31, 2023, unremitted income considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures totaled approximately $4,975 million. Deferred income taxes have not been provided on this amount, as we do not plan to initiate any action that would require the payment of income taxes. The estimated amount of additional tax, primarily local withholding tax, that would be payable on this income if distributed is approximately $249 million. The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2023, 2022 and 2021: Millions of Dollars 2023 2022 2021 Balance at January 1 $ 710 1,345 1,206 Additions based on tax positions related to the current year 5 6 15 Additions for tax positions of prior years 1 6 177 Reductions for tax positions of prior years (9) (62) (5) Settlements (96) (510) — Lapse of statute (224) (75) (48) Balance at December 31 $ 387 710 1,345 Included in the balance of unrecognized tax benefits for 2023, 2022 and 2021 were $378 million, $701 million and $1,261 million, respectively, which, if recognized, would impact our effective tax rate. The balance of the unrecognized tax benefits decreased in 2023 due to the lapsing of the statute of limitations on certain of our foreign subsidiaries of $224 million as well as the closing of our 2018 Canadian domestic audit that resulted in a reduction of $92 million. The balance of the unrecognized tax benefits decreased in 2022 due to the closing of the 2017 audit of our federal income tax return. As a result, we recognized federal and state tax benefits totaling $515 million relating to the recovery of outside tax basis previously offset by a full reserve. The balance of the unrecognized tax benefits increased in 2021 mainly due to U.S. tax credits acquired through our Concho acquisition. See Note Note 11. At December 31, 2023, 2022 and 2021, accrued liabilities for interest and penalties totaled $45 million, $35 million and $47 million, respectively, net of accrued income taxes. Interest and penalties resulted in a reduction to earnings of $10 million in 2023, an increase of $12 million in 2022 and a reduction to earnings of $1 million in 2021. We file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Audits in major jurisdictions are generally complete as follows: Canada (2016), Norway (2022) and U.S. (2019). Issues in dispute for audited years and audits for subsequent years are ongoing and in various stages of completion in the many jurisdictions in which we operate around the world. Consequently, the balance in unrecognized tax benefits can be expected to fluctuate from period to period. Within the next twelve months, we may have audit periods close that could significantly impact our total unrecognized tax benefits. It is reasonably possible such changes could be significant when compared with our total unrecognized tax benefits, but the amount of change is not estimable. The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate to the provision for income taxes, were: Millions of Dollars Percent of Pre-Tax Income (Loss) 2023 2022 2021 2023 2022 2021 Income (loss) before income taxes United States $ 9,472 16,739 8,024 58.2 % 59.3 63.1 Foreign 6,816 11,489 4,688 41.8 40.7 36.9 $ 16,288 28,228 12,712 100.0 % 100.0 100.0 Federal statutory income tax $ 3,421 5,928 2,670 21.0 % 21.0 21.0 Non-U.S. effective tax rates 2,063 3,866 1,915 12.7 13.7 15.1 Recovery of outside basis (4) (30) (55) — (0.1) (0.4) Adjustment to tax reserves (317) (551) (11) (1.9) (2.0) (0.1) Adjustment to valuation allowance (2) 5 (45) — — (0.4) State income tax 214 405 194 1.3 1.4 1.5 Enhanced oil recovery credit — (37) (99) — (0.1) (0.8) Other (44) (38) 64 (0.3) (0.1) 0.5 Total $ 5,331 9,548 4,633 32.7 % 33.8 36.4 Our effective tax rate for 2023 was driven by our jurisdictional tax rates for this profit mix with a favorable impact from routine tax credits. The adjustment to tax reserves primarily relates to the lapsing of the statute of limitations on certain of our foreign subsidiaries and the closing of the 2018 Canadian domestic audit. Our effective tax rate for 2022 was driven by our jurisdictional tax rates for this profit mix with net favorable impacts from routine tax credits and valuation allowance adjustments. The adjustment to tax reserves primarily relates to the closing of the audit of our 2017 U.S. federal tax return and the recognition of the U.S. federal and state tax benefits described above. Our effective tax rate for 2021 was driven by our jurisdictional tax rates for this profit mix with net favorable impacts from routine tax credits and valuation allowance adjustments. The valuation allowance adjustment is primarily related to the fair value measurement and disposition of our CVE common shares of $218 million and the ability to utilize the U.S. foreign tax credit and capital loss carryforward due to our anticipated disposition of our Indonesia entities of $29 million. This was partially offset by an increase to our valuation allowance related to the tax impact of the impairment of our APLNG investment of $206 million for which we do not expect to receive a tax benefit. On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which among other things, implements a 15 percent minimum tax on book income of certain large corporations, a 1 percent excise tax on net stock repurchases and several tax incentives to promote lower carbon energy. Based upon our current analysis, these law changes are not expected to have a material impact to our consolidated financial statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive (Loss) | Note 18—Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) in the equity section of the balance sheet included: Millions of Dollars Defined Net Unrealized Foreign Unrealized Gain/(Loss) on Hedging Activities Accumulated December 31, 2020 $ (425) 2 (4,795) — (5,218) Other comprehensive income (loss) 394 (2) (124) — 268 December 31, 2021 (31) — (4,919) — (4,950) Other comprehensive income (loss) (417) (11) (622) — (1,050) December 31, 2022 (448) (11) (5,541) — (6,000) Other comprehensive income (loss) 55 13 197 62 327 December 31, 2023 $ (393) 2 (5,344) 62 (5,673) The following table summarizes reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31: Millions of Dollars 2023 2022 Defined Benefit Plans* $ 33 26 *Included in the computation of net periodic benefit cost and are presented net of tax expense of: $ 11 7 See Note |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow Information | Note 19—Cash Flow Information Millions of Dollars 2023 2022 2021 Noncash Investing and Financing Activities Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations $ 727 825 442 Fair value of contingent consideration on acquisition 320 Cash Payments Interest $ 701 873 924 Income taxes 5,406 7,368 856 Net Sales (Purchases) of Investments Short-term investments purchased $ (1,463) (5,046) (5,554) Short-term investments sold 3,574 3,102 8,810 Investments and long-term receivables purchased (867) (775) (279) Investments and long-term receivables sold 129 90 114 $ 1,373 (2,629) 3,091 Income tax payments increased in 2022 as the company returned to a tax paying position in the U.S. as well as, increased taxes in Norway, and timing of tax payments in Libya. For additional information on cash and non-cash changes to our consolidated balance sheet, see Note Note for the Surmont acquisition and see Note Note for the Concho acquisition. |
Other Financial Information
Other Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Financial Information | Note 20—Other Financial Information Millions of Dollars 2023 2022 2021 Interest and Debt Expense Incurred Debt $ 824 791 887 Other 109 72 59 933 863 946 Capitalized (153) (58) (62) Expensed $ 780 805 884 Other Income Interest income $ 412 195 33 Gain (loss) on investment in Cenovus Energy* — 251 1,040 Other, net 73 58 130 $ 485 504 1,203 *See Note . Research and Development Expenditures— expensed $ 81 71 62 Shipping and Handling Costs $ 1,695 1,595 1,047 Foreign Currency Transaction (Gains) Losses— after-tax Alaska $ — — — Lower 48 — — — Canada 11 (20) (1) Europe, Middle East and North Africa (39) (110) (11) Asia Pacific 12 30 2 Other International — (1) 1 Corporate and Other 86 21 (7) $ 70 (80) (16) Millions of Dollars 2023 2022 Properties, Plants and Equipment Proved properties $ 134,394 119,609 Unproved properties 5,206 7,325 Other 4,805 4,562 Gross properties, plants and equipment 144,405 131,496 Less: Accumulated depreciation, depletion and amortization (74,361) (66,630) Net properties, plants and equipment $ 70,044 64,866 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 21—Related Party Transactions Our related parties primarily include equity method investments and certain trusts for the benefit of employees. For disclosures on trusts for the benefit of employees, see Note . Significant transactions with our equity affiliates were: Millions of Dollars 2023 2022 2021 Operating revenues and other income $ 90 88 88 Purchases — 1 5 Operating expenses and selling, general and administrative expenses 282 189 196 Net interest (income)/loss* — (1) (2) *We paid interest to, or received interest from, various affiliates. See Note , for additional information on loans to affiliated companies. |
Sales and Other Operating Reven
Sales and Other Operating Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Sales and Other Operating Revenues | Note 22—Sales and Other Operating Revenues Revenue from Contracts with Customers The following table provides further disaggregation of our consolidated sales and other operating revenues: Millions of Dollars 2023 2022 2021 Revenue from contracts with customers $ 48,522 61,049 34,590 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 8,203 17,150 11,500 Financial derivative contracts (584) 295 (262) Consolidated sales and other operating revenues $ 56,141 78,494 45,828 Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices, which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS. There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. The following disaggregation of revenues is provided in conjunction with Note —Segment Disclosures and Related Information : Millions of Dollars 2023 2022 2021 Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 6,607 13,919 9,050 Canada 1,248 2,717 1,457 Europe, Middle East and North Africa 348 514 993 Physical contracts meeting the definition of a derivative $ 8,203 17,150 11,500 Millions of Dollars 2023 2022 2021 Revenue from Contracts Outside the Scope of ASC Topic 606 by Product Crude oil $ 143 495 757 Natural gas 6,622 15,368 10,034 Other 1,438 1,287 709 Physical contracts meeting the definition of a derivative $ 8,203 17,150 11,500 Practical Expedients Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. Receivables and Contract Liabilities Receivables from Contracts with Customers At December 31, 2023, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,414 million compared with $5,241 million at December 31, 2022, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared with trade receivables where NPNS has been elected. Contract Liabilities from Contracts with Customers We have entered into certain agreements under which we license our proprietary technology, including the Optimized Cascade® process technology, to customers to maximize the efficiency of LNG plants. These agreements typically provide for milestone payments to be made during and after the construction phases of the LNG plant. The payments are not directly related to our performance obligations under the contract and are recorded as deferred revenue to be recognized when the customer is able to benefit from their right to use the applicable licensed technology. Revenue recognized during the year ended December 31, 2023 was immaterial. We expect to recognize the outstanding contract liabilities of $26 million as of December 31, 2023, as revenue during the years 2026, 2028 and 2029. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 23—Earnings Per Share The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS for the years ended December 31, 2023, 2022, and 2021. For each of the periods with net income presented in the table below, diluted EPS calculated under the two-class method was more dilutive. Millions of Dollars (except per share amounts) Years Ended December 31 2023 2022 2021 Basic earnings per share Net Income (Loss) $ 10,957 18,680 8,079 Less: Dividends and undistributed earnings allocated to participating securities 35 60 19 Net Income (Loss) available to common shareholders $ 10,922 18,620 8,060 Average common shares outstanding (in Millions) 1,203 1,274 1,324 Net Income (Loss) Per Share of Common Stock $ 9.08 14.62 6.09 Diluted earnings per share Net Income (Loss) available to common shareholders $ 10,922 18,620 8,060 Average common shares outstanding (in Millions) 1,203 1,274 1,324 Add: Dilutive impact of options and unvested non-participating RSU/PSUs 3 4 4 Average diluted shares outstanding (in Millions) 1,206 1,278 1,328 Net Income (Loss) Per Share of Common Stock $ 9.06 14.57 6.07 |
Segment Disclosures and Related
Segment Disclosures and Related Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Disclosures and Related Information | Note 24—Segment Disclosures and Related Information We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. We manage our operations through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International. Corporate and Other represents income and costs not directly associated with an operating segment, such as most interest expense, premiums on early retirement of debt, corporate overhead and certain technology activities, including licensing revenues. Corporate assets include all cash and cash equivalents and short-term investments. We evaluate performance and allocate resources based on net income (loss). Segment accounting policies are the same as those in Note . Intersegment sales are at prices that approximate market. Analysis of Results by Operating Segment Millions of Dollars 2023 2022 2021 Sales and Other Operating Revenues Alaska 7,098 7,905 5,480 Lower 48 38,244 52,921 29,306 Intersegment eliminations (7) (18) (12) Lower 48 38,237 52,903 29,294 Canada 4,873 6,159 4,077 Intersegment eliminations (1,867) (2,445) (1,583) Canada 3,006 3,714 2,494 Europe, Middle East and North Africa 5,854 11,271 5,902 Intersegment eliminations — (1) — Europe, Middle East and North Africa 5,854 11,270 5,902 Asia Pacific 1,913 2,606 2,579 Other International — — 4 Corporate and Other 33 96 75 Consolidated sales and other operating revenues $ 56,141 78,494 45,828 In 2023, sales by our Lower 48 segment to a certain pipeline company accounted for approximately $5.8 billion or approximately 10 percent of our total consolidated sales and other operating revenues. Millions of Dollars 2023 2022 2021 Depreciation, Depletion, Amortization and Impairments Alaska $ 1,061 941 1,002 Lower 48 5,729 4,854 4,067 Canada 425 400 392 Europe, Middle East and North Africa 587 735 862 Asia Pacific 455 518 1,483 Other International — — — Corporate and Other 27 44 76 Consolidated depreciation, depletion, amortization and impairments $ 8,284 7,492 7,882 Millions of Dollars 2023 2022 2021 Equity in Earnings of Affiliates Alaska $ 1 4 5 Lower 48 (9) (14) (18) Canada — — — Europe, Middle East and North Africa 580 780 502 Asia Pacific 1,151 1,310 343 Other International — 1 — Corporate and Other (3) — — Consolidated equity in earnings of affiliates $ 1,720 2,081 832 Income Tax Provision (Benefit) Alaska $ 642 885 402 Lower 48 1,763 3,088 1,390 Canada 26 206 150 Europe, Middle East and North Africa 3,065 5,445 2,543 Asia Pacific 42 480 483 Other International — 53 (53) Corporate and Other (207) (609) (282) Consolidated income tax provision (benefit) $ 5,331 9,548 4,633 Net Income (Loss) Alaska $ 1,778 2,352 1,386 Lower 48 6,461 11,015 4,932 Canada 402 714 458 Europe, Middle East and North Africa 1,189 2,244 1,167 Asia Pacific 1,961 2,736 453 Other International (13) (51) (107) Corporate and Other (821) (330) (210) Consolidated net income (loss) $ 10,957 18,680 8,079 Investments in and Advances to Affiliates Alaska $ 32 55 58 Lower 48 118 235 242 Canada — — — Europe, Middle East and North Africa 1,191 1,049 797 Asia Pacific 5,419 6,154 5,603 Other International — — 1 Corporate and Other 1,145 — — Consolidated investments in and advances to affiliates $ 7,905 7,493 6,701 Millions of Dollars 2023 2022 2021 Total Assets Alaska $ 16,174 15,126 14,812 Lower 48 42,415 42,950 41,699 Canada 10,277 6,971 7,439 Europe, Middle East and North Africa 8,396 8,263 9,125 Asia Pacific 8,903 9,511 9,840 Other International — — 1 Corporate and Other 9,759 11,008 7,745 Consolidated total assets $ 95,924 93,829 90,661 Capital Expenditures and Investments Alaska $ 1,705 1,091 982 Lower 48 6,487 5,630 3,129 Canada 456 530 203 Europe, Middle East and North Africa 1,111 998 534 Asia Pacific 354 1,880 390 Other International — — 33 Corporate and Other 1,135 30 53 Consolidated capital expenditures and investments $ 11,248 10,159 5,324 Interest Income and Expense Interest income Alaska $ — — — Lower 48 — — — Canada — — — Europe, Middle East and North Africa 1 1 2 Asia Pacific 8 9 9 Other International — — — Corporate and Other 403 185 22 Interest and debt expense Corporate and Other $ 780 805 884 Sales and Other Operating Revenues by Product Crude oil $ 37,833 41,492 23,648 Natural gas 10,725 26,941 16,904 Natural gas liquids 2,609 3,650 1,668 Other* 4,974 6,411 3,608 Consolidated sales and other operating revenues by product $ 56,141 78,494 45,828 *Includes bitumen and power. Geographic Information Millions of Dollars Sales and Other Operating Revenues (1) Long-Lived Assets (2) 2023 2022 2021 2023 2022 2021 U.S. $ 45,101 60,899 34,847 53,955 51,200 50,580 Australia — — — 5,426 6,158 5,579 Canada 3,006 3,714 2,494 9,666 6,269 6,608 China 952 1,135 724 1,635 1,538 1,476 Indonesia (3) — 159 879 — — 28 Libya 1,730 1,582 1,102 703 714 659 Malaysia 961 1,312 975 939 1,107 1,252 Norway 2,408 3,415 2,563 4,489 4,369 4,681 U.K. 1,978 6,273 2,236 2 1 1 Other foreign countries 5 5 8 1,134 1,003 748 Worldwide consolidated $ 56,141 78,494 45,828 77,949 72,359 71,612 (1) Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2) Defined as net PP&E plus equity investments and advances to affiliated companies. (3) Assets divested in 2022. See Note 3 . |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Standards | Note 25—New Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures” which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting”. The amendments do not change how we identify our operating segments. On adoption, the disclosure improvements will be applied retrospectively to prior periods presented. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures” which enhances the disclosure requirements within Topic 740 “Income Taxes”. The enhancements will impact our financial statement disclosures only and will be applied prospectively with retrospective application permitted. The ASU is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 10,957 | $ 18,680 | $ 8,079 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
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 |
Accounting Policies (Policy)
Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation Principles and Investments | Consolidation Principles and Investments |
Foreign Currency Translation | Foreign Currency Translation —Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income (loss) in common stockholders’ equity. Foreign currency transaction gains and losses are included in current earnings. Some of our foreign operations use their local currency as the functional currency. |
Use of Estimates | Use of Estimates —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. |
Revenue Recognition | Revenue Recognition —Revenues associated with the sales of crude oil, bitumen, natural gas, NGLs, LNG and other items are recognized at the point in time when the customer obtains control of the asset. In evaluating when a customer has control of the asset, we primarily consider whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership and whether the customer has accepted delivery and a right to payment exists. These products are typically sold at prevailing market prices. We allocate variable market-based consideration to deliveries (performance obligations) in the current period as that consideration relates specifically to our efforts to transfer control of current period deliveries to the customer and represents the amount we expect to be entitled to in exchange for the related products. Payment is typically due within 30 days or less. Transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into “in contemplation” of one another, are combined and reported net (i.e., on the same income statement line). |
Shipping and Handling Costs | Shipping and Handling Costs |
Cash Equivalents | Cash Equivalents —Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value. |
Short-Term Investments | Short-Term Investments |
Long-Term Investments in Debt Securities | Long-Term Investments in Debt Securities —Long-term investments in debt securities includes financial instruments classified as available for sale debt securities with remaining maturities greater than one year as of the balance sheet date. They are carried at fair value and presented within the “Investments and long-term receivables” line of our consolidated balance sheet. |
Inventories | Inventories —We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. The majority of our commodity-related inventories are recorded at cost using the LIFO basis. We measure these inventories at the lower-of-cost-or-market in the aggregate. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual/nonrecurring costs or research and development costs. Materials, supplies and other miscellaneous inventories, such as tubular goods and well equipment, are valued using various methods, including the weighted-average-cost method and the FIFO method, consistent with industry practice. |
Fair Value Measurements | Fair Value Measurements —Assets and liabilities measured at fair value and required to be categorized within the fair value hierarchy are categorized into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants. |
Derivative Instruments | Derivative Instruments —Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the balance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. We do not apply hedge accounting to our derivative instruments. |
Oil and Gas Exploration and Development | Oil and Gas Exploration and Development —Oil and gas exploration and development costs are accounted for using the successful efforts method of accounting. Property Acquisition Costs —Oil and gas leasehold acquisition costs are capitalized and included in the balance sheet caption PP&E. Leasehold impairment is recognized based on exploratory experience and management’s judgment. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated leasehold costs are reclassified to proved properties. Exploratory Costs —Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. Exploratory well costs are capitalized, or “suspended,” on the balance sheet pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. If exploratory wells encounter potentially economic quantities of oil and gas, the well costs remain capitalized on the balance sheet as long as sufficient progress assessing the reserves and the economic and operating viability of the project is being made. For complex exploratory discoveries, it is not unusual to have exploratory wells remain suspended on the balance sheet for several years while we perform additional appraisal drilling and seismic work on the potential oil and gas field or while we seek government or coventurer approval of development plans or seek environmental permitting. Once all required approvals and permits have been obtained, the projects are moved into the development phase, and the oil and gas resources are designated as proved reserves. Management reviews suspended well balances quarterly, continuously monitors the results of the additional appraisal drilling and seismic work, and expenses the suspended well costs as dry holes when it judges the potential field does not warrant further investment in the near term. See Note . Development Costs —Costs incurred to drill and equip development wells, including unsuccessful development wells, are capitalized. Depletion and Amortization —Leasehold costs of producing properties are depleted using the unit-of-production method based on estimated proved oil and gas reserves. Amortization of development costs is based on the unit-of-production method using estimated proved developed oil and gas reserves. |
Capitalized Interest | Capitalized Interest —Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets. |
Depreciation and Amortization | Depreciation and Amortization —Depreciation and amortization of PP&E on producing hydrocarbon properties and SAGD facilities and certain pipeline and LNG assets (those which are expected to have a declining utilization pattern), are determined by the unit-of-production method. Depreciation and amortization of all other PP&E are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). |
Impairment of Properties, Plants and Equipment | Impairment of Properties, Plants and Equipment —Long-lived assets used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If there is an indication the carrying amount of an asset may not be recovered, a recoverability test is performed using management’s assumptions for prices, volumes and future development plans. If the sum of the undiscounted cash flows before income-taxes is less than the carrying value of the asset group, the carrying value is written down to estimated fair value and reported as an impairment in the period in which the determination is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets—generally on a field-by-field basis for E&P assets. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future production volumes, commodity prices, operating costs and capital decisions, considering all available evidence at the date of review. The impairment review includes cash flows from proved developed and undeveloped reserves, including any development expenditures necessary to achieve that production. Additionally, when probable and possible reserves exist, an appropriate risk-adjusted amount of these reserves may be included in the impairment calculation. Long-lived assets committed by management for disposal within one year are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. |
Maintenace and Repairs | Maintenance and Repairs —Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. |
Property Dispositions | Property Dispositions —When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Gain (loss) on dispositions” line of our consolidated income statement. When partial units of depreciable property are sold or retired which do not significantly alter the DD&A rate, the asset cost and accumulated depreciation are eliminated such that no gain or loss is recorded. |
Asset Retirement Obligations and Environmental Costs | Asset Retirement Obligations and Environmental Costs —The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred (typically when the asset is installed at the production location). Fair value is estimated using a present value approach, incorporating assumptions about estimated amounts and timing of settlements and impacts of the use of technologies. See Note . Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired through a business combination, which we record on a discounted basis) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is probable and estimable. |
Impairment of Investments in Nonconsolidated Entities | Impairment of Investments in Nonconsolidated Entities —Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When such a condition is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate. |
Guarantees | Guarantees —The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable that we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. |
Share-Based Compensation | Share-Based Compensation —We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. |
Income Taxes | Income Taxes —Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial reporting basis and the tax basis of our assets and liabilities, except for deferred taxes on income and temporary differences related to the cumulative translation adjustment considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures. Allowable tax credits are applied currently as reductions of the provision for income taxes. Interest related to unrecognized tax benefits is reflected in interest and debt expense, and penalties related to unrecognized tax benefits are reflected in production and operating expenses. |
Taxes Collected from Customers and Remitted to Governmental Authorities | Taxes Collected from Customers and Remitted to Governmental Authorities —Sales and value-added taxes are recorded net. |
Net Income (Loss) Per Share of Common Stock | Net Income (Loss) Per Share of Common Stock —Basic net income (loss) per share (EPS) is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock (including fully vested stock and unit awards that have not yet been issued as common stock) and participating securities. ConocoPhillips grants RSUs under its share-based compensation programs, the majority of which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Company’s common stock. See Note . These unvested RSUs meet the definition of participating securities based on their respective rights to receive non-forfeitable dividends and are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS. Diluted EPS includes the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. |
New Accounting Standards | In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures” which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting”. The amendments do not change how we identify our operating segments. On adoption, the disclosure improvements will be applied retrospectively to prior periods presented. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures” which enhances the disclosure requirements within Topic 740 “Income Taxes”. The enhancements will impact our financial statement disclosures only and will be applied prospectively with retrospective application permitted. The ASU is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories at December 31 were: Millions of Dollars 2023 2022 Crude oil and natural gas $ 676 641 Materials and supplies 722 578 Total inventories $ 1,398 1,219 Inventories valued on the LIFO basis $ 401 396 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination, Asset Acquisition And Dispositions [Abstract] | |
Schedule of Business Combination | The fair value of total consideration for the all-cash transaction was $3.0 billion (CAD $4.1 billion): Fair value of consideration Millions of Dollars Cash paid $ 2,685 Contingent consideration 320 Total consideration $ 3,005 |
Schedule of Assets Acquired and Liabilities Assumed | Recognized amounts of identifiable assets acquired and liabilities assumed Millions of Dollars Oil and gas properties 3,129 Asset retirement obligations (112) Other (12) Total identifiable net assets $ 3,005 |
Schedule of Non-Recurring Restructuring and Transition-Related Costs | The impact from the transaction and restructuring costs to the lines of our consolidated income statement for the year ended December 31, 2021, are below: Millions of Dollars Transaction Cost Restructuring Cost Total Cost Production and operating expenses 128 128 Selling, general and administration expenses 135 67 202 Exploration expenses 18 8 26 Taxes other than income taxes 4 2 6 Other expenses — 29 29 $ 157 234 391 |
Schedule of Supplemental Pro Forma Financial Information | The following tables summarize the unaudited supplemental pro forma financial information for the year ended December 31, 2023, and 2022, as if we had completed the acquisition on January 1, 2022. Millions of Dollars Year Ended December 31, 2023 As reported Pro forma Surmont Pro forma Combined Total Revenues and Other Income $ 58,574 2,561 61,135 Income (loss) before income taxes 16,288 659 16,947 Net Income (Loss) 10,957 501 11,458 Earnings per share: Basic net income (loss) $ 9.08 9.50 Diluted net income (loss) 9.06 9.47 Millions of Dollars Year Ended December 31, 2022 As reported Pro forma Surmont Pro forma Combined Total Revenues and Other Income $ 82,156 3,582 85,738 Income (loss) before income taxes 28,228 947 29,175 Net Income (Loss) 18,680 720 19,400 Earnings per share: Basic net income (loss) $ 14.62 15.18 Diluted net income (loss) 14.57 15.13 The following table summarizes the unaudited supplemental pro forma financial information for the year ended December 31, 2021, as if we had completed the acquisition of the Shell Permian assets on January 1, 2020. Millions of Dollars Year Ended December 31, 2021 As reported Pro forma Pro forma Total Revenues and Other Income $ 48,349 3,220 51,569 Income (loss) before income taxes 12,712 1,201 13,913 Net Income (Loss) 8,079 920 8,999 Earnings per share: Basic net income (loss) $ 6.09 6.78 Diluted net income (loss) 6.07 6.76 |
Investments, Loans and Long-T_2
Investments, Loans and Long-Term Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Components of Investments, Loans and Long-Term Receivables | Components of investments and long-term receivables at December 31 were: Millions of Dollars 2023 2022 Equity investments $ 7,905 7,493 Long-term receivables 143 142 Long-term investments in debt securities 989 522 Other investments 93 68 $ 9,130 8,225 |
Summarized Financial Information for Equity Method Investments in Affiliated Companies | Summarized 100 percent earnings information for equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2023 2022 2021 Revenues $ 15,314 18,356 11,824 Income (loss) before income taxes 6,301 8,234 3,946 Net income (loss) 4,214 5,507 2,557 Summarized 100 percent balance sheet information for equity method investments in affiliated companies, combined, was as follows: Millions of Dollars 2023 2022 Current assets $ 3,827 5,001 Noncurrent assets 39,299 37,789 Current liabilities 3,462 4,169 Noncurrent liabilities 16,665 17,244 |
Investment in Cenovus Energy (T
Investment in Cenovus Energy (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Gains and Losses Recorded in Other Income (Loss) | Millions of Dollars 2023 2022 2021 Total Net gain on equity securities 251 1,040 Less: Net gain on equity securities sold during the period 251 473 Unrealized gain on equity securities still held at the reporting date $ 567 |
Suspended Wells and Explorati_2
Suspended Wells and Exploration Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Extractive Industries [Abstract] | |
Net Changes in Suspended Exploratory Well Costs | The following table reflects the net changes in suspended exploratory well costs during 2023, 2022 and 2021: Millions of Dollars 2023 2022 2021 Beginning balance $ 527 660 682 Additions pending the determination of proved reserves — 5 10 Reclassifications to proved properties (285) (7) — Charged to dry hole expense (58) (131) (32) Ending balance $ 184 527 660 |
Aging of Suspended Well Cost | The following table provides an aging of suspended well balances at December 31: Millions of Dollars 2023 2022 2021 Exploratory well costs capitalized for a period of one year or less $ — 15 4 Exploratory well costs capitalized for a period greater than one year 184 512 656 Ending balance $ 184 527 660 Number of projects with exploratory well costs capitalized for a period greater than one year 14 17 22 |
Aging of Exploratory Well Cost, Capitalized for More than One Year | The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December 31, 2023: Millions of Dollars Suspended Since Total 2020-2022 2017-2019 2006-2016 WL4-00—Malaysia (2) 36 19 17 — PL891—Norway (1) 30 30 — — West Willow—Alaska (1) 29 — 29 — Narwhal Trend—Alaska (1) 25 — 25 — PL782S—Norway (1) 19 — 19 — Montney—Canada (1) 16 8 8 — Other of $10 million or less each (1)(2) 29 — 4 25 Total $ 184 57 102 25 (1) Additional appraisal wells planned. (2) Appraisal drilling complete; costs being incurred to assess development. |
Impairments (Tables)
Impairments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asset Impairment Charges [Abstract] | |
Schedule of Before-tax Impairment Charges | During 2023, 2022 and 2021, we recognized the following before-tax impairment charges: Millions of Dollars 2023 2022 2021 Alaska $ — 2 5 Lower 48 7 (11) (8) Canada 6 (2) 6 Europe, Middle East and North Africa — (1) (24) Asia Pacific — — 695 Corporate and Other 1 — — $ 14 (12) 674 |
Asset Retirement Obligations _2
Asset Retirement Obligations and Accrued Environmental Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations and Accrued Environmental Costs | Asset retirement obligations and accrued environmental costs at December 31 were: Millions of Dollars 2023 2022 Asset retirement obligations $ 7,227 6,380 Accrued environmental costs 184 182 Total asset retirement obligations and accrued environmental costs 7,411 6,562 Asset retirement obligations and accrued environmental costs due within one year* (191) (161) Long-term asset retirement obligations and accrued environmental costs $ 7,220 6,401 |
Changes in Asset Retirement Obligation | During 2023 and 2022, our overall ARO changed as follows: Millions of Dollars 2023 2022 Balance at January 1 $ 6,380 5,926 Accretion of discount 278 245 New obligations 257 144 Changes in estimates of existing obligations 484 681 Spending on existing obligations (119) (231) Property dispositions (27) (203) Foreign currency translation (26) (182) Balance at December 31 $ 7,227 6,380 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt at December 31 was: Millions of Dollars 2023 2022 7.65% Debentures due 2023 — 78 2.125% Notes due 2024 461 900 3.35% Notes due 2024 265 426 2.4% Notes due 2025 366 900 8.2% Notes due 2025 134 134 3.35% Debentures due 2025 199 199 6.875% Debentures due 2026 67 67 7.8% Debentures due 2027 203 203 3.75% Notes due 2027 196 196 4.3% Notes due 2028 223 223 7.375% Debentures due 2029 92 92 7.0% Debentures due 2029 112 112 6.95% Notes due 2029 1,195 1,195 8.125% Notes due 2030 390 390 2.4% Notes due 2031 227 227 7.2% Notes due 2031 447 447 7.25% Notes due 2031 400 400 7.4% Notes due 2031 382 382 5.9% Notes due 2032 505 505 5.05% Notes due 2033 1,000 — 4.15% Notes due 2034 246 246 5.95% Notes due 2036 326 326 5.951% Notes serially maturing 2022 through 2037 603 631 5.9% Notes due 2038 350 350 6.5% Notes due 2039 1,588 1,588 3.758% Notes due 2042 785 785 4.3% Notes due 2044 750 750 5.95% Notes due 2046 329 329 7.9% Debentures due 2047 60 60 4.875% Notes due 2047 319 319 4.85% Notes due 2048 219 219 3.8% Notes due 2052 1,100 1,100 5.3% Notes due 2053 1,100 — 5.55% Notes due 2054 1,000 — 4.025% Notes due 2062 1,770 1,770 5.70% Notes due 2063 700 — Marine Terminal Revenue Refunding Bonds due 2031 at 1.65% – 4.70% during 2023 and 0.07% – 4.10% during 2022 265 265 Industrial Development Bonds due 2035 at 1.85% – 4.70% during 2023 and 0.07% – 4.10% during 2022 18 18 Other 21 23 Debt at face value 18,413 15,855 Finance leases 1,129 1,320 Net unamortized premiums, discounts and debt issuance costs (605) (532) Total debt 18,937 16,643 Short-term debt (1,074) (417) Long-term debt $ 17,863 16,226 |
Derivative and Financial Inst_2
Derivative and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Balance Sheet Location - Fair Value Amounts of Derivatives, Balance Sheet Location | The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet: Millions of Dollars 2023 2022 Assets Prepaid expenses and other current assets $ 611 1,795 Other assets 113 242 Liabilities Other accruals 567 1,800 Other liabilities and deferred credits 80 210 |
Gain (Loss) Amounts of Derivatives, Income Statement Location | The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table: Millions of Dollars 2023 2022 2021 Sales and other operating revenues $ 86 (88) (228) Other income (6) (5) 25 Purchased commodities (90) (91) 75 |
Net Exposures from Outstanding Derivative Contracts | The table below summarizes our net exposures resulting from outstanding commodity derivative contracts: Open Position 2023 2022 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (12) (14) Basis (2) (8) |
Net Carrying Amount of Investments and Long-term Receivables Carried at Cost plus Accrued Interest | The following investments are carried on our consolidated balance sheet at cost, plus accrued interest and the table reflects remaining maturities at December 31, 2023 and 2022: Millions of Dollars Carrying Amount Cash and Cash Short-Term 2023 2022 2023 2022 Cash $ 474 593 Demand Deposits 1,424 1,638 Time Deposits 1 to 90 days 3,713 4,116 511 1,288 91 to 180 days 22 883 Within one year 3 11 U.S. Government Obligations 1 to 90 days 24 14 — — $ 5,635 6,361 536 2,182 |
Debt Securities, Available-for-Sale | The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at December 31, 2023 and 2022: Millions of Dollars Carrying Amount Cash and Cash Short-Term Investments and Long-Term 2023 2022 2023 2022 2023 2022 Major Security Type Corporate Bonds $ — — 201 323 606 309 Commercial Paper — 97 131 156 U.S. Government Obligations — — 89 115 189 63 U.S. Government Agency Obligations 5 8 7 5 Foreign Government Obligations 7 — 4 7 Asset-backed Securities 2 1 183 138 $ — 97 435 603 989 522 The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale at December 31: Millions of Dollars Amortized Cost Basis Fair Value 2023 2022 2023 2022 Major Security Type Corporate Bonds $ 806 641 807 632 Commercial Paper 131 253 131 253 U.S. Government Obligations 278 181 278 178 U.S. Government Agency Obligations 12 13 12 13 Foreign Government Obligations 11 7 11 7 Asset-backed Securities 184 139 185 139 $ 1,422 1,234 1,424 1,222 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy for Gross Financial Assets and Liabilities | The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis): Millions of Dollars December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investments in debt securities $ 278 1,146 — 1,424 178 1,044 — 1,222 Commodity derivatives 308 301 115 724 958 951 128 2,037 Total assets $ 586 1,447 115 2,148 1,136 1,995 128 3,259 Liabilities Commodity derivatives $ 350 283 14 647 906 843 261 2,010 Contingent consideration — — 312 312 — — — — Total liabilities $ 350 283 326 959 906 843 261 2,010 |
Fair Value Measurement Inputs and Valuation Techniques | The range and arithmetic average of the significant unobservable input used in the Level 3 fair value measurement was as follows: Fair Value Valuation Unobservable Input Range (Arithmetic Average) December 31, 2023 Contingent consideration - Surmont $ 312 Discounted cash flow Commodity price outlook* ($/BOE) $45.48 - $63.04 ($57.45) *Commodity price outlook based on a combination of external pricing service companies' outlooks and our internal outlook. Fair Value Valuation Unobservable Inputs Range (Arithmetic Average) December 31, 2021 Lower 48 Gulf Coast and Rockies noncore field $ 472 Discounted cash flow Commodity production (MBOED) 0.2 - 17 (5.4) Commodity price outlook* ($/BOE) $41.45 - $93.68 ($64.39) Discount rate** 7.3% - 9.7% (8.7%) *Commodity price outlook based on a combination of external pricing service companies' and our internal outlook for years 2024-2050; future prices escalated at 2.0 percent annually after year 2050. **Determined as the weighted average cost of capital of a group of peer companies, adjusted for risks where appropriate. |
Commodity Derivative Balances Subject to Right of Setoff | The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists. Millions of Dollars Amounts Subject to Right of Setoff Gross Amounts Not Gross Gross Net Cash Net December 31, 2023 Assets $ 724 39 685 375 310 4 306 Liabilities 647 34 613 375 238 47 191 December 31, 2022 Assets $ 2,037 39 1,998 1,176 822 37 785 Liabilities 2,010 20 1,990 1,176 814 52 762 |
Values of Assets, by Major Category, Measured at Fair Value on a Nonrecurring Basis | The following table summarizes the fair value hierarchy by major category and date of remeasurement for assets accounted for at fair value on a non-recurring basis: Millions of Dollars Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 Before-Tax Year ended December 31, 2021 Net PP&E (held for use) December 31, 2021 $ 472 — — 472 80 Equity Method Investments December 31, 2021 5,574 — 5,574 — 688 |
Schedule of Net Fair Value of Financial Instruments | The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value 2023 2022 2023 2022 Financial assets Commodity derivatives 345 824 345 824 Investments in debt securities 1,424 1,222 1,424 1,222 Financial liabilities Total debt, excluding finance leases 17,808 15,323 18,621 15,545 Commodity derivatives 225 782 225 782 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Changes in Shares of Common Stock | The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were: Shares 2023 2022 2021 Issued Beginning of year 2,100,885,134 2,091,562,747 1,798,844,267 Acquisition of Concho — — 285,928,872 Distributed under benefit plans 2,887,382 9,322,387 6,789,608 End of year 2,103,772,516 2,100,885,134 2,091,562,747 Held in Treasury Beginning of year 877,029,062 789,319,875 730,802,089 Repurchase of common stock 48,641,899 87,709,187 58,517,786 End of year 925,670,961 877,029,062 789,319,875 |
Non-Mineral Lease (Tables)
Non-Mineral Lease (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Right-of-Use Assets and Lease Liabilities | The following table summarizes the right-of-use assets and lease liabilities for both the operating and finance leases on our consolidated balance sheet as of December 31: Millions of Dollars 2023 2022 Operating Finance Operating Finance Right-of-Use Assets Properties, plants and equipment Gross 2,010 2,043 Accumulated DD&A (1,185) (1,022) Net PP&E* 825 1,021 Other assets 691 536 Lease Liabilities Short-term debt** 291 284 Other accruals 193 155 Long-term debt*** 838 1,036 Other liabilities and deferred credits 504 390 Total lease liabilities $ 697 1,129 545 1,320 * Includes proportionately consolidated finance lease assets of $134 million at December 31, 2023 and $171 million at December 31, 2022. ** Includes proportionately consolidated finance lease liabilities of $175 million at December 31, 2023 and $169 million at December 31, 2022. |
Lease Cost | The following table summarizes our lease costs: Millions of Dollars 2023 2022 2021 Lease Cost* Operating lease cost $ 229 212 278 Finance lease cost Amortization of right-of-use assets 180 189 148 Interest on lease liabilities 35 32 27 Short-term lease cost** 40 94 21 Total lease cost*** $ 484 527 474 * The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. ** Short-term leases are not recorded on our consolidated balance sheet. *** Variable lease cost and sublease income are immaterial for the periods presented and therefore are not included in the table above. |
Lease Term and Discount Rate | The following table summarizes the lease terms and discount rates as of December 31: 2023 2022 Lease Term and Discount Rate Weighted-average term (years) Operating leases 5.83 5.64 Finance leases 5.73 6.60 Weighted-average discount rate (percent) Operating leases 4.13 2.99 Finance leases 3.39 3.40 |
Other Information | The following table summarizes other lease information: Millions of Dollars 2023 2022 2021 Other Information* Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 173 148 204 Operating cash flows from finance leases 33 30 6 Financing cash flows from finance leases 169 166 73 Right-of-use assets obtained in exchange for operating lease liabilities $ 355 114 174 Right-of-use assets obtained in exchange for finance lease liabilities 9 256 447 *The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. In addition, pursuant to other applicable accounting guidance, lease payments made in connection with preparing another asset for its intended use are reported in the "Cash Flows From Investing Activities" section of our consolidated statement of cash flows. |
Maturity of Lease Liabilities | The following table summarizes future lease payments for operating and finance leases at December 31, 2023: Millions of Dollars Operating Leases Finance Leases Maturity of Lease Liabilities 2024 $ 217 358 2025 150 207 2026 113 204 2027 88 161 2028 67 178 Remaining years 153 174 Total* 788 1,282 Less: portion representing imputed interest (91) (153) Total lease liabilities $ 697 $ 1,129 *Future lease payments for operating and finance leases commencing on or after January 1, 2019, also include payments related to non-lease components in accordance with our election to adopt the optional practical expedient not to separate lease components apart from non-lease components for accounting purposes. In addition, future payments related to operating and finance leases proportionately consolidated by the company have been included in the table on a proportionate basis consistent with our respective ownership interest in the underlying investee company or oil and gas venture. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Change in Benefit Obligations and Fair Value of Plan Assets | An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for our postretirement health and life insurance plans follows: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Change in Benefit Obligation Benefit obligation at January 1 $ 1,478 2,776 1,924 4,124 102 137 Service cost 51 38 58 47 1 1 Interest cost 77 113 62 77 5 4 Plan participant contributions — — — — 14 16 Plan amendments — — — — — 9 Actuarial (gain) loss 40 11 (325) (847) 22 (27) Benefits paid (121) (124) (241) (144) (37) (38) Divestiture — — — (56) — — Foreign currency exchange rate change — 52 — (425) — — Benefit obligation at December 31* $ 1,525 2,866 1,478 2,776 107 102 *Accumulated benefit obligation portion of above at December 31: $ 1,414 2,642 1,384 2,542 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 1,179 2,879 1,664 4,812 — — Actual return on plan assets 129 199 (319) (1,372) — — Company contributions 119 58 75 96 23 22 Plan participant contributions — — — 1 14 16 Benefits paid (121) (124) (241) (144) (37) (38) Divestiture — — — (46) — — Foreign currency exchange rate change — 73 — (468) — — Fair value of plan assets at December 31 $ 1,306 3,085 1,179 2,879 — — Funded Status $ (219) 219 (299) 103 (107) (102) |
Amounts Recognized in Balance Sheet and Assumptions | Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Amounts Recognized in the Consolidated Balance Sheet at December 31 Noncurrent assets $ — 491 — 373 — — Current liabilities (16) (9) (28) (10) (24) (32) Noncurrent liabilities (203) (263) (271) (260) (83) (70) Total recognized $ (219) 219 (299) 103 (107) (102) Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31 Discount rate 5.35 % 4.10 5.65 4.20 5.30 5.65 Rate of compensation increase 5.00 3.65 5.00 3.65 Interest crediting rate for applicable benefits 4.20 3.55 Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 Discount rate 5.65 % 4.20 3.85 2.15 5.65 2.65 Expected return on plan assets 5.30 5.20 3.90 2.85 Rate of compensation increase 5.00 3.65 4.00 3.40 Interest crediting rate for applicable benefits 3.55 2.50 |
Projected and Accumulated Benefit Obligations in Excess of Fair Value | The following tables summarize information related to the Company's pension plans with projected and accumulated benefit obligations in excess of the fair value of the plans' assets: Millions of Dollars Pension Benefits 2023 2022 U.S. Int’l. U.S. Int’l. Pension Plans with Projected Benefit Obligation in Excess of Plan Assets Projected benefit obligation $ 1,525 279 1,478 277 Fair value of plan assets 1,306 6 1,179 6 Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets Accumulated benefit obligation $ 165 243 1,384 239 Fair value of plan assets — 6 1,179 6 |
Before-Tax Amounts not Recognized in Net Periodic Benefit Cost | Included in accumulated other comprehensive income (loss) at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Unrecognized net actuarial loss (gain) $ 123 585 172 681 3 (28) Unrecognized prior service cost (credit) — 1 — 1 (60) (98) |
Source of Change in Other Comprehensive Income (Loss) | Millions of Dollars Pension Benefits Other Benefits 2023 2022 2023 2022 U.S. Int’l. U.S. Int’l. Sources of Change in Other Comprehensive Income (Loss) Net gain (loss) arising during the period $ 30 29 (44) (606) (22) 27 Amortization of actuarial loss included in income (loss)* 18 67 61 11 (3) — Net change during the period $ 48 96 17 (595) (25) 27 Prior service credit (cost) arising during the period $ — — — (1) — (9) Amortization of prior service (credit) included in income (loss) — — — (1) (38) (38) Net change during the period $ — — — (2) (38) (47) *Includes settlement (gains) losses recognized in 2023 and 2022. |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost of all defined benefit plans are presented in the following table: Millions of Dollars Pension Benefits Other Benefits 2023 2022 2021 2023 2022 2021 U.S. Int’l. U.S. Int’l. U.S. Int’l. Components of Net Periodic Benefit Cost Service cost $ 51 38 58 47 73 61 1 1 2 Interest cost 77 113 62 77 53 79 5 4 4 Expected return on plan assets (58) (148) (50) (124) (80) (120) — — — Amortization of prior service credit — — — (1) — (1) (38) (38) (37) Recognized net actuarial loss (gain) 12 67 24 11 43 33 (3) — — Settlements loss (gain) 6 — 37 — 102 — — — — Curtailment loss (gain) — — — — 12 — — — — Net periodic benefit cost $ 88 70 131 10 203 52 (35) (33) (31) |
Fair Values of Pension Plan Assets | The fair values of our pension plan assets at December 31, by asset class were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2023 Equity securities U.S. $ 6 — — 6 — — — — International 35 — — 35 — — — — Mutual funds 15 — — 15 244 276 — 520 Debt securities Corporate — 1 — 1 — — — — Mutual funds — — — — 421 — — 421 Cash and cash equivalents — — — — 25 — — 25 Real estate — — — — — — 126 126 Total in fair value hierarchy $ 56 1 — 57 690 276 126 1,092 Investments measured at net asset value* Equity securities Common/collective trusts 300 198 Debt securities Common/collective trusts 868 1,791 Cash and cash equivalents 6 — Real estate 28 — Total** $ 56 1 — 1,259 690 276 126 3,081 *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets. **Excludes the participating interest in the insurance annuity contract with a net asset of $46 million and net receivables related to security transactions of $5 million. The fair values of our pension plan assets at December 31, by asset class were as follows: Millions of Dollars U.S. International Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 2022 Equity securities U.S. $ 4 — — 4 — — — — International 36 — — 36 — — — — Mutual funds 14 — — 14 201 298 — 499 Debt securities Corporate — 1 — 1 — — — — Mutual funds — — — — 365 — — 365 Cash and cash equivalents — — — — 36 — — 36 Derivatives Real estate — — — — — — 146 146 Total in fair value hierarchy $ 54 1 — 55 602 298 146 1,046 Investments measured at net asset value* Equity securities Common/collective trusts 265 192 Debt securities Common/collective trusts 759 1,637 Cash and cash equivalents 10 — Real estate 34 — Total** $ 54 1 — 1,123 602 298 146 2,875 *In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets. |
Benefit Payments | The following benefit payments, which are exclusive of amounts to be paid from the insurance annuity contract and which reflect expected future service, as appropriate, are expected to be paid: Millions of Dollars Pension Other U.S. Int’l. 2024 $ 205 128 16 2025 191 130 14 2026 175 133 14 2027 170 136 12 2028 162 141 11 2029–2033 664 778 45 |
Severance Accrual | The following table summarizes our severance accrual activity: Millions of Dollars 2023 2022 2021 Balance at January 1 $ 31 78 24 Accruals 1 1 170 Benefit payments (20) (48) (116) Balance at December 31 $ 12 31 78 |
Compensation Expense | Compensation Expense —Total share-based compensation expense recognized in net income (loss) and the associated tax benefit were: Millions of Dollars 2023 2022 2021 Compensation cost $ 334 377 304 Tax benefit 84 95 76 |
Stock Option Activity | The following summarizes our stock option activity for the year ended December 31, 2023: Millions of Dollars Options Weighted-Average Aggregate Outstanding at December 31, 2022 4,303,575 $ 55.28 $ 266 Exercised (1,038,900) 63.87 58 Expired or cancelled — — Outstanding at December 31, 2023 3,264,675 $ 52.55 $ 209 Vested at December 31, 2023 3,264,675 $ 52.55 $ 209 Exercisable at December 31, 2023 3,264,675 $ 52.55 $ 209 |
Restricted Stock Unit Activity | The following summarizes our stock-settled stock RSU activity for the year ended December 31, 2023: Stock Units Weighted-Average Millions of Dollars Total Fair Value Outstanding at December 31, 2022 7,578,193 $ 61.20 Granted 2,178,117 110.91 Forfeited (144,021) 88.54 Issued (2,518,599) 58.77 $ 284 Outstanding at December 31, 2023 7,093,690 $ 76.78 Not Vested at December 31, 2023 4,791,110 $ 78.20 |
Performance Share Program Activity | The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2023: Weighted-Average Millions of Dollars Stock Units Total Fair Value Outstanding at December 31, 2022 1,231,615 $ 50.68 Granted 3,797 112.50 Forfeited (72) 55.13 Issued (272,522) 51.15 $ 29 Outstanding at December 31, 2023 962,818 $ 50.79 The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2023: Weighted-Average Millions of Dollars Stock Units Total Fair Value Outstanding at December 31, 2022 109,823 $ 117.11 Granted 1,044,251 112.50 Settled (1,053,204) 104.94 $ 111 Outstanding at December 31, 2023 100,870 $ 116.68 |
Restricted Shares and Units Aggregate Activity | The following summarizes the aggregate activity of these restricted shares and units for the year ended December 31, 2023: Weighted-Average Millions of Dollars Stock Units Total Fair Value Outstanding at December 31, 2022 1,239,759 $ 49.78 Granted 54,141 115.88 Cancelled (6,904) 45.90 Issued (392,728) 47.64 $ 46 Outstanding at December 31, 2023 894,268 $ 54.76 Not Vested at December 31, 2023 149,270 $ 45.90 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes Charged to Income (Loss) | Components of income tax provision (benefit) were: Millions of Dollars 2023 2022 2021 Income Taxes Federal Current $ 1,054 1,263 32 Deferred 825 1,629 1,161 Foreign Current 2,931 5,813 3,128 Deferred 254 387 66 State and local Current 202 386 127 Deferred 65 70 119 Total tax provision (benefit) $ 5,331 9,548 4,633 |
Components of Deferred Tax Liabilities and Assets | Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2023 2022 Deferred Tax Liabilities PP&E and intangibles $ 11,992 11,100 Inventory 46 48 Other 216 190 Total deferred tax liabilities 12,254 11,338 Deferred Tax Assets Benefit plan accruals 413 450 Asset retirement obligations and accrued environmental costs 2,608 2,333 Investments in joint ventures 2,133 1,917 Other financial accruals and deferrals 448 736 Loss and credit carryforwards 5,629 6,354 Other 121 112 Total deferred tax assets 11,352 11,902 Less: valuation allowance (7,656) (8,049) Total deferred tax assets net of valuation allowance 3,696 3,853 Net deferred tax liabilities $ 8,558 7,485 |
Reconciliation of Deferred Tax Asset Valuation Allowance | The following table shows a reconciliation of the beginning and ending deferred tax asset valuation allowance for 2023, 2022 and 2021: Millions of Dollars 2023 2022 2021 Balance at January 1 $ 8,049 8,342 9,965 Charged to expense (benefit) (2) 5 (45) Other* (391) (298) (1,578) Balance at December 31 $ 7,656 8,049 8,342 *Represents changes due to originating deferred tax assets that have no impact to our effective tax rate, acquisitions/dispositions/revisions and the effect of translating foreign financial statements. |
Reconciliation of Unrecognized Tax Benefits | The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2023, 2022 and 2021: Millions of Dollars 2023 2022 2021 Balance at January 1 $ 710 1,345 1,206 Additions based on tax positions related to the current year 5 6 15 Additions for tax positions of prior years 1 6 177 Reductions for tax positions of prior years (9) (62) (5) Settlements (96) (510) — Lapse of statute (224) (75) (48) Balance at December 31 $ 387 710 1,345 |
Effective Income Tax Rate Reconciliation | The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate to the provision for income taxes, were: Millions of Dollars Percent of Pre-Tax Income (Loss) 2023 2022 2021 2023 2022 2021 Income (loss) before income taxes United States $ 9,472 16,739 8,024 58.2 % 59.3 63.1 Foreign 6,816 11,489 4,688 41.8 40.7 36.9 $ 16,288 28,228 12,712 100.0 % 100.0 100.0 Federal statutory income tax $ 3,421 5,928 2,670 21.0 % 21.0 21.0 Non-U.S. effective tax rates 2,063 3,866 1,915 12.7 13.7 15.1 Recovery of outside basis (4) (30) (55) — (0.1) (0.4) Adjustment to tax reserves (317) (551) (11) (1.9) (2.0) (0.1) Adjustment to valuation allowance (2) 5 (45) — — (0.4) State income tax 214 405 194 1.3 1.4 1.5 Enhanced oil recovery credit — (37) (99) — (0.1) (0.8) Other (44) (38) 64 (0.3) (0.1) 0.5 Total $ 5,331 9,548 4,633 32.7 % 33.8 36.4 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet | Accumulated other comprehensive income (loss) in the equity section of the balance sheet included: Millions of Dollars Defined Net Unrealized Foreign Unrealized Gain/(Loss) on Hedging Activities Accumulated December 31, 2020 $ (425) 2 (4,795) — (5,218) Other comprehensive income (loss) 394 (2) (124) — 268 December 31, 2021 (31) — (4,919) — (4,950) Other comprehensive income (loss) (417) (11) (622) — (1,050) December 31, 2022 (448) (11) (5,541) — (6,000) Other comprehensive income (loss) 55 13 197 62 327 December 31, 2023 $ (393) 2 (5,344) 62 (5,673) |
Items Reclassified out of Accumulated Other Comprehensive Income (Loss) | The following table summarizes reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31: Millions of Dollars 2023 2022 Defined Benefit Plans* $ 33 26 *Included in the computation of net periodic benefit cost and are presented net of tax expense of: $ 11 7 See Note |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow Information | Millions of Dollars 2023 2022 2021 Noncash Investing and Financing Activities Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations $ 727 825 442 Fair value of contingent consideration on acquisition 320 Cash Payments Interest $ 701 873 924 Income taxes 5,406 7,368 856 Net Sales (Purchases) of Investments Short-term investments purchased $ (1,463) (5,046) (5,554) Short-term investments sold 3,574 3,102 8,810 Investments and long-term receivables purchased (867) (775) (279) Investments and long-term receivables sold 129 90 114 $ 1,373 (2,629) 3,091 |
Other Financial Information (Ta
Other Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Financial Information | Millions of Dollars 2023 2022 2021 Interest and Debt Expense Incurred Debt $ 824 791 887 Other 109 72 59 933 863 946 Capitalized (153) (58) (62) Expensed $ 780 805 884 Other Income Interest income $ 412 195 33 Gain (loss) on investment in Cenovus Energy* — 251 1,040 Other, net 73 58 130 $ 485 504 1,203 *See Note . Research and Development Expenditures— expensed $ 81 71 62 Shipping and Handling Costs $ 1,695 1,595 1,047 Foreign Currency Transaction (Gains) Losses— after-tax Alaska $ — — — Lower 48 — — — Canada 11 (20) (1) Europe, Middle East and North Africa (39) (110) (11) Asia Pacific 12 30 2 Other International — (1) 1 Corporate and Other 86 21 (7) $ 70 (80) (16) |
Property Plant And Equipment | Millions of Dollars 2023 2022 Properties, Plants and Equipment Proved properties $ 134,394 119,609 Unproved properties 5,206 7,325 Other 4,805 4,562 Gross properties, plants and equipment 144,405 131,496 Less: Accumulated depreciation, depletion and amortization (74,361) (66,630) Net properties, plants and equipment $ 70,044 64,866 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Significant Transactions with Related Parties | Significant transactions with our equity affiliates were: Millions of Dollars 2023 2022 2021 Operating revenues and other income $ 90 88 88 Purchases — 1 5 Operating expenses and selling, general and administrative expenses 282 189 196 Net interest (income)/loss* — (1) (2) *We paid interest to, or received interest from, various affiliates. See Note , for additional information on loans to affiliated companies. |
Sales and Other Operating Rev_2
Sales and Other Operating Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue from Contracts with Customers The following table provides further disaggregation of our consolidated sales and other operating revenues: Millions of Dollars 2023 2022 2021 Revenue from contracts with customers $ 48,522 61,049 34,590 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 8,203 17,150 11,500 Financial derivative contracts (584) 295 (262) Consolidated sales and other operating revenues $ 56,141 78,494 45,828 Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices, which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS. There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. The following disaggregation of revenues is provided in conjunction with Note —Segment Disclosures and Related Information : Millions of Dollars 2023 2022 2021 Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 6,607 13,919 9,050 Canada 1,248 2,717 1,457 Europe, Middle East and North Africa 348 514 993 Physical contracts meeting the definition of a derivative $ 8,203 17,150 11,500 Millions of Dollars 2023 2022 2021 Revenue from Contracts Outside the Scope of ASC Topic 606 by Product Crude oil $ 143 495 757 Natural gas 6,622 15,368 10,034 Other 1,438 1,287 709 Physical contracts meeting the definition of a derivative $ 8,203 17,150 11,500 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS for the years ended December 31, 2023, 2022, and 2021. For each of the periods with net income presented in the table below, diluted EPS calculated under the two-class method was more dilutive. Millions of Dollars (except per share amounts) Years Ended December 31 2023 2022 2021 Basic earnings per share Net Income (Loss) $ 10,957 18,680 8,079 Less: Dividends and undistributed earnings allocated to participating securities 35 60 19 Net Income (Loss) available to common shareholders $ 10,922 18,620 8,060 Average common shares outstanding (in Millions) 1,203 1,274 1,324 Net Income (Loss) Per Share of Common Stock $ 9.08 14.62 6.09 Diluted earnings per share Net Income (Loss) available to common shareholders $ 10,922 18,620 8,060 Average common shares outstanding (in Millions) 1,203 1,274 1,324 Add: Dilutive impact of options and unvested non-participating RSU/PSUs 3 4 4 Average diluted shares outstanding (in Millions) 1,206 1,278 1,328 Net Income (Loss) Per Share of Common Stock $ 9.06 14.57 6.07 |
Segment Disclosures and Relat_2
Segment Disclosures and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Sales and Other Operating Revenues | Analysis of Results by Operating Segment Millions of Dollars 2023 2022 2021 Sales and Other Operating Revenues Alaska 7,098 7,905 5,480 Lower 48 38,244 52,921 29,306 Intersegment eliminations (7) (18) (12) Lower 48 38,237 52,903 29,294 Canada 4,873 6,159 4,077 Intersegment eliminations (1,867) (2,445) (1,583) Canada 3,006 3,714 2,494 Europe, Middle East and North Africa 5,854 11,271 5,902 Intersegment eliminations — (1) — Europe, Middle East and North Africa 5,854 11,270 5,902 Asia Pacific 1,913 2,606 2,579 Other International — — 4 Corporate and Other 33 96 75 Consolidated sales and other operating revenues $ 56,141 78,494 45,828 |
Depreciation, Depletion, Amortization and Impairments | Millions of Dollars 2023 2022 2021 Depreciation, Depletion, Amortization and Impairments Alaska $ 1,061 941 1,002 Lower 48 5,729 4,854 4,067 Canada 425 400 392 Europe, Middle East and North Africa 587 735 862 Asia Pacific 455 518 1,483 Other International — — — Corporate and Other 27 44 76 Consolidated depreciation, depletion, amortization and impairments $ 8,284 7,492 7,882 |
Equity in Earnings of Affiliates | Millions of Dollars 2023 2022 2021 Equity in Earnings of Affiliates Alaska $ 1 4 5 Lower 48 (9) (14) (18) Canada — — — Europe, Middle East and North Africa 580 780 502 Asia Pacific 1,151 1,310 343 Other International — 1 — Corporate and Other (3) — — Consolidated equity in earnings of affiliates $ 1,720 2,081 832 |
Income Tax Provision (Benefit) | Income Tax Provision (Benefit) Alaska $ 642 885 402 Lower 48 1,763 3,088 1,390 Canada 26 206 150 Europe, Middle East and North Africa 3,065 5,445 2,543 Asia Pacific 42 480 483 Other International — 53 (53) Corporate and Other (207) (609) (282) Consolidated income tax provision (benefit) $ 5,331 9,548 4,633 |
Net Income (Loss) Attributable to ConocoPhillips | Net Income (Loss) Alaska $ 1,778 2,352 1,386 Lower 48 6,461 11,015 4,932 Canada 402 714 458 Europe, Middle East and North Africa 1,189 2,244 1,167 Asia Pacific 1,961 2,736 453 Other International (13) (51) (107) Corporate and Other (821) (330) (210) Consolidated net income (loss) $ 10,957 18,680 8,079 |
Investments In and Advances To Affiliates | Investments in and Advances to Affiliates Alaska $ 32 55 58 Lower 48 118 235 242 Canada — — — Europe, Middle East and North Africa 1,191 1,049 797 Asia Pacific 5,419 6,154 5,603 Other International — — 1 Corporate and Other 1,145 — — Consolidated investments in and advances to affiliates $ 7,905 7,493 6,701 |
Total Assets | Millions of Dollars 2023 2022 2021 Total Assets Alaska $ 16,174 15,126 14,812 Lower 48 42,415 42,950 41,699 Canada 10,277 6,971 7,439 Europe, Middle East and North Africa 8,396 8,263 9,125 Asia Pacific 8,903 9,511 9,840 Other International — — 1 Corporate and Other 9,759 11,008 7,745 Consolidated total assets $ 95,924 93,829 90,661 |
Capital Expenditures and Investments | Capital Expenditures and Investments Alaska $ 1,705 1,091 982 Lower 48 6,487 5,630 3,129 Canada 456 530 203 Europe, Middle East and North Africa 1,111 998 534 Asia Pacific 354 1,880 390 Other International — — 33 Corporate and Other 1,135 30 53 Consolidated capital expenditures and investments $ 11,248 10,159 5,324 |
Interest Income and Expense | Interest Income and Expense Interest income Alaska $ — — — Lower 48 — — — Canada — — — Europe, Middle East and North Africa 1 1 2 Asia Pacific 8 9 9 Other International — — — Corporate and Other 403 185 22 Interest and debt expense Corporate and Other $ 780 805 884 |
Sales and Other Operating Revenues by Product | Sales and Other Operating Revenues by Product Crude oil $ 37,833 41,492 23,648 Natural gas 10,725 26,941 16,904 Natural gas liquids 2,609 3,650 1,668 Other* 4,974 6,411 3,608 Consolidated sales and other operating revenues by product $ 56,141 78,494 45,828 *Includes bitumen and power. |
Geographic Information | Geographic Information Millions of Dollars Sales and Other Operating Revenues (1) Long-Lived Assets (2) 2023 2022 2021 2023 2022 2021 U.S. $ 45,101 60,899 34,847 53,955 51,200 50,580 Australia — — — 5,426 6,158 5,579 Canada 3,006 3,714 2,494 9,666 6,269 6,608 China 952 1,135 724 1,635 1,538 1,476 Indonesia (3) — 159 879 — — 28 Libya 1,730 1,582 1,102 703 714 659 Malaysia 961 1,312 975 939 1,107 1,252 Norway 2,408 3,415 2,563 4,489 4,369 4,681 U.K. 1,978 6,273 2,236 2 1 1 Other foreign countries 5 5 8 1,134 1,003 748 Worldwide consolidated $ 56,141 78,494 45,828 77,949 72,359 71,612 (1) Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2) Defined as net PP&E plus equity investments and advances to affiliated companies. (3) Assets divested in 2022. See Note 3 . |
Accounting Policies (Details)
Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 6 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Crude oil and natural gas | $ 676 | $ 641 |
Materials and supplies | 722 | 578 |
Total inventories | 1,398 | 1,219 |
Inventories valued on the LIFO basis | $ 401 | $ 396 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Excess of replacement or current costs over stated LIFO value | $ 91 | $ 149 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Narrative (Details) $ in Billions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Oct. 04, 2023 USD ($) | Oct. 04, 2023 CAD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Feb. 28, 2022 USD ($) | Feb. 28, 2021 USD ($) | Jan. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) $ / bbl $ / MMBTU | Mar. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) a | Dec. 31, 2023 USD ($) $ / bbl $ / MMBTU | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) a | Oct. 04, 2023 CAD ($) | Mar. 31, 2023 | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | ||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Disposition of Property Plant Equipment | |||||||||||||||
Foreign currency transaction (gain) loss | $ 92,000,000 | $ (100,000,000) | $ (22,000,000) | |||||||||||||
Operating revenues and other income | 58,574,000,000 | 82,156,000,000 | 48,349,000,000 | |||||||||||||
Net Income (Loss) | 10,957,000,000 | 18,680,000,000 | 8,079,000,000 | |||||||||||||
Income tax provision (benefit) | $ 5,331,000,000 | 9,548,000,000 | 4,633,000,000 | |||||||||||||
Lower 48 | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Before-tax gain (loss) on disposition | $ 58,000,000 | |||||||||||||||
Proceeds from sale of business | 250,000,000 | |||||||||||||||
Previous Dispositions | Lower 48 | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Contingent payment calculation, threshold U.S. Henry Hub price | $ / MMBTU | 3.20 | 3.20 | ||||||||||||||
Contingent payment calculation, monthly payment | $ 7,000,000 | $ 7,000,000 | ||||||||||||||
Previous Dispositions | Canada and Lower 48 | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Disposal group, including discontinued operation, contingent payment | $ 7,000,000 | 451,000,000 | 369,000,000 | |||||||||||||
Previous Dispositions | Canada | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Contingent payment calculation, cost per one Canadian dollar | 6,000,000 | 6,000,000 | ||||||||||||||
Threshold average crude price per barrel | $ / bbl | 52 | 52 | ||||||||||||||
Barossa Project | Asia Pacific | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Before-tax gain (loss) on disposition | $ 200,000,000 | |||||||||||||||
Receivable in dispute | 200,000,000 | $ 200,000,000 | ||||||||||||||
Noncore Exploration Interests | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Before-tax gain (loss) on disposition | $ (179,000,000) | |||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Certain Noncore Assets | Lower 48 | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Before-tax gain (loss) on disposition | 0 | |||||||||||||||
Proceeds from sale of business | 680,000,000 | |||||||||||||||
Net carrying value | 680,000,000 | |||||||||||||||
Disposal group including discontinued operation, net carrying value, asset | 825,000,000 | |||||||||||||||
Disposal group including discontinued operation, net carrying value, PP&E | 818,000,000 | |||||||||||||||
Disposal group, including discontinued operation, liabilities | 145,000,000 | |||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsidiaries Holding Indonesia Assets And Operations | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Before-tax gain (loss) on disposition | $ 534,000,000 | |||||||||||||||
Proceeds from sale of business | 731,000,000 | |||||||||||||||
Net carrying value | 200,000,000 | |||||||||||||||
Disposal group including discontinued operation, net carrying value, PP&E | 300,000,000 | |||||||||||||||
Gain (loss) on disposal, net of tax | 462,000,000 | |||||||||||||||
Disposal group including discontinued operation, net carrying value, cash and cash equivalents | 200,000,000 | |||||||||||||||
Disposal group, including discontinued operation, asset retirement obligation | $ 100,000,000 | |||||||||||||||
Disposal group, including discontinued operation, income (loss) before taxes | $ 138,000,000 | 604,000,000 | ||||||||||||||
Assets Acquisition In The Lower 48 Segment | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Asset acquisition, consideration transferred | $ 236,000,000 | |||||||||||||||
QatarEnergy LNG NFS(3) | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Equity interest of ConocoPhillips | 25% | 25% | 25% | |||||||||||||
North Field South | QatarEnergy LNG NFS(3) | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Investment, ownership percentage | 25% | |||||||||||||||
Port Arthur LNG | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Equity interest of ConocoPhillips | 30% | 30% | 30% | |||||||||||||
Port Arthur LNG | Sempra | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Investment, ownership percentage | 70% | 70% | ||||||||||||||
Australia Pacific APLNG | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Equity interest of ConocoPhillips | 47.50% | 47.50% | 47.50% | |||||||||||||
Additional ownership percentage in equity investment acquired | 10% | |||||||||||||||
Payments to acquire additional interest | $ 1,400,000,000 | |||||||||||||||
Australia Pacific APLNG | Origin Energy | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Investment, ownership percentage | 27.50% | |||||||||||||||
Australia Pacific APLNG | Sinopec | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Investment, ownership percentage | 25% | |||||||||||||||
North Field East LNG Project | QatarEnergy LNG NFS(3) | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Investment, ownership percentage | 25% | 25% | ||||||||||||||
North Field East LNG Project | QatarEnergy LNG NFE(4) | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Investment, ownership percentage | 12.50% | 12.50% | 12.50% | |||||||||||||
Indonesia Corridor Block Production Sharing Contract | Subsidiaries Holding Indonesia Assets And Operations | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Investment, ownership percentage | 54% | |||||||||||||||
Transasia Pipeline Company | Subsidiaries Holding Indonesia Assets And Operations | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Investment, ownership percentage | 35% | |||||||||||||||
QatarEnergy LNG NFE(4) | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Equity interest of ConocoPhillips | 25% | 25% | 25% | |||||||||||||
Surmont | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Interest acquired | 50% | 50% | ||||||||||||||
Interest subsequently acquired | 100% | 100% | ||||||||||||||
Total consideration | $ 3,005,000,000 | $ 4.1 | ||||||||||||||
Business acquisition, maximum payment | $ 320,000,000 | $ 0.4 | ||||||||||||||
Business acquisition, contingent payment term | 5 years | 5 years | ||||||||||||||
Business acquisition, cost per every dollar exceeding threshold | $ 2,000,000 | |||||||||||||||
Business acquisition, threshold | 52 | |||||||||||||||
Contingent consideration, outcome, low | $ 0 | |||||||||||||||
Contingent consideration, outcome, high | 300,000,000 | |||||||||||||||
Proved properties | 2,900,000,000 | |||||||||||||||
Unproved properties | 200,000,000 | |||||||||||||||
Operating revenues and other income | $ 572,000,000 | |||||||||||||||
Net Income (Loss) | $ 119,000,000 | |||||||||||||||
Surmont | Foreign Exchange Forward | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Foreign currency transaction (gain) loss | $ 112,000,000 | |||||||||||||||
Concho Resources Incorporated | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Total consideration | $ 13,100,000,000 | |||||||||||||||
Operating revenues and other income | 6,571,000,000 | |||||||||||||||
Net Income (Loss) | 2,330,000,000 | |||||||||||||||
Share exchange ratio | 1.46 | |||||||||||||||
Transaction Cost | $ 157,000,000 | 157,000,000 | ||||||||||||||
Concho Resources Incorporated | Commodity | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Before tax loss | 305,000,000 | |||||||||||||||
After tax loss | 233,000,000 | |||||||||||||||
Concho Resources Incorporated | Concho Resources Inc. | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Income tax provision (benefit) | $ 75,000,000 | |||||||||||||||
Shell Permian Assets | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Total consideration | 8,600,000,000 | |||||||||||||||
Transaction Cost | $ 44,000,000 | |||||||||||||||
Area of land | a | 225,000 | 225,000 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Schedule of Business Combination - Surmont (Details) - Oct. 04, 2023 - Surmont $ in Millions, $ in Billions | CAD ($) | USD ($) |
Business Acquisition [Line Items] | ||
Cash paid | $ 2,685 | |
Contingent consideration | 320 | |
Total consideration | $ 4.1 | $ 3,005 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Schedule of Assets Acquired and Liabilities Assumed (Details) - Surmont $ in Millions | Oct. 31, 2023 USD ($) |
Recognized amounts of identifiable assets acquired and liabilities assumed | |
Oil and gas properties | $ 3,129 |
Asset retirement obligations | (112) |
Other | (12) |
Total identifiable net assets | $ 3,005 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Schedule of Supplemental Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Pro Forma (unaudited) | ||||
Operating revenues and other income | $ 58,574 | $ 82,156 | $ 48,349 | |
Income (loss) before income taxes | 12,712 | |||
Net Income (Loss) | $ 10,957 | $ 18,680 | $ 8,079 | |
Earnings per share: | ||||
Basic (in dollars per share) | $ 9.08 | $ 14.62 | $ 6.09 | |
Diluted (in dollars per share) | $ 9.06 | $ 14.57 | $ 6.07 | |
Income (loss) before income taxes | $ 16,288 | $ 28,228 | $ 12,712 | |
Pro Forma | ||||
Supplemental Pro Forma (unaudited) | ||||
Operating revenues and other income | 61,135 | 85,738 | 51,569 | |
Income (loss) before income taxes | 13,913 | |||
Net Income (Loss) | $ 11,458 | $ 19,400 | $ 8,999 | |
Earnings per share: | ||||
Basic (in dollars per share) | $ 9.50 | $ 15.18 | $ 6.78 | |
Diluted (in dollars per share) | $ 9.47 | $ 15.13 | $ 6.76 | |
Income (loss) before income taxes | $ 16,947 | $ 29,175 | ||
Surmont | ||||
Supplemental Pro Forma (unaudited) | ||||
Operating revenues and other income | $ 572 | |||
Net Income (Loss) | $ 119 | |||
Pro forma - total revenues and other income | 2,561 | 3,582 | ||
Pro forma - Income (loss) before income taxes | 659 | 947 | ||
Pro forma - Net Income (Loss) attributable to ConocoPhillips | $ 501 | $ 720 | ||
Shell Permian Assets | ||||
Supplemental Pro Forma (unaudited) | ||||
Pro forma - total revenues and other income | $ 3,220 | |||
Pro forma - Income (loss) before income taxes | 1,201 | |||
Pro forma - Net Income (Loss) attributable to ConocoPhillips | $ 920 |
Acquisitions and Dispositions_5
Acquisitions and Dispositions - Schedule of Non-Recurring Restructuring and Transition-Related Costs (Details) - Concho Resources Incorporated - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Transaction Cost | $ 157 | $ 157 |
Restructuring Cost | 234 | |
Total Cost | 391 | |
Production and operating expenses | ||
Business Acquisition [Line Items] | ||
Transaction Cost | ||
Restructuring Cost | 128 | |
Total Cost | 128 | |
Selling, general and administration expenses | ||
Business Acquisition [Line Items] | ||
Transaction Cost | 135 | |
Restructuring Cost | 67 | |
Total Cost | 202 | |
Exploration expenses | ||
Business Acquisition [Line Items] | ||
Transaction Cost | 18 | |
Restructuring Cost | 8 | |
Total Cost | 26 | |
Taxes other than income taxes | ||
Business Acquisition [Line Items] | ||
Transaction Cost | 4 | |
Restructuring Cost | 2 | |
Total Cost | 6 | |
Other expenses | ||
Business Acquisition [Line Items] | ||
Transaction Cost | 0 | |
Restructuring Cost | 29 | |
Total Cost | $ 29 |
Investments, Loans and Long-T_3
Investments, Loans and Long-Term Receivables - Components of Investments, Loans and Long-Term Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Equity Method Investments | $ 7,905 | $ 7,493 |
Long-term receivables | 143 | 142 |
Long-term investments in debt securities | 989 | 522 |
Other investments | 93 | 68 |
Total | $ 9,130 | $ 8,225 |
Investments, Loans and Long-T_4
Investments, Loans and Long-Term Receivables - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2023 | Dec. 31, 2012 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Retained earnings, undistributed earnings of affiliated companies | $ 60 | |||||
Dividends from affiliates | 2,684 | $ 3,045 | $ 1,279 | |||
Impairments | 14 | (12) | $ 674 | |||
Carrying value of equity method investment | $ 7,905 | 7,493 | ||||
APLNG | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity investment | 47.50% | |||||
Project finance facility, maximum borrowing capacity | $ 8,500 | |||||
Line of credit facility, outstanding | $ 4,700 | |||||
Additional ownership percentage in equity investment acquired | 10% | 10% | ||||
Payments to acquire additional interest | $ 1,645 | |||||
Impairments | 688 | |||||
Impairments, after tax | 688 | |||||
Carrying value of equity method investment | 5,400 | |||||
Underlying equity in net assets | 5,400 | |||||
Difference between estimated value and book value of equity method investment | 33 | |||||
Amortizable portion of the basis difference in PPE | $ 39 | $ 8 | $ 10 | $ 39 | ||
QatarEnergy LNG N(3) (N3) | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity investment | 30% | |||||
Port Arthur LNG | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity investment | 30% | 30% | ||||
Carrying value of equity method investment | $ 1,100 | |||||
QatarEnergy LNG NFE(4) | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity investment | 25% | 25% | ||||
QatarEnergy LNG NFS(3) | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity investment | 25% | 25% | ||||
QatarEnergy | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Carrying value of equity method investment | $ 1,100 | |||||
Origin Energy | APLNG | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment, ownership percentage | 27.50% | |||||
Sinopec | APLNG | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment, ownership percentage | 25% | |||||
QatarEnergy | QatarEnergy LNG N(3) (N3) | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity investment | 68.50% | |||||
QatarEnergy | QatarEnergy LNG NFE(4) | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity investment | 75% | |||||
QatarEnergy | QatarEnergy LNG NFS(3) | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity investment | 75% | |||||
Mitsui & Co., Ltd. | QatarEnergy LNG N(3) (N3) | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity investment | 1.50% | |||||
U S Private Placement Bond | APLNG | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of note facilities | facility | 2 |
Investments, Loans and Long-T_5
Investments, Loans and Long-Term Receivables - Summarized Financial Information for Equity Method Investments in Affiliated Companies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 56,141 | $ 78,494 | $ 45,828 |
Net income (loss) | 10,957 | 18,680 | 8,079 |
Current assets | 14,330 | 18,749 | |
Current liabilities | 10,005 | 12,847 | |
Affiliated Companies | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 15,314 | 18,356 | 11,824 |
Income (loss) before income taxes | 6,301 | 8,234 | 3,946 |
Net income (loss) | 4,214 | 5,507 | $ 2,557 |
Current assets | 3,827 | 5,001 | |
Noncurrent assets | 39,299 | 37,789 | |
Current liabilities | 3,462 | 4,169 | |
Noncurrent liabilities | $ 16,665 | $ 17,244 |
Investment in Cenovus Energy -
Investment in Cenovus Energy - Narrative (Details) - Common Stock - Cenovus Energy Inc shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Debt and Equity Securities, FV-NI [Line Items] | |
Equity securities, shares sold (in shares) | shares | 91 |
Proceeds received from sale of equity securities | $ | $ 1,400 |
Investment in Cenovus Energy _2
Investment in Cenovus Energy - Gains and Losses Recorded in Other Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Total Net gain on equity securities | $ 0 | $ 251 | $ 1,040 |
Cenovus Energy Inc | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total Net gain on equity securities | 251 | 1,040 | |
Less: Net gain on equity securities sold during the period | 251 | 473 | |
Unrealized gain on equity securities still held at the reporting date | $ 567 |
Suspended Wells and Explorati_3
Suspended Wells and Exploration Expenses - Net Changes in Suspended Exploratory Well Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward] | |||
Beginning balance | $ 527 | $ 660 | $ 682 |
Additions pending the determination of proved reserves | 0 | 5 | 10 |
Reclassifications to proved properties | (285) | (7) | 0 |
Charged to dry hole expense | (58) | (131) | (32) |
Ending balance | $ 184 | $ 527 | $ 660 |
Suspended Wells and Explorati_4
Suspended Wells and Exploration Expenses - Aging of Suspended Well Cost (Details) $ in Millions | Dec. 31, 2023 USD ($) project | Dec. 31, 2022 USD ($) project | Dec. 31, 2021 USD ($) project | Dec. 31, 2020 USD ($) |
Extractive Industries [Abstract] | ||||
Exploratory well costs capitalized for a period of one year or less | $ 0 | $ 15 | $ 4 | |
Exploratory well costs capitalized for a period greater than one year | 184 | 512 | 656 | |
Capitalized cost of suspended wells | $ 184 | $ 527 | $ 660 | $ 682 |
Number of projects with exploratory well costs capitalized for a period greater than one year | project | 14 | 17 | 22 |
Suspended Wells and Explorati_5
Suspended Wells and Exploration Expenses - Aging of Exploratory Well Cost, Capitalized for More than One Year (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | $ 184 | $ 512 | $ 656 |
2020-2022 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 57 | ||
2017-2019 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 102 | ||
2006-2016 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 25 | ||
WL4-00 - Malaysia | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 36 | ||
WL4-00 - Malaysia | 2020-2022 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 19 | ||
WL4-00 - Malaysia | 2017-2019 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 17 | ||
WL4-00 - Malaysia | 2006-2016 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 0 | ||
PL 891 - Norway | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 30 | ||
PL 891 - Norway | 2020-2022 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 30 | ||
PL 891 - Norway | 2017-2019 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 0 | ||
PL 891 - Norway | 2006-2016 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 0 | ||
West Willow - Alaska | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 29 | ||
West Willow - Alaska | 2020-2022 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 0 | ||
West Willow - Alaska | 2017-2019 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 29 | ||
West Willow - Alaska | 2006-2016 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 0 | ||
Narwhal Trend - Alaska | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 25 | ||
Narwhal Trend - Alaska | 2020-2022 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 0 | ||
Narwhal Trend - Alaska | 2017-2019 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 25 | ||
Narwhal Trend - Alaska | 2006-2016 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 0 | ||
PL782S - Norway | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 19 | ||
PL782S - Norway | 2020-2022 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 0 | ||
PL782S - Norway | 2017-2019 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 19 | ||
PL782S - Norway | 2006-2016 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 0 | ||
Montney - Canada | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 16 | ||
Montney - Canada | 2020-2022 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 8 | ||
Montney - Canada | 2017-2019 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 8 | ||
Montney - Canada | 2006-2016 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 0 | ||
Other of $10 Million or less each | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 29 | ||
Other of $10 Million or less each | 2020-2022 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 0 | ||
Other of $10 Million or less each | 2017-2019 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | 4 | ||
Other of $10 Million or less each | 2006-2016 | |||
Capitalized Exploratory Well Costs [Line Items] | |||
Exploratory well costs capitalized for a period greater than one year | $ 25 |
Suspended Wells and Explorati_6
Suspended Wells and Exploration Expenses - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs | $ 398 | $ 564 | $ 344 | |
Norwegian Warka PL1009 | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs | 37 | |||
Alaska Bear-1 | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs | $ 31 | |||
Canada | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs | $ 129 | |||
Europe, Middle East and North Africa | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs | $ 102 |
Impairments - Before Tax Impair
Impairments - Before Tax Impairment Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||
Impairments | $ 14 | $ (12) | $ 674 | |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | 1 | 0 | 0 | |
Alaska | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | 0 | 2 | 5 | |
Lower 48 | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | (89) | |||
Lower 48 | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | $ 84 | 7 | (11) | (8) |
Canada | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | 6 | (2) | 6 | |
Europe, Middle East and North Africa | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | 0 | (1) | (24) | |
Asia Pacific | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | $ 0 | $ 0 | $ 695 |
Impairments - Narrative (Detail
Impairments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||
Impairments | $ 14 | $ (12) | $ 674 | |
Asia Pacific | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | 0 | 0 | 695 | |
Lower 48 | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | (89) | |||
Lower 48 | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | $ 84 | 7 | (11) | (8) |
Europe, Middle East and North Africa | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | $ 0 | $ (1) | (24) | |
APLNG | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | $ 688 | |||
APLNG | Asia Pacific | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Impairments | $ 688 |
Asset Retirement Obligations _3
Asset Retirement Obligations and Accrued Environmental Costs - Asset Retirement Obligations and Accrued Environmental Costs (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset retirement obligations | $ 7,227 | $ 6,380 | $ 5,926 |
Accrued environmental costs | 184 | 182 | |
Total asset retirement obligations and accrued environmental costs | 7,411 | 6,562 | |
Asset retirement obligations and accrued environmental costs due within one year* | (191) | (161) | |
Long-term asset retirement obligations and accrued environmental costs | $ 7,220 | $ 6,401 |
Asset Retirement Obligations _4
Asset Retirement Obligations and Accrued Environmental Costs - Changes in Asset Retirement Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance | $ 6,380 | $ 5,926 |
Accretion of discount | 278 | 245 |
New obligations | 257 | 144 |
Changes in estimates of existing obligations | 484 | 681 |
Spending on existing obligations | (119) | (231) |
Property dispositions | (27) | (203) |
Other | (26) | (182) |
Ending balance | $ 7,227 | $ 6,380 |
Asset Retirement Obligations _5
Asset Retirement Obligations and Accrued Environmental Costs - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Site Contingency [Line Items] | ||
Accrued environmental costs | $ 184 | $ 182 |
Maximum number of years accrued environmental liabilities will be paid over | 30 years | |
Expected expenditures for acquired environmental obligations, weighted-average discount factor rate | 5% | |
Total environmental accrual included in balance sheet | $ 116 | |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Asset Retirement Obligations and Accrued Environmental Cost Non Current | |
Accrued environmental costs discounted | $ 151 | |
Cleanup Remediation Activities | ||
Site Contingency [Line Items] | ||
Accrued environmental costs | 112 | 107 |
Corporate and Other Environmental Liabilities | ||
Site Contingency [Line Items] | ||
Accrued environmental costs | 55 | 59 |
Federal Comprehensive Environmental Response Compensation and Liability Act or Similar State Laws | ||
Site Contingency [Line Items] | ||
Accrued environmental costs | $ 17 | $ 16 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | May 25, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Debt Instrument [Line Items] | ||||
Finance leases | $ 1,129 | $ 1,320 | ||
Net unamortized premiums, discounts and debt issuance costs | (605) | (532) | ||
Total debt | 18,937 | 16,643 | ||
Short-term debt | (1,074) | (417) | ||
Long-term debt | 17,863 | 16,226 | ||
Debt at face value | 18,413 | 15,855 | ||
Variable Rate Debt Bonds | ||||
Debt Instrument [Line Items] | ||||
Debt at face value | $ 283 | 283 | ||
7.65% Debentures due 2023 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.65% | |||
7.65% Debentures due 2023 | Debentures | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.65% | |||
Long-term and short-term, combined amount, gross | $ 0 | 78 | ||
2.125% Notes due 2024 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.125% | 2.125% | 2.125% | |
Long-term and short-term, combined amount, gross | $ 461 | 900 | ||
Debt at face value | $ 900 | $ 900 | ||
3.35% Notes due 2024 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.35% | 3.35% | ||
Long-term and short-term, combined amount, gross | $ 265 | 426 | ||
Debt at face value | $ 426 | |||
2.4% Notes due 2025 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.40% | 2.40% | 2.40% | |
Long-term and short-term, combined amount, gross | $ 366 | 900 | ||
Debt at face value | $ 900 | $ 900 | ||
8.2% Notes due 2025 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 8.20% | |||
Long-term and short-term, combined amount, gross | $ 134 | 134 | ||
3.35% Debentures due 2025 | Debentures | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.35% | |||
Long-term and short-term, combined amount, gross | $ 199 | 199 | ||
6.875% Debentures due 2026 | Debentures | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.875% | |||
Long-term and short-term, combined amount, gross | $ 67 | 67 | ||
7.8% Debentures due 2027 | Debentures | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.80% | |||
Long-term and short-term, combined amount, gross | $ 203 | 203 | ||
3.75% Notes due 2027 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.75% | 3.75% | ||
Long-term and short-term, combined amount, gross | $ 196 | 196 | ||
Debt at face value | $ 1,000 | |||
4.3% Notes due 2028 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.30% | 4.30% | ||
Long-term and short-term, combined amount, gross | $ 223 | 223 | ||
Debt at face value | $ 1,000 | |||
7.375% Debentures due 2029 | Debentures | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.375% | |||
Long-term and short-term, combined amount, gross | $ 92 | 92 | ||
7.0% Debentures due 2029 | Debentures | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7% | 7% | ||
Long-term and short-term, combined amount, gross | $ 112 | 112 | ||
Debt at face value | $ 200 | |||
6.95% Notes due 2029 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.95% | 6.95% | ||
Long-term and short-term, combined amount, gross | $ 1,195 | 1,195 | ||
Debt at face value | $ 1,549 | |||
8.125% Notes due 2030 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 8.125% | |||
Long-term and short-term, combined amount, gross | $ 390 | 390 | ||
2.4% Notes due 2031 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.40% | 2.40% | ||
Long-term and short-term, combined amount, gross | $ 227 | 227 | ||
Debt at face value | $ 500 | |||
7.2% Notes due 2031 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.20% | 7.20% | ||
Long-term and short-term, combined amount, gross | $ 447 | 447 | ||
Debt at face value | $ 575 | |||
7.25% Notes due 2031 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.25% | 7.25% | ||
Long-term and short-term, combined amount, gross | $ 400 | 400 | ||
Debt at face value | $ 500 | |||
7.4% Notes due 2031 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.40% | 7.40% | ||
Long-term and short-term, combined amount, gross | $ 382 | 382 | ||
Debt at face value | $ 500 | |||
5.9% Notes due 2032 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.90% | |||
Long-term and short-term, combined amount, gross | $ 505 | 505 | ||
5.05% Notes due 2033 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.05% | |||
Long-term and short-term, combined amount, gross | $ 1,000 | 0 | ||
4.15% Notes due 2034 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.15% | |||
Long-term and short-term, combined amount, gross | $ 246 | 246 | ||
5.95% Notes due 2036 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.95% | 5.95% | ||
Long-term and short-term, combined amount, gross | $ 326 | 326 | ||
Debt at face value | $ 500 | |||
5.951% Notes serially maturing 2022 through 2037 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.951% | |||
Long-term and short-term, combined amount, gross | $ 603 | 631 | ||
5.9% Notes due 2038 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.90% | 5.90% | ||
Long-term and short-term, combined amount, gross | $ 350 | 350 | ||
Debt at face value | $ 600 | |||
6.5% Notes due 2039 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.50% | 6.50% | ||
Long-term and short-term, combined amount, gross | $ 1,588 | 1,588 | ||
Debt at face value | $ 2,750 | |||
3.758% Notes due 2042 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.758% | 3.758% | ||
Long-term and short-term, combined amount, gross | $ 785 | 785 | ||
Debt at face value | $ 785 | |||
4.3% Notes due 2044 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.30% | |||
Long-term and short-term, combined amount, gross | $ 750 | 750 | ||
5.95% Notes due 2046 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.95% | 5.95% | ||
Long-term and short-term, combined amount, gross | $ 329 | 329 | ||
Debt at face value | $ 500 | |||
7.9% Debentures due 2047 | Debentures | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.90% | |||
Long-term and short-term, combined amount, gross | $ 60 | 60 | ||
4.875% Notes due 2047 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.875% | 4.875% | ||
Long-term and short-term, combined amount, gross | $ 319 | 319 | ||
Debt at face value | $ 800 | |||
4.85% Notes due 2048 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.85% | 4.85% | ||
Long-term and short-term, combined amount, gross | $ 219 | 219 | ||
Debt at face value | $ 600 | |||
3.8% Notes due 2052 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.80% | 3.80% | ||
Long-term and short-term, combined amount, gross | $ 1,100 | 1,100 | ||
Debt at face value | $ 1,100 | |||
5.3% Notes due 2053 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.30% | |||
Long-term and short-term, combined amount, gross | $ 1,100 | 0 | ||
5.55% Notes due 2054 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.55% | |||
Long-term and short-term, combined amount, gross | $ 1,000 | 0 | ||
4.025% Notes due 2062 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.025% | 4.025% | ||
Long-term and short-term, combined amount, gross | $ 1,770 | 1,770 | ||
Debt at face value | $ 1,770 | |||
5.70% Notes due 2063 | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.70% | |||
Long-term and short-term, combined amount, gross | $ 700 | 0 | ||
Marine Terminal Revenue Refunding Bonds due 2031 at 1.65% – 4.70% during 2023 and 0.07% – 4.10% during 2022 | Variable Rate Debt Bonds | ||||
Debt Instrument [Line Items] | ||||
Long-term and short-term, combined amount, gross | $ 265 | $ 265 | ||
Marine Terminal Revenue Refunding Bonds due 2031 at 1.65% – 4.70% during 2023 and 0.07% – 4.10% during 2022 | Variable Rate Debt Bonds | Minimum | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 1.65% | 0.07% | ||
Marine Terminal Revenue Refunding Bonds due 2031 at 1.65% – 4.70% during 2023 and 0.07% – 4.10% during 2022 | Variable Rate Debt Bonds | Maximum | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.70% | 4.10% | ||
Industrial Development Bonds due 2035 at 1.85% – 4.70% during 2023 and 0.07% – 4.10% during 2022 | Variable Rate Debt Bonds | ||||
Debt Instrument [Line Items] | ||||
Long-term and short-term, combined amount, gross | $ 18 | $ 18 | ||
Industrial Development Bonds due 2035 at 1.85% – 4.70% during 2023 and 0.07% – 4.10% during 2022 | Variable Rate Debt Bonds | Minimum | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 1.85% | 0.07% | ||
Industrial Development Bonds due 2035 at 1.85% – 4.70% during 2023 and 0.07% – 4.10% during 2022 | Variable Rate Debt Bonds | Maximum | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.70% | 4.10% | ||
Other | ||||
Debt Instrument [Line Items] | ||||
Long-term and short-term, combined amount, gross | $ 21 | $ 23 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
May 25, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | May 31, 2022 USD ($) | Mar. 31, 2022 USD ($) transaction | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) | May 23, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Long-term debt, excluding finance lease obligations, 2024 | $ 759 | $ 759 | ||||||||
Long-term debt, excluding finance lease obligations, 2025 | 735 | 735 | ||||||||
Long-term debt, excluding finance lease obligations, 2026 | 104 | 104 | ||||||||
Long-term debt, excluding finance lease obligations, 2027 | 438 | 438 | ||||||||
Long-term debt, excluding finance lease obligations, 2028 | 265 | 265 | ||||||||
Debt at face value | $ 18,413 | $ 15,855 | 18,413 | $ 15,855 | ||||||
Debt instrument, repurchased face amount | $ 1,133 | $ 2,716 | ||||||||
Incurred debt discount | 33 | |||||||||
Gain (loss) on repurchase of debt instrument | 27 | 155 | ||||||||
Debt repurchase, incurred debt premium | $ 333 | |||||||||
Repayments of debt | $ 1,379 | $ 6,267 | $ 505 | |||||||
Number of debt exchange transactions | transaction | 2 | |||||||||
Debt instrument, exchange amount | $ 2,544 | |||||||||
Debt exchange, incurred premium | 883 | |||||||||
Debt premium cash component | 872 | |||||||||
Expense from exchange of debt | 28 | |||||||||
Debentures | 7.65% Debentures due 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 7.65% | 7.65% | ||||||||
Debentures | 7.0% Debentures due 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 200 | |||||||||
Stated interest rate | 7% | 7% | 7% | |||||||
Debt instrument, exchange amount | $ 88 | |||||||||
Notes Payable to Banks | 7.65% Debentures due 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Retirement of debt | $ 78 | |||||||||
Stated interest rate | 7.65% | 7.65% | ||||||||
Notes Payable to Banks | 2.4% Notes due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Retirement of debt | $ 329 | |||||||||
Stated interest rate | 2.40% | 2.40% | ||||||||
Notes Payable to Banks | 4.95% Notes due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 4.95% | |||||||||
Debt instrument, repurchased face amount | $ 1,250 | |||||||||
Gain (loss) on repurchase of debt instrument | (83) | |||||||||
Debt repurchase, incurred debt premium | 79 | |||||||||
Notes Payable to Banks | 3.75% Notes due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 1,000 | |||||||||
Stated interest rate | 3.75% | 3.75% | 3.75% | |||||||
Debt instrument, repurchased face amount | $ 804 | |||||||||
Notes Payable to Banks | 4.3% Notes due 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 1,000 | |||||||||
Stated interest rate | 4.30% | 4.30% | 4.30% | |||||||
Debt instrument, repurchased face amount | $ 777 | |||||||||
Notes Payable to Banks | 2.4% Notes due 2031 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 500 | |||||||||
Stated interest rate | 2.40% | 2.40% | 2.40% | |||||||
Debt instrument, repurchased face amount | $ 273 | |||||||||
Notes Payable to Banks | 4.875% Notes due 2047 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 800 | |||||||||
Stated interest rate | 4.875% | 4.875% | 4.875% | |||||||
Debt instrument, repurchased face amount | $ 481 | |||||||||
Notes Payable to Banks | 4.85% Notes due 2048 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 600 | |||||||||
Stated interest rate | 4.85% | 4.85% | 4.85% | |||||||
Debt instrument, repurchased face amount | $ 381 | |||||||||
Notes Payable to Banks | 6.95% Notes due 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 1,549 | |||||||||
Stated interest rate | 6.95% | 6.95% | 6.95% | |||||||
Debt instrument, exchange amount | $ 354 | |||||||||
Notes Payable to Banks | 7.4% Notes due 2031 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 500 | |||||||||
Stated interest rate | 7.40% | 7.40% | 7.40% | |||||||
Debt instrument, exchange amount | $ 118 | |||||||||
Notes Payable to Banks | 7.25% Notes due 2031 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 500 | |||||||||
Stated interest rate | 7.25% | 7.25% | 7.25% | |||||||
Debt instrument, exchange amount | $ 100 | |||||||||
Notes Payable to Banks | 7.2% Notes due 2031 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 575 | |||||||||
Stated interest rate | 7.20% | 7.20% | 7.20% | |||||||
Debt instrument, exchange amount | $ 128 | |||||||||
Notes Payable to Banks | 5.95% Notes due 2036 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 500 | |||||||||
Stated interest rate | 5.95% | 5.95% | 5.95% | |||||||
Debt instrument, exchange amount | $ 174 | |||||||||
Notes Payable to Banks | 5.9% Notes due 2038 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 600 | |||||||||
Stated interest rate | 5.90% | 5.90% | 5.90% | |||||||
Debt instrument, exchange amount | $ 250 | |||||||||
Notes Payable to Banks | 6.5% Notes due 2039 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 2,750 | |||||||||
Stated interest rate | 6.50% | 6.50% | 6.50% | |||||||
Debt instrument, exchange amount | $ 1,162 | |||||||||
Notes Payable to Banks | 5.95% Notes due 2046 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 500 | |||||||||
Stated interest rate | 5.95% | 5.95% | 5.95% | |||||||
Debt instrument, exchange amount | $ 171 | |||||||||
Notes Payable to Banks | 3.758% Notes due 2042 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 785 | |||||||||
Stated interest rate | 3.758% | 3.758% | 3.758% | |||||||
Notes Payable to Banks | 4.025% Notes due 2062 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 1,770 | |||||||||
Stated interest rate | 4.025% | 4.025% | 4.025% | |||||||
Notes Payable to Banks | 2.125% Notes due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 900 | $ 900 | ||||||||
Stated interest rate | 2.125% | 2.125% | 2.125% | 2.125% | ||||||
Debt instrument, repurchased face amount | $ 439 | |||||||||
Notes Payable to Banks | 2.4% Notes due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 900 | $ 900 | ||||||||
Stated interest rate | 2.40% | 2.40% | 2.40% | 2.40% | ||||||
Debt instrument, repurchased face amount | $ 534 | |||||||||
Notes Payable to Banks | 3.8% Notes due 2052 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 1,100 | |||||||||
Stated interest rate | 3.80% | 3.80% | 3.80% | |||||||
Notes Payable to Banks | 10, 30, and 40 Year Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 2,700 | |||||||||
Notes Payable to Banks | 5.05% Note due 2033 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 1,000 | |||||||||
Stated interest rate | 5.05% | |||||||||
Notes Payable to Banks | 5.55% Note due 2054 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 1,000 | |||||||||
Stated interest rate | 5.55% | |||||||||
Notes Payable to Banks | 5.7% Note due 2063 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 700 | |||||||||
Stated interest rate | 5.70% | |||||||||
Notes Payable to Banks | 5.3% Note due 2053 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 1,100 | |||||||||
Stated interest rate | 5.30% | |||||||||
Notes Payable to Banks | 3.35% Notes due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 426 | |||||||||
Stated interest rate | 3.35% | 3.35% | 3.35% | |||||||
Debt instrument, repurchased face amount | $ 160 | |||||||||
Variable Rate Debt Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt at face value | $ 283 | $ 283 | $ 283 | $ 283 | ||||||
Floating Rate Notes | Floating rate notes due 2022 at 0.00% – 0.00% during 2023 and 1.06% – 1.41% during 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of debt | $ 500 | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Project finance facility, maximum borrowing capacity | 5,500 | 5,500 | $ 6,000 | |||||||
Minimum limit of debt for cross default provision | 200 | 200 | ||||||||
Remaining borrowing capacity under revolving credit facility | 5,500 | 5,500 | 5,500 | 5,500 | ||||||
Commercial paper program, amount outstanding | $ 0 | $ 0 | ||||||||
Letter of Credit | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, capacity available for specific purpose other than for trade purchases | $ 500 | $ 500 |
Guarantees (Details)
Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Feb. 28, 2022 | |
Australia Pacific APLNG | ||
Guarantor Obligations [Line Items] | ||
Ownership percentage in equity investment | 47.50% | 47.50% |
Finance Reserve Guarantee | Australia Pacific APLNG | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, remaining term | 7 years | |
Maximum potential amount of future payments | $ 210 | |
Carrying value of the guarantee to third-party lenders | 14 | |
Max Potential Future Payments-Prorata Share | Australia Pacific APLNG | ||
Guarantor Obligations [Line Items] | ||
Maximum potential amount of future payments | 730 | |
Max potential Future Payments-Reckless Breach | Australia Pacific APLNG | ||
Guarantor Obligations [Line Items] | ||
Maximum potential amount of future payments | 1,200 | |
Continued Development | Australia Pacific APLNG | ||
Guarantor Obligations [Line Items] | ||
Maximum potential amount of future payments | 390 | |
Carrying value of the guarantee to third-party lenders | $ 29 | |
Continued Development | Australia Pacific APLNG | Minimum | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, remaining term | 13 years | |
Continued Development | Australia Pacific APLNG | Maximum | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, remaining term | 22 years | |
Joint Venture Obligation Guarantee | QatarEnergy LNG Limited Gurantee | ||
Guarantor Obligations [Line Items] | ||
Carrying value of the guarantee to third-party lenders | $ 14 | |
Guarantor obligations, term | 30 years | |
Other Guarantees | ||
Guarantor Obligations [Line Items] | ||
Maximum potential amount of future payments | $ 620 | |
Carrying value of the guarantee to third-party lenders | $ 0 | |
Other Guarantees | Minimum | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, remaining term | 2 years | |
Other Guarantees | Maximum | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, remaining term | 5 years | |
Indemnifications | ||
Guarantor Obligations [Line Items] | ||
Carrying value of the guarantee to third-party lenders | $ 20 |
Contingencies and Commitments -
Contingencies and Commitments - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | 69 Months Ended | ||||||||||
Aug. 02, 2019 USD ($) | Oct. 31, 2020 | Mar. 31, 2019 USD ($) | Aug. 31, 2018 USD ($) | Apr. 30, 2018 USD ($) | Dec. 31, 2017 lawsuit | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 10, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 29, 2019 USD ($) | |
Loss Contingencies [Line Items] | |||||||||||||
Purchase obligation | $ 340 | ||||||||||||
2024 | 7 | ||||||||||||
2025 | 7 | ||||||||||||
2026 | 7 | ||||||||||||
2027 | 7 | ||||||||||||
2028 | 283 | ||||||||||||
2029 and after | 11,000 | ||||||||||||
Total payments under agreement | 26 | $ 26 | $ 27 | ||||||||||
Outer Continental Shelf Lease | Phillips Petroleum Company | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Ownership percentage in equity investment | 25% | ||||||||||||
Sale of interest, duration | 30 years | ||||||||||||
Barossa Project | Asia Pacific | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Receivable in dispute | $ 200 | $ 200 | |||||||||||
Barossa Project | Asia Pacific | Operating Segments | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Receivable in dispute | $ 200 | ||||||||||||
ConocoPhillips Entities | Several Louisiana parishes and the State of Louisiana against oil and gas companies | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency, number of new claims filed | lawsuit | 22 | ||||||||||||
VENEZUELA | ConocoPhillips Versus Petroleos de Venezuela ICISD | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Litigation settlement, amount awarded | $ 8,700 | ||||||||||||
Litigation award reduction | $ 227 | ||||||||||||
Litigation settlement, amount awarded revised | 8,500 | ||||||||||||
VENEZUELA | ConocoPhillips vs Petroleos De Venezuela ICC | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Litigation settlement, amount awarded | $ 33 | $ 500 | $ 2,000 | ||||||||||
Litigation settlement, initial payment term | 90 days | ||||||||||||
Litigation settlement, remaining payment term | 4 years 6 months | ||||||||||||
Proceeds from legal settlements | $ 777 |
Derivative and Financial Inst_3
Derivative and Financial Instruments - Fair Value Amounts of Derivatives, Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent, Prepaid Expense and Other Assets, Current | |
Commodity | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | $ 611 | $ 1,795 |
Commodity | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | 113 | 242 |
Commodity | Other accruals | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | 567 | 1,800 |
Commodity | Other liabilities and deferred credits | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | $ 80 | $ 210 |
Derivative and Financial Inst_4
Derivative and Financial Instruments - Gain (Loss) Amounts of Derivatives, Income Statement Location (Details) - Commodity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sales and other operating revenues | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) from commodity derivatives | $ 86 | $ (88) | $ (228) |
Other income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) from commodity derivatives | (6) | (5) | 25 |
Purchased commodities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) from commodity derivatives | $ (90) | $ (91) | $ 75 |
Derivative and Financial Inst_5
Derivative and Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 15, 2021 | |
Derivative [Line Items] | ||||
Percentage of term loans converted | 60% | |||
Debt securities, available-for-sale, unrealized loss | $ 5 | $ 12 | ||
Proceeds from sales and redemptions of investments in debt securities classified as available for sale | 983 | 644 | ||
Collateral was posted for derivative instruments in a liability position | 0 | 42 | ||
In Event of Lowered Credit Rating | ||||
Derivative [Line Items] | ||||
Derivative, liability position, aggregate fair value | 181 | $ 333 | ||
In Event of Downgrade Below Investment Grade | ||||
Derivative [Line Items] | ||||
Additional collateral, either in the form of cash or letters of credit | $ 152 | |||
Maximum | Trade Receivables | ||||
Derivative [Line Items] | ||||
Terms of financial instruments and trade receivables | 30 days | |||
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Unrealized gain (loss) on hedging activities | $ 78 | |||
Concho Resources Incorporated | Commodity | ||||
Derivative [Line Items] | ||||
Business combination, derivative liabilities assumed | $ 456 | |||
Gains (losses) from commodity derivatives | $ (305) | |||
Cash payment | $ 761 |
Derivative and Financial Inst_6
Derivative and Financial Instruments - Net Exposures from Outstanding Derivative Contracts (Details) - Short - Commodity - Bcf | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fixed price | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (12) | (14) |
Basis | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (2) | (8) |
Derivative and Financial Inst_7
Derivative and Financial Instruments - Net Carrying Amount of Investments and Long-term Receivables Carried at Cost plus Accrued Interest (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents | $ 5,635 | $ 6,361 |
Short-Term Investments | 536 | 2,182 |
Cash | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents | 474 | 593 |
Demand Deposits | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents | 1,424 | 1,638 |
Time Deposits | 1 to 90 days | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents | 3,713 | 4,116 |
Short-Term Investments | 511 | 1,288 |
Time Deposits | 91 to 180 days | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-Term Investments | 22 | 883 |
Time Deposits | Within one year | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-Term Investments | 3 | 11 |
U.S. Government Obligations | 1 to 90 days | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and Cash Equivalents | 24 | 14 |
Short-Term Investments | $ 0 | $ 0 |
Derivative and Financial Inst_8
Derivative and Financial Instruments - Financial Instruments, Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Cash and cash equivalents | $ 5,635 | $ 6,458 |
Within one year | Carrying Amount | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash and cash equivalents | 0 | 97 |
Short-Term Investments | 435 | 603 |
Within one year | Carrying Amount | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-Term Investments | 201 | 323 |
Within one year | Carrying Amount | Commercial Paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash and cash equivalents | 0 | 97 |
Short-Term Investments | 131 | 156 |
Within one year | Carrying Amount | U.S. Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-Term Investments | 89 | 115 |
Within one year | Carrying Amount | U.S. Government Agency Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-Term Investments | 5 | 8 |
Within one year | Carrying Amount | Foreign Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-Term Investments | 7 | 0 |
Within one year | Carrying Amount | Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-Term Investments | 2 | 1 |
One year through eight years | Carrying Amount | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 989 | 522 |
One year through eight years | Carrying Amount | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 606 | 309 |
One year through eight years | Carrying Amount | U.S. Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 189 | 63 |
One year through eight years | Carrying Amount | U.S. Government Agency Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 7 | 5 |
One year through eight years | Carrying Amount | Foreign Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 4 | 7 |
One year through eight years | Carrying Amount | Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | $ 183 | $ 138 |
Derivative and Financial Inst_9
Derivative and Financial Instruments - Financial Instruments, Amortized Cost Basis and Fair Value of Investments in Debt Securities Classified as Available for Sale (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | $ 1,422 | $ 1,234 |
Fair Value | 1,424 | 1,222 |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 806 | 641 |
Fair Value | 807 | 632 |
Commercial Paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 131 | 253 |
Fair Value | 131 | 253 |
U.S. Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 278 | 181 |
Fair Value | 278 | 178 |
U.S. Government Agency Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 12 | 13 |
Fair Value | 12 | 13 |
Foreign Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 11 | 7 |
Fair Value | 11 | 7 |
Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 184 | 139 |
Fair Value | $ 185 | $ 139 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value Hierarchy for Gross Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives | $ 724 | $ 2,037 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt securities | 1,424 | 1,222 |
Commodity derivatives | 724 | 2,037 |
Total assets | 2,148 | 3,259 |
Commodity derivatives | 647 | 2,010 |
Contingent consideration | 312 | 0 |
Total liabilities | 959 | 2,010 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt securities | 278 | 178 |
Commodity derivatives | 308 | 958 |
Total assets | 586 | 1,136 |
Commodity derivatives | 350 | 906 |
Contingent consideration | 0 | 0 |
Total liabilities | 350 | 906 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt securities | 1,146 | 1,044 |
Commodity derivatives | 301 | 951 |
Total assets | 1,447 | 1,995 |
Commodity derivatives | 283 | 843 |
Contingent consideration | 0 | 0 |
Total liabilities | 283 | 843 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt securities | 0 | 0 |
Commodity derivatives | 115 | 128 |
Total assets | 115 | 128 |
Commodity derivatives | 14 | 261 |
Contingent consideration | 312 | 0 |
Total liabilities | $ 326 | $ 261 |
Fair Value Measurement - Fair_2
Fair Value Measurement - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 USD ($) MBoe / D $ / Boe | Dec. 31, 2023 USD ($) $ / Boe | Dec. 31, 2022 USD ($) | |
Fair Value, Recurring | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent consideration | $ | $ 312 | $ 0 | |
Fair Value | $ | 2,148 | 3,259 | |
Level 3 Inputs | Fair Value, Recurring | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent consideration | $ | 312 | 0 | |
Fair Value | $ | $ 115 | $ 128 | |
Level 3 Inputs | Fair Value, Recurring | Minimum | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurment input | 45.48 | ||
Level 3 Inputs | Fair Value, Recurring | Maximum | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurment input | 63.04 | ||
Level 3 Inputs | Fair Value, Recurring | Arithmetic Average | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurment input | 57.45 | ||
Level 3 Inputs | Fair Value, Nonrecurring | Lower 48 | Lower 48 Gulf Coast and Rockies noncore field | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ | $ 472 | ||
Level 3 Inputs | Fair Value, Nonrecurring | Measurement Input, Commodity Future Price | Valuation Technique, Discounted Cash Flow | Lower 48 | Lower 48 Gulf Coast and Rockies noncore field | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Future prices annual increase (decrease), percentage | 2% | ||
Level 3 Inputs | Fair Value, Nonrecurring | Minimum | Measurement Input, Commodity Production | Valuation Technique, Discounted Cash Flow | Lower 48 | Lower 48 Gulf Coast and Rockies noncore field | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Non-core assets, measurement input | MBoe / D | 0.2 | ||
Level 3 Inputs | Fair Value, Nonrecurring | Minimum | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow | Lower 48 | Lower 48 Gulf Coast and Rockies noncore field | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Non-core assets, measurement input | 41.45 | ||
Level 3 Inputs | Fair Value, Nonrecurring | Minimum | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | Lower 48 | Lower 48 Gulf Coast and Rockies noncore field | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Non-core assets, measurement input | 0.073 | ||
Level 3 Inputs | Fair Value, Nonrecurring | Maximum | Measurement Input, Commodity Production | Valuation Technique, Discounted Cash Flow | Lower 48 | Lower 48 Gulf Coast and Rockies noncore field | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Non-core assets, measurement input | MBoe / D | 17 | ||
Level 3 Inputs | Fair Value, Nonrecurring | Maximum | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow | Lower 48 | Lower 48 Gulf Coast and Rockies noncore field | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Non-core assets, measurement input | 93.68 | ||
Level 3 Inputs | Fair Value, Nonrecurring | Maximum | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | Lower 48 | Lower 48 Gulf Coast and Rockies noncore field | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Non-core assets, measurement input | 0.097 | ||
Level 3 Inputs | Fair Value, Nonrecurring | Arithmetic Average | Measurement Input, Commodity Production | Valuation Technique, Discounted Cash Flow | Lower 48 | Lower 48 Gulf Coast and Rockies noncore field | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Non-core assets, measurement input | MBoe / D | 5.4 | ||
Level 3 Inputs | Fair Value, Nonrecurring | Arithmetic Average | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow | Lower 48 | Lower 48 Gulf Coast and Rockies noncore field | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Non-core assets, measurement input | 64.39 | ||
Level 3 Inputs | Fair Value, Nonrecurring | Arithmetic Average | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | Lower 48 | Lower 48 Gulf Coast and Rockies noncore field | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Non-core assets, measurement input | 0.087 |
Fair Value Measurement - Commod
Fair Value Measurement - Commodity Derivative Balances Subject to Right of Setoff (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting Derivative Assets [Abstract] | ||
Assets - Gross Amounts Recognized | $ 724 | $ 2,037 |
Assets - Amounts Not Subject to Right of Setoff | 39 | 39 |
Assets - Amounts Subject to Right of Setoff, Gross Amounts | 685 | 1,998 |
Assets - Amounts Subject to Right of Setoff, Gross Amounts Offset | 375 | 1,176 |
Assets - Amounts Subject to Right of Setoff, Net Amounts Presented | 310 | 822 |
Assets - Amounts Subject to Right of Setoff, Cash Collateral | 4 | 37 |
Assets - Amounts Subject to Right of Setoff, Net Amounts | 306 | 785 |
Offsetting Derivative Liabilities [Abstract] | ||
Liabilities - Gross Amounts Recognized | 647 | 2,010 |
Liabilities - Amounts Not Subject to Right of Setoff | 34 | 20 |
Liabilities - Amounts Subject to Right of Setoff, Gross Amounts | 613 | 1,990 |
Liabilities - Amounts Subject to Right of Setoff, Gross Amounts Offset | 375 | 1,176 |
Liabilities - Amounts Subject to Right of Setoff, Net Amounts Presented | 238 | 814 |
Liabilities - Amounts Subject to Right of Setoff, Cash Collateral | 47 | 52 |
Liabilities - Amounts Subject to Right of Setoff, Net Amounts | $ 191 | $ 762 |
Fair Value Measurement - Values
Fair Value Measurement - Values of Assets, by Major Category, Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Before-Tax Loss, Equity Method Investments | $ (1,720) | $ (2,081) | $ (832) |
Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value - Net PP&E (held for use) | 472 | ||
Before-Tax Loss - Net PP&E (Held for use) | 80 | ||
Fair Value - Equity Method Investments | 5,574 | ||
Before-Tax Loss, Equity Method Investments | 688 | ||
Level 1 Inputs | Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value - Net PP&E (held for use) | 0 | ||
Fair Value - Equity Method Investments | 0 | ||
Level 2 Inputs | Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value - Net PP&E (held for use) | 0 | ||
Fair Value - Equity Method Investments | 5,574 | ||
Level 3 Inputs | Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value - Net PP&E (held for use) | 472 | ||
Fair Value - Equity Method Investments | $ 0 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) $ in Billions | 12 Months Ended | ||||
Oct. 04, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 04, 2023 CAD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value of equity method investment | $ 7,905,000,000 | $ 7,493,000,000 | |||
Impairments | $ 14,000,000 | $ (12,000,000) | $ 674,000,000 | ||
Surmont | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Interest acquired | 50% | 50% | |||
Business acquisition, maximum payment | $ 320,000,000 | $ 0.4 | |||
Business acquisition, term | 5 years | 5 years | |||
Business acquisition, cost per every dollar exceeding threshold | $ 2,000,000 | ||||
Business acquisition, threshold | 52 | ||||
APLNG | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest of ConocoPhillips | 10% | ||||
Carrying value of equity method investment | $ 1,645,000,000 | ||||
APLNG | Equity Method Investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Fair value, equity method investments | 5,574,000,000 | ||||
Impairments | $ 688,000,000 |
Fair Value Measurement - Net Fa
Fair Value Measurement - Net Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Amount | ||
Financial assets | ||
Commodity derivatives | $ 345 | $ 824 |
Investments in debt securities | 1,424 | 1,222 |
Financial liabilities | ||
Total debt, excluding finance leases | 17,808 | 15,323 |
Carrying Amount | Commodity | ||
Financial liabilities | ||
Commodity derivatives | 225 | 782 |
Fair Value | ||
Financial assets | ||
Commodity derivatives | 345 | 824 |
Investments in debt securities | 1,424 | 1,222 |
Financial liabilities | ||
Total debt, excluding finance leases | 18,621 | 15,545 |
Fair Value | Commodity | ||
Financial liabilities | ||
Commodity derivatives | $ 225 | $ 782 |
Equity - Changes in Shares of C
Equity - Changes in Shares of Common Stock (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning of year | 2,100,885,134 | 2,091,562,747 | 1,798,844,267 |
Acquisition of Concho | 0 | 0 | 285,928,872 |
Distributed under benefit plans | 2,887,382 | 9,322,387 | 6,789,608 |
End of year | 2,103,772,516 | 2,100,885,134 | 2,091,562,747 |
Held in Treasury | |||
Beginning of year | 877,029,062 | 789,319,875 | 730,802,089 |
Repurchase of common stock | 48,641,899 | 87,709,187 | 58,517,786 |
End of year | 925,670,961 | 877,029,062 | 789,319,875 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 84 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Oct. 31, 2022 | Sep. 30, 2022 | |
Equity [Abstract] | ||||||
Preferred stock, authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | |||
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | |||
Preferred stock, share outstanding (in shares) | 0 | 0 | 0 | |||
Stock repurchase program authorized | $ 45,000 | $ 25,000 | ||||
Treasury stock, shares acquired (in shares) | 383,000,000 | |||||
Repurchase of company common stock | $ 5,400 | $ 9,270 | $ 3,623 | $ 29,000 |
Non-Mineral Leases - Right-of-U
Non-Mineral Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Right-of-Use Assets | ||
Gross | $ 2,010 | $ 2,043 |
Finance Leases, Properties, plants and equipment, Accumulated DD&A | (1,185) | (1,022) |
Net PPE | $ 825 | $ 1,021 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization |
Operating leases, right-of-use assets | $ 691 | $ 536 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Finance leases | $ 1,129 | $ 1,320 |
Total lease liabilities | 697 | 545 |
Proportionately Consolidated | ||
Right-of-Use Assets | ||
Net PPE | 134 | 171 |
Finance leases, current | 175 | 169 |
Finance leases, noncurrent | 326 | 399 |
Other accruals | ||
Right-of-Use Assets | ||
Total lease liabilities | 193 | 155 |
Other liabilities and deferred credits | ||
Right-of-Use Assets | ||
Total lease liabilities | 504 | 390 |
Short-term debt | ||
Right-of-Use Assets | ||
Finance leases | 291 | 284 |
Long-term debt | ||
Right-of-Use Assets | ||
Finance leases | $ 838 | $ 1,036 |
Non-Mineral Leases - Lease Cost
Non-Mineral Leases - Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 229 | $ 212 | $ 278 |
Finance lease cost, amortization of right-of-use-assets | 180 | 189 | 148 |
Finance lease cost, interest on lease liabilities | 35 | 32 | 27 |
Short-term lease cost | 40 | 94 | 21 |
Total lease cost | $ 484 | $ 527 | $ 474 |
Non-Mineral Leases - Lease Term
Non-Mineral Leases - Lease Term and Discount Rate (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average term, operating leases | 5 years 9 months 29 days | 5 years 7 months 20 days |
Weighted-average term, finance leases | 5 years 8 months 23 days | 6 years 7 months 6 days |
Weighted-average discount rate, operating leases | 4.13% | 2.99% |
Weighted-average discount rate, finance leases | 3.39% | 3.40% |
Non-Mineral Leases - Other Info
Non-Mineral Leases - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 173 | $ 148 | $ 204 |
Operating cash flows from finance leases | 33 | 30 | 6 |
Financing cash flows from finance leases | 169 | 166 | 73 |
Right-of-use assets obtained in exchange for operating lease liabilities | 355 | 114 | 174 |
Right-of-use assets obtained in exchange for finance lease liabilities | $ 9 | $ 256 | $ 447 |
Non-Mineral Leases - Maturity o
Non-Mineral Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 217 | |
2025 | 150 | |
2026 | 113 | |
2027 | 88 | |
2028 | 67 | |
Remaining years | 153 | |
Total | 788 | |
Less: portion representing imputed interest | (91) | |
Total lease liabilities | 697 | $ 545 |
Finance Leases | ||
2024 | 358 | |
2025 | 207 | |
2026 | 204 | |
2027 | 161 | |
2028 | 178 | |
Remaining years | 174 | |
Total | 1,282 | |
Less: portion representing imputed interest | (153) | |
Total lease liabilities | $ 1,129 | $ 1,320 |
Employee Benefit Plans - Change
Employee Benefit Plans - Change in Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | U.S. | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning balance | $ 1,478 | $ 1,924 | |
Service cost | 51 | 58 | $ 73 |
Interest cost | 77 | 62 | 53 |
Plan participant contributions | 0 | 0 | |
Plan amendments | 0 | 0 | |
Actuarial (gain) loss | 40 | (325) | |
Benefits paid | (121) | (241) | |
Divestiture | 0 | 0 | |
Foreign currency exchange rate change | 0 | 0 | |
Benefit obligation, ending balance | 1,525 | 1,478 | 1,924 |
Accumulated benefit obligation | 1,414 | 1,384 | |
Change in Fair Value of Plan Assets | |||
Fair value of plan assets, beginning balance | 1,179 | 1,664 | |
Actual return on plan assets | 129 | (319) | |
Company contributions | 119 | 75 | |
Plan participant contributions | 0 | 0 | |
Benefits paid | (121) | (241) | |
Divestiture | 0 | 0 | |
Foreign currency exchange rate change | 0 | 0 | |
Fair value of plan assets, ending balance | 1,306 | 1,179 | 1,664 |
Funded Status | (219) | (299) | |
Pension Benefits | Int’l. | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning balance | 2,776 | 4,124 | |
Service cost | 38 | 47 | 61 |
Interest cost | 113 | 77 | 79 |
Plan participant contributions | 0 | 0 | |
Plan amendments | 0 | 0 | |
Actuarial (gain) loss | 11 | (847) | |
Benefits paid | (124) | (144) | |
Divestiture | 0 | (56) | |
Foreign currency exchange rate change | 52 | (425) | |
Benefit obligation, ending balance | 2,866 | 2,776 | 4,124 |
Accumulated benefit obligation | 2,642 | 2,542 | |
Change in Fair Value of Plan Assets | |||
Fair value of plan assets, beginning balance | 2,879 | 4,812 | |
Actual return on plan assets | 199 | (1,372) | |
Company contributions | 58 | 96 | |
Plan participant contributions | 0 | 1 | |
Benefits paid | (124) | (144) | |
Divestiture | 0 | (46) | |
Foreign currency exchange rate change | 73 | (468) | |
Fair value of plan assets, ending balance | 3,085 | 2,879 | 4,812 |
Funded Status | 219 | 103 | |
Other Benefits | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning balance | 102 | 137 | |
Service cost | 1 | 1 | 2 |
Interest cost | 5 | 4 | 4 |
Plan participant contributions | 14 | 16 | |
Plan amendments | 0 | 9 | |
Actuarial (gain) loss | 22 | (27) | |
Benefits paid | (37) | (38) | |
Divestiture | 0 | 0 | |
Foreign currency exchange rate change | 0 | 0 | |
Benefit obligation, ending balance | 107 | 102 | 137 |
Change in Fair Value of Plan Assets | |||
Fair value of plan assets, beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 23 | 22 | |
Plan participant contributions | 14 | 16 | |
Benefits paid | (37) | (38) | |
Divestiture | 0 | 0 | |
Foreign currency exchange rate change | 0 | 0 | |
Fair value of plan assets, ending balance | 0 | 0 | $ 0 |
Funded Status | $ (107) | $ (102) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Balance Sheet and Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Noncurrent liabilities | $ (1,009) | $ (1,074) |
Pension Benefits | U.S. | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (16) | (28) |
Noncurrent liabilities | (203) | (271) |
Total recognized | $ (219) | $ (299) |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 5.35% | 5.65% |
Rate of compensation increase | 5% | 5% |
Interest crediting rate for applicable benefits | 4.20% | 3.55% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 5.65% | 3.85% |
Expected return on plan assets | 5.30% | 3.90% |
Rate of compensation increase | 5% | 4% |
Interest crediting rate for applicable benefits | 3.55% | 2.50% |
Pension Benefits | Int’l. | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Noncurrent assets | $ 491 | $ 373 |
Current liabilities | (9) | (10) |
Noncurrent liabilities | (263) | (260) |
Total recognized | $ 219 | $ 103 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.10% | 4.20% |
Rate of compensation increase | 3.65% | 3.65% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.20% | 2.15% |
Expected return on plan assets | 5.20% | 2.85% |
Rate of compensation increase | 3.65% | 3.40% |
Other Benefits | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Noncurrent assets | $ 0 | $ 0 |
Current liabilities | (24) | (32) |
Noncurrent liabilities | (83) | (70) |
Total recognized | $ (107) | $ (102) |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 5.30% | 5.65% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 5.65% | 2.65% |
Employee Benefit Plans - Projec
Employee Benefit Plans - Projected and Accumulated Benefit Obligations in Excess of Fair Value (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 1,525 | $ 1,478 |
Fair value of plan assets | 1,306 | 1,179 |
Accumulated benefit obligation | 165 | 1,384 |
Fair value of plan assets | 0 | 1,179 |
Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 279 | 277 |
Fair value of plan assets | 6 | 6 |
Accumulated benefit obligation | 243 | 239 |
Fair value of plan assets | $ 6 | $ 6 |
Employee Benefit Plans - Before
Employee Benefit Plans - Before-Tax Amounts not Recognized in Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized net actuarial loss (gain) | $ 3 | $ (28) |
Unrecognized prior service cost (credit) | (60) | (98) |
U.S. | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized net actuarial loss (gain) | 123 | 172 |
Unrecognized prior service cost (credit) | 0 | 0 |
Int’l. | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized net actuarial loss (gain) | 585 | 681 |
Unrecognized prior service cost (credit) | $ 1 | $ 1 |
Employee Benefit Plans - Befo_2
Employee Benefit Plans - Before-Tax Amounts not Recognized in Net Periodic Benefit Cost and Sources of Change in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | |||
Net actuarial gain (loss) arising during the period | $ 37 | $ (623) | $ 357 |
Amortization of actuarial loss included in income (loss) | 82 | 72 | 178 |
Prior service credit (cost) arising during the period | 0 | (10) | 0 |
Amortization of prior service (credit) included in income (loss) | (38) | (39) | $ (38) |
Pension Benefits | U.S. | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | |||
Net actuarial gain (loss) arising during the period | 30 | (44) | |
Amortization of actuarial loss included in income (loss) | 18 | 61 | |
Net change during the period | 48 | 17 | |
Prior service credit (cost) arising during the period | 0 | 0 | |
Amortization of prior service (credit) included in income (loss) | 0 | 0 | |
Net change during the period | 0 | 0 | |
Pension Benefits | Int’l. | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | |||
Net actuarial gain (loss) arising during the period | 29 | (606) | |
Amortization of actuarial loss included in income (loss) | 67 | 11 | |
Net change during the period | 96 | (595) | |
Prior service credit (cost) arising during the period | 0 | (1) | |
Amortization of prior service (credit) included in income (loss) | 0 | (1) | |
Net change during the period | 0 | (2) | |
Other Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | |||
Net actuarial gain (loss) arising during the period | (22) | 27 | |
Amortization of actuarial loss included in income (loss) | (3) | 0 | |
Net change during the period | (25) | 27 | |
Prior service credit (cost) arising during the period | 0 | (9) | |
Amortization of prior service (credit) included in income (loss) | (38) | (38) | |
Net change during the period | $ (38) | $ (47) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Settlements loss (gain) | $ 6 | $ 37 | $ 102 |
Pension Benefits | U.S. | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 51 | 58 | 73 |
Interest cost | 77 | 62 | 53 |
Expected return on plan assets | (58) | (50) | (80) |
Amortization of prior service credit | 0 | 0 | 0 |
Recognized net actuarial loss (gain) | 12 | 24 | 43 |
Settlements loss (gain) | 6 | 37 | 102 |
Curtailment loss (gain) | 0 | 0 | 12 |
Net periodic benefit cost | 88 | 131 | 203 |
Pension Benefits | Int’l. | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 38 | 47 | 61 |
Interest cost | 113 | 77 | 79 |
Expected return on plan assets | (148) | (124) | (120) |
Amortization of prior service credit | 0 | (1) | (1) |
Recognized net actuarial loss (gain) | 67 | 11 | 33 |
Settlements loss (gain) | 0 | 0 | 0 |
Curtailment loss (gain) | 0 | 0 | 0 |
Net periodic benefit cost | 70 | 10 | 52 |
Other Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 1 | 1 | 2 |
Interest cost | 5 | 4 | 4 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | (38) | (38) | (37) |
Recognized net actuarial loss (gain) | (3) | 0 | 0 |
Settlements loss (gain) | 0 | 0 | 0 |
Curtailment loss (gain) | 0 | 0 | 0 |
Net periodic benefit cost | $ (35) | $ (33) | $ (31) |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ / shares in Units, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) investment_option installment $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2013 | Dec. 31, 2020 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | ||
Settlements (loss) gain | $ 6,000,000 | $ 37,000,000 | $ 102,000,000 | ||
Percent amortized for net actuarial gains and losses | 10% | 10% | 10% | ||
Aggregate Intrinsic Value, Exercised | $ (58,000,000) | ||||
Minimum period required for award to not be subject to forfeiture | 6 months | ||||
Share-based Payment Arrangement, Option | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Vesting period | 6 months | ||||
Expiration period | 10 years | ||||
Restricted Stock Units (RSUs) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Vesting period | 3 years | ||||
Restricted Stock Units (RSUs) | Discontinued Operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Weighted average period of recognition of unvested options | 3 days | ||||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 115.88 | $ 96.20 | $ 46.43 | ||
Total fair value, issued | $ 46,000,000 | $ 40,000,000 | $ 8,000,000 | ||
RSU Stock Settled | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Unrecognized compensation cost from stock options | $ 166,000,000 | ||||
Weighted average period of recognition of unvested options | 1 year 8 months 12 days | ||||
Longest weighted-average period of recognition of unvested options | 2 years 6 months 29 days | ||||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 110.91 | $ 90.57 | $ 46.56 | ||
Total fair value, issued | $ 284,000,000 | $ 193,000,000 | $ 144,000,000 | ||
Vesting period | 6 months | ||||
RSU Cash Settled | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total fair value, issued | $ 21,000,000 | $ 20,000,000 | |||
Vesting period | 6 months | ||||
PSU Cash Settled and Stock Settled | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
PSUs, authorization period | 3 years | ||||
PSU Cash Settled Program | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Unrecognized compensation cost from stock options | $ 0 | ||||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 112.50 | $ 91.58 | $ 46.65 | ||
Total fair value, issued | $ 111,000,000 | $ 88,000,000 | $ 52,000,000 | ||
Vesting period | 5 years | ||||
PSUs, authorization period | 3 years | 3 years | |||
PSU Stock Settled | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Unrecognized compensation cost from stock options | $ 0 | ||||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 112.50 | $ 91.58 | |||
Total fair value, issued | $ 29,000,000 | $ 21,000,000 | 18,000,000 | ||
Vesting period | 5 years | ||||
PSUs, authorization period | 3 years | ||||
PSUs, requisite period | 5 years | ||||
Twenty Fourteen Omnibus Stock and Performance Incentive Plan Of Conoco Phillips | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Share based compensation plan, number of shares authorized | shares | 36 | ||||
Twenty Fourteen Omnibus Stock and Performance Incentive Plan Of Conoco Phillips | Share-based Payment Arrangement, Option | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Weighted-average remaining contractual term of outstanding options | 1 year 11 months 23 days | ||||
Aggregate Intrinsic Value, Exercised | (308,000,000) | (68,000,000) | |||
Cash received from exercise of stock options | $ 66,000,000 | ||||
Tax benefit from exercise of options | $ 12,000,000 | ||||
Omnibus Plan, General And Executive RSU Program | Restricted Stock Units (RSUs) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of vesting installments | installment | 1 | ||||
Omnibus Plan, Variable Long-Term Incentive Retention Program | Restricted Stock Units (RSUs) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of vesting installments | installment | 3 | ||||
Employee Severance | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Restructuring reserve | $ 12,000,000 | 31,000,000 | 78,000,000 | $ 24,000,000 | |
Insurance Contract, Rights and Obligations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Participating interest in annuity contract, fair value | $ 46,000,000 | 55,000,000 | |||
Defined Benefit Plan, Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocations for plan assets, percentage | 24% | ||||
Corporate | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocations for plan assets, percentage | 72% | ||||
Real estate | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocations for plan assets, percentage | 4% | ||||
Other Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlements (loss) gain | $ 0 | 0 | 0 | ||
Other Benefits | Twenty Fourteen Omnibus Stock and Performance Incentive Plan Of Conoco Phillips | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Omnibus stock and performance incentive plan life | 10 years | ||||
U.S. | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected future employer contributions, next fiscal year | $ 125,000,000 | ||||
Maximum annual contributions per employee, percentage | 75% | ||||
Number of investment options | investment_option | 17 | ||||
Employer matching contribution, percent of employee's gross pay | 1% | ||||
Employer matching contribution, percent of match | 6% | ||||
Company discretionary cash contribution, percentage | 6% | ||||
Company contributions in savings plan and predecessor plans except leveraged employee stock ownership plan charged to expense | $ 151,000,000 | 140,000,000 | 93,000,000 | ||
U.S. | Defined Contribution Plan Company Retirement Contribution | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer matching contribution, percent of match | 6% | ||||
Defined contribution plan, employers vesting period | 3 years | ||||
Defined contribution plan, vesting percent | 100% | ||||
U.S. | Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlements (loss) gain | $ 6,000,000 | 37,000,000 | 102,000,000 | ||
Accumulated benefit obligation | 1,414,000,000 | 1,384,000,000 | |||
U.S. | Pension Benefits | Level 3 Inputs | Insurance Contract, Rights and Obligations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Participating interest in annuity contract, fair value | 46,000,000 | 55,000,000 | |||
Accumulated benefit obligation | 84,000,000 | 89,000,000 | |||
U.S. | Pension Benefits | Corporate | Level 3 Inputs | Insurance Contract, Rights and Obligations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Participating interest in annuity contract, fair value | 130,000,000 | 144,000,000 | |||
Int’l. | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected future employer contributions, next fiscal year | 75,000,000 | ||||
Company contributions in savings plan and predecessor plans except leveraged employee stock ownership plan charged to expense | 23,000,000 | 24,000,000 | 26,000,000 | ||
Int’l. | Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlements (loss) gain | 0 | 0 | $ 0 | ||
Accumulated benefit obligation | $ 2,642,000,000 | $ 2,542,000,000 | |||
COP Pre Sixty Five Retiree | U.S. | Other Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Health care cost trend rate, next fiscal year | 7% | ||||
Ultimate health care cost trend rate | 5% | ||||
Post Sixty Five Retiree | U.S. | Other Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Health care cost trend rate, next fiscal year | 4.50% | ||||
Ultimate health care cost trend rate | 5% | ||||
Short term supplemental unemployment benefits | Employee Severance | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Restructuring reserve | $ 3,000,000 |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Values of Pension Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net receivables related to security transactions | $ 5 | $ 5 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 57 | 55 |
Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 1,092 | 1,046 |
Insurance Contract, Rights and Obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Participating interest in annuity contract, fair value | 46 | 55 |
Investments measured at net asset value | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 1,259 | 1,123 |
Investments measured at net asset value | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 3,081 | 2,875 |
U.S. | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 6 | 4 |
U.S. | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
International | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 35 | 36 |
International | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Mutual funds | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 15 | 14 |
Mutual funds | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 520 | 499 |
Corporate | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 1 | 1 |
Corporate | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Mutual funds | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Mutual funds | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 421 | 365 |
Cash and cash equivalents | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Cash and cash equivalents | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 25 | 36 |
Cash and cash equivalents | Investments measured at net asset value | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 6 | 10 |
Cash and cash equivalents | Investments measured at net asset value | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Derivatives | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | ||
Derivatives | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | ||
Real estate | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Real estate | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 126 | 146 |
Real estate | Investments measured at net asset value | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 28 | 34 |
Real estate | Investments measured at net asset value | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Equity securities, Common/collective trusts | Investments measured at net asset value | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 300 | 265 |
Equity securities, Common/collective trusts | Investments measured at net asset value | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 198 | 192 |
Debt securities, Common/collective trusts | Investments measured at net asset value | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 868 | 759 |
Debt securities, Common/collective trusts | Investments measured at net asset value | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 1,791 | 1,637 |
Level 1 | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 56 | 54 |
Level 1 | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 690 | 602 |
Level 1 | Investments measured at net asset value | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 56 | 54 |
Level 1 | Investments measured at net asset value | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 690 | 602 |
Level 1 | U.S. | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 6 | 4 |
Level 1 | U.S. | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 1 | International | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 35 | 36 |
Level 1 | International | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 1 | Mutual funds | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 15 | 14 |
Level 1 | Mutual funds | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 244 | 201 |
Level 1 | Corporate | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 1 | Corporate | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 1 | Mutual funds | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 1 | Mutual funds | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 421 | 365 |
Level 1 | Cash and cash equivalents | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 1 | Cash and cash equivalents | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 25 | 36 |
Level 1 | Derivatives | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | ||
Level 1 | Derivatives | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | ||
Level 1 | Real estate | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 1 | Real estate | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 1 | 1 |
Level 2 | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 276 | 298 |
Level 2 | Investments measured at net asset value | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 1 | 1 |
Level 2 | Investments measured at net asset value | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 276 | 298 |
Level 2 | U.S. | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | U.S. | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | International | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | International | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | Mutual funds | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | Mutual funds | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 276 | 298 |
Level 2 | Corporate | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 1 | 1 |
Level 2 | Corporate | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | Mutual funds | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | Mutual funds | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | Cash and cash equivalents | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | Cash and cash equivalents | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | Derivatives | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | ||
Level 2 | Derivatives | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | ||
Level 2 | Real estate | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 2 | Real estate | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 126 | 146 |
Level 3 | Investments measured at net asset value | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Investments measured at net asset value | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 126 | 146 |
Level 3 | U.S. | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | U.S. | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | International | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | International | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Mutual funds | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Mutual funds | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Corporate | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Corporate | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Mutual funds | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Mutual funds | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Cash and cash equivalents | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Cash and cash equivalents | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Derivatives | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | ||
Level 3 | Derivatives | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | ||
Level 3 | Real estate | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | 0 | 0 |
Level 3 | Real estate | Int’l. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of selected plan assets | $ 126 | $ 146 |
Employee Benefit Plans - Benefi
Employee Benefit Plans - Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Benefits | U.S. | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 205 |
2025 | 191 |
2026 | 175 |
2027 | 170 |
2028 | 162 |
2029–2033 | 664 |
Pension Benefits | Int’l. | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 128 |
2025 | 130 |
2026 | 133 |
2027 | 136 |
2028 | 141 |
2029–2033 | 778 |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 16 |
2025 | 14 |
2026 | 14 |
2027 | 12 |
2028 | 11 |
2029–2033 | $ 45 |
Employee Benefit Plans - Severa
Employee Benefit Plans - Severance Accrual (Details) - Employee Severance - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 31 | $ 78 | $ 24 |
Accruals | 1 | 1 | 170 |
Benefit payments | (20) | (48) | (116) |
Ending balance | $ 12 | $ 31 | $ 78 |
Employee Benefit Plans - Compen
Employee Benefit Plans - Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Compensation cost | $ 334 | $ 377 | $ 304 |
Tax benefit | $ 84 | $ 95 | $ 76 |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Option Activity (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Options | |
Options, Outstanding, beginning balance (in shares) | shares | 4,303,575 |
Options, Exercised (in shares) | shares | (1,038,900) |
Options, Expired or cancelled (in shares) | shares | 0 |
Options, Outstanding, ending balance (in shares) | shares | 3,264,675 |
Stock option, Vested (in shares) | shares | 3,264,675 |
Stock option, Exercisable at end of year (in shares) | shares | 3,264,675 |
Weighted-Average Exercise Price | |
Weighted-Average Exercise Price, Outstanding, beginning balance (in dollars per share) | $ / shares | $ 55.28 |
Weighted-Average Exercise Price, exercised (in dollars per share) | $ / shares | 63.87 |
Weighted-Average Exercise Price, Expired or canceled (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price, Outstanding, ending balance (in dollars per share) | $ / shares | 52.55 |
Weighted-Average Exercise Price, Vested (in dollars per share) | $ / shares | 52.55 |
Weighted-Average Exercise Price, Exercisable (in dollars per share) | $ / shares | $ 52.55 |
Aggregate Intrinsic Value | |
Aggregate Intrinsic Value, Outstanding, beginning balance | $ | $ 266 |
Aggregate intrinsic value, exercised | $ | 58 |
Aggregate Intrinsic Value, Outstanding, ending balance | $ | 209 |
Aggregate Intrinsic Value, Vested | $ | 209 |
Aggregate Intrinsic Value, Exercisable | $ | $ 209 |
Employee Benefit Plans - Restri
Employee Benefit Plans - Restricted Stock Unit and Performance Share Program Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) | Discontinued Operations | |||
Stock Units | |||
Stock Units, Outstanding, beginning balance (in shares) | 1,239,759 | ||
Stock Units, Granted (in shares) | 54,141 | ||
Stock Units, Forfeited/Settled/Cancelled (in shares) | (6,904) | ||
Stock Units, Issued (in shares) | (392,728) | ||
Stock Units, Outstanding, ending balance (in shares) | 894,268 | 1,239,759 | |
Stock Units, Not Vested at end of year (in shares) | 149,270 | ||
Weighted-Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share) | $ 49.78 | ||
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | 115.88 | $ 96.20 | $ 46.43 |
Weighted-Average Grant Date Fair Value, Forfeited/Settled/Cancelled (in dollars per share) | 45.90 | ||
Weighted-Average Grant Date Fair Value, Issued (in dollars per share) | 47.64 | ||
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share) | 54.76 | $ 49.78 | |
Weighted-Average Grant Date Not Vested at end of year (in dollars per share) | $ 45.90 | ||
Total fair value, issued | $ 46 | $ 40 | $ 8 |
RSU Stock Settled | |||
Stock Units | |||
Stock Units, Outstanding, beginning balance (in shares) | 7,578,193 | ||
Stock Units, Granted (in shares) | 2,178,117 | ||
Stock Units, Forfeited/Settled/Cancelled (in shares) | (144,021) | ||
Stock Units, Issued (in shares) | (2,518,599) | ||
Stock Units, Outstanding, ending balance (in shares) | 7,093,690 | 7,578,193 | |
Stock Units, Not Vested at end of year (in shares) | 4,791,110 | ||
Weighted-Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share) | $ 61.20 | ||
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | 110.91 | $ 90.57 | $ 46.56 |
Weighted-Average Grant Date Fair Value, Forfeited/Settled/Cancelled (in dollars per share) | 88.54 | ||
Weighted-Average Grant Date Fair Value, Issued (in dollars per share) | 58.77 | ||
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share) | 76.78 | $ 61.20 | |
Weighted-Average Grant Date Not Vested at end of year (in dollars per share) | $ 78.20 | ||
Total fair value, issued | $ 284 | $ 193 | $ 144 |
RSU Cash Settled | |||
Weighted-Average Grant Date Fair Value | |||
Total fair value, issued | $ 21 | 20 | |
PSU Stock Settled | |||
Stock Units | |||
Stock Units, Outstanding, beginning balance (in shares) | 1,231,615 | ||
Stock Units, Granted (in shares) | 3,797 | ||
Stock Units, Forfeited/Settled/Cancelled (in shares) | (72) | ||
Stock Units, Issued (in shares) | (272,522) | ||
Stock Units, Outstanding, ending balance (in shares) | 962,818 | 1,231,615 | |
Weighted-Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share) | $ 50.68 | ||
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | 112.50 | $ 91.58 | |
Weighted-Average Grant Date Fair Value, Forfeited/Settled/Cancelled (in dollars per share) | 55.13 | ||
Weighted-Average Grant Date Fair Value, Issued (in dollars per share) | 51.15 | ||
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share) | $ 50.79 | $ 50.68 | |
Total fair value, issued | $ 29 | $ 21 | $ 18 |
PSU Cash Settled Program | |||
Stock Units | |||
Stock Units, Outstanding, beginning balance (in shares) | 109,823 | ||
Stock Units, Granted (in shares) | 1,044,251 | ||
Stock Units, Forfeited/Settled/Cancelled (in shares) | (1,053,204) | ||
Stock Units, Outstanding, ending balance (in shares) | 100,870 | 109,823 | |
Weighted-Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share) | $ 117.11 | ||
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | 112.50 | $ 91.58 | $ 46.65 |
Weighted-Average Grant Date Fair Value, Forfeited/Settled/Cancelled (in dollars per share) | 104.94 | ||
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share) | $ 116.68 | $ 117.11 | |
Total fair value, issued | $ 111 | $ 88 | $ 52 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | |||
Current | $ 1,054 | $ 1,263 | $ 32 |
Deferred | 825 | 1,629 | 1,161 |
Foreign | |||
Current | 2,931 | 5,813 | 3,128 |
Deferred | 254 | 387 | 66 |
State and local | |||
Current | 202 | 386 | 127 |
Deferred | 65 | 70 | 119 |
Total tax provision (benefit) | $ 5,331 | $ 9,548 | $ 4,633 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Liabilities | ||||
PP&E and intangibles | $ 11,992 | $ 11,100 | ||
Inventory | 46 | 48 | ||
Other | 216 | 190 | ||
Total deferred tax liabilities | 12,254 | 11,338 | ||
Deferred Tax Assets | ||||
Benefit plan accruals | 413 | 450 | ||
Asset retirement obligations and accrued environmental costs | 2,608 | 2,333 | ||
Investments in joint ventures | 2,133 | 1,917 | ||
Other financial accruals and deferrals | 448 | 736 | ||
Loss and credit carryforwards | 5,629 | 6,354 | ||
Other | 121 | 112 | ||
Total deferred tax assets | 11,352 | 11,902 | ||
Less: valuation allowance | (7,656) | (8,049) | $ (8,342) | $ (9,965) |
Total deferred tax assets net of valuation allowance | 3,696 | 3,853 | ||
Net deferred tax liabilities | $ 8,558 | $ 7,485 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes Information [Line Items] | ||||
Net deferred tax assets | $ 3,696 | $ 3,853 | ||
Deferred income taxes | 8,813 | 7,726 | ||
U.S. foreign tax credits | 4,700 | |||
Adjustment to valuation allowance | (2) | 5 | $ (45) | |
Undistributed earnings of foreign subsidiaries | 4,975 | |||
Estimated tax payable on undistributed unremitted foreign income | 249 | |||
Unrecognized tax benefits that would impact effective tax rate | 378 | 701 | 1,261 | |
Unrecognized tax benefit, lapse of statute | 224 | 75 | 48 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 96 | 510 | 0 | |
Recognized federal and state tax benefit | 515 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | 45 | 35 | 47 | |
Interest and penalties (benefiting) charging earnings | 10 | (12) | 1 | |
Certain Jurisdictions Outside Of Domestic | ||||
Income Taxes Information [Line Items] | ||||
Operating loss carryforwards | 900 | |||
Norwegian Tax Administration | ||||
Income Taxes Information [Line Items] | ||||
Adjustment to valuation allowance | $ 58 | |||
Canada Revenue Agency | ||||
Income Taxes Information [Line Items] | ||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 92 | |||
Disposition CVE Common Shares | ||||
Income Taxes Information [Line Items] | ||||
Increase (decrease) in valuation allowance | 218 | |||
Impairment Of APLNG Investment | ||||
Income Taxes Information [Line Items] | ||||
Increase (decrease) in valuation allowance | 206 | |||
Disposition Of Indonesia Entities | ||||
Income Taxes Information [Line Items] | ||||
U.S. foreign tax credits | $ 29 | |||
Noncurrent Assets | ||||
Income Taxes Information [Line Items] | ||||
Net deferred tax assets | $ 255 | $ 241 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Deferred Tax Asset Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Tax Asset Valuation Allowance [Roll Forward] | |||
Beginning balance | $ 8,049 | $ 8,342 | $ 9,965 |
Charged to expense (benefit) | (2) | 5 | (45) |
Other | (391) | (298) | (1,578) |
Ending balance | $ 7,656 | $ 8,049 | $ 8,342 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 710 | $ 1,345 | $ 1,206 |
Additions based on tax positions related to the current year | 5 | 6 | 15 |
Additions for tax positions of prior years | 1 | 6 | 177 |
Reductions for tax positions of prior years | (9) | (62) | (5) |
Settlements | (96) | (510) | 0 |
Lapse of statute | (224) | (75) | (48) |
Ending balance | $ 387 | $ 710 | $ 1,345 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (loss) before income taxes | |||
United States | $ 9,472 | $ 16,739 | $ 8,024 |
Foreign | 6,816 | 11,489 | 4,688 |
Income (loss) before income taxes | 16,288 | 28,228 | 12,712 |
Federal statutory income tax | 3,421 | 5,928 | 2,670 |
Non-U.S. effective tax rates | 2,063 | 3,866 | 1,915 |
Recovery of outside basis | (4) | (30) | (55) |
Adjustment to tax reserves | (317) | (551) | (11) |
Adjustment to valuation allowance | (2) | 5 | (45) |
State income tax | 214 | 405 | 194 |
Enhanced oil recovery credit | 0 | (37) | (99) |
Other | (44) | (38) | 64 |
Total tax provision (benefit) | $ 5,331 | $ 9,548 | $ 4,633 |
Income (loss) before income taxes, United States, Percent of Pre-Tax Income (Loss) | 58.20% | 59.30% | 63.10% |
Income (loss) before income taxes, Foreign, Percent of Pre-Tax Income (Loss) | 41.80% | 40.70% | 36.90% |
Income (loss) before income taxes, Percent of Pre-Tax Income (Loss) | 100% | 100% | 100% |
Federal statutory income tax, Percent of Pre-Tax Income (Loss) | 21% | 21% | 21% |
Non-U.S. effective tax rates, Percent of Pre-Tax Income (Loss) | 12.70% | 13.70% | 15.10% |
Recovery of outside basis, Percent of Pre-Tax Income (Loss) | 0% | (0.10%) | (0.40%) |
Adjustment to tax reserves, Percent of Pre-Tax Income (Loss) | (1.90%) | (2.00%) | (0.10%) |
Adjustment to valuation allowances, Percent of Pre-Tax Income (Loss) | 0% | 0% | (0.40%) |
State income tax, Percent of Pre-Tax Income (Loss) | 1.30% | 1.40% | 1.50% |
Enhanced oil recovery credit, Percent of Pre-Tax Income (Loss) | 0% | (0.10%) | (0.80%) |
Other, Percent of Pre-Tax Income (Loss) | (0.30%) | (0.10%) | 0.50% |
Total, Percent of Pre-Tax Income (Loss) | 32.70% | 33.80% | 36.40% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) - Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 48,003 | $ 45,406 | $ 29,849 |
Other comprehensive income (loss) | 327 | (1,050) | 268 |
Ending balance | 49,279 | 48,003 | 45,406 |
Accumulated Other Comprehensive Income/(Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (6,000) | (4,950) | (5,218) |
Other comprehensive income (loss) | 327 | (1,050) | 268 |
Ending balance | (5,673) | (6,000) | (4,950) |
Defined Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (448) | (31) | (425) |
Other comprehensive income (loss) | 55 | (417) | 394 |
Ending balance | (393) | (448) | (31) |
Net Unrealized Holding Gain/(Loss) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (11) | 0 | 2 |
Other comprehensive income (loss) | 13 | (11) | (2) |
Ending balance | 2 | (11) | 0 |
Foreign Currency Translation | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (5,541) | (4,919) | (4,795) |
Other comprehensive income (loss) | 197 | (622) | (124) |
Ending balance | (5,344) | (5,541) | (4,919) |
Unrealized Gain/(Loss) on Hedging Activities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Other comprehensive income (loss) | 62 | 0 | 0 |
Ending balance | $ 62 | $ 0 | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) - Items Reclassified out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Defined Benefit Plans* | $ 33 | $ 26 |
*Included in the computation of net periodic benefit cost and are presented net of tax expense of: | $ 11 | $ 7 |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and Cash Equivalents [Line Items] | |||
Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations | $ 727 | $ 825 | $ 442 |
Fair value of contingent consideration on acquisition | 320 | ||
Interest | 701 | 873 | 924 |
Income taxes | 5,406 | 7,368 | 856 |
Short-term investments purchased | (1,463) | (5,046) | (5,554) |
Short-term investments sold | 3,574 | 3,102 | 8,810 |
Investments and long-term receivables purchased | (867) | (775) | (279) |
Investments and long-term receivables sold | 129 | 90 | 114 |
Net Sales (Purchases) of Investments | $ 1,373 | $ (2,629) | $ 3,091 |
Other Financial Information - O
Other Financial Information - Other Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and Debt Expense | |||
Debt | $ 824 | $ 791 | $ 887 |
Other | 109 | 72 | 59 |
Interest costs incurred | 933 | 863 | 946 |
Capitalized | (153) | (58) | (62) |
Expensed | 780 | 805 | 884 |
Other Income | |||
Interest income | 412 | 195 | 33 |
Gain (loss) on investment in Cenovus Energy | 0 | 251 | 1,040 |
Other, net | 73 | 58 | 130 |
Other nonoperating income (expense) | 485 | 504 | 1,203 |
Research and Development Expenditures—expensed | 81 | 71 | 62 |
Shipping and Handling Costs | 7,693 | 7,006 | 5,694 |
Foreign Currency Transaction (Gains) Losses—after-tax | 70 | (80) | (16) |
Operating Segments | Alaska | |||
Other Income | |||
Interest income | 0 | 0 | 0 |
Foreign Currency Transaction (Gains) Losses—after-tax | 0 | 0 | 0 |
Operating Segments | Lower 48 | |||
Other Income | |||
Foreign Currency Transaction (Gains) Losses—after-tax | 0 | 0 | 0 |
Operating Segments | Canada | |||
Other Income | |||
Foreign Currency Transaction (Gains) Losses—after-tax | 11 | (20) | (1) |
Operating Segments | Europe, Middle East and North Africa | |||
Other Income | |||
Interest income | 1 | 1 | 2 |
Foreign Currency Transaction (Gains) Losses—after-tax | (39) | (110) | (11) |
Operating Segments | Asia Pacific | |||
Other Income | |||
Interest income | 8 | 9 | 9 |
Foreign Currency Transaction (Gains) Losses—after-tax | 12 | 30 | 2 |
Operating Segments | Other International | |||
Other Income | |||
Interest income | 0 | 0 | 0 |
Foreign Currency Transaction (Gains) Losses—after-tax | 0 | (1) | 1 |
Corporate and Other | |||
Interest and Debt Expense | |||
Expensed | 780 | 805 | 884 |
Other Income | |||
Interest income | 403 | 185 | 22 |
Foreign Currency Transaction (Gains) Losses—after-tax | 86 | 21 | (7) |
Shipping and Handling Costs | |||
Other Income | |||
Shipping and Handling Costs | $ 1,695 | $ 1,595 | $ 1,047 |
Other Financial Information - P
Other Financial Information - Property Plant And Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Income and Expenses [Abstract] | ||
Proved properties | $ 134,394 | $ 119,609 |
Capitalized costs, unproved properties | 5,206 | 7,325 |
Other | 4,805 | 4,562 |
Gross properties, plants and equipment | 144,405 | 131,496 |
Less: Accumulated depreciation, depletion and amortization | (74,361) | (66,630) |
Net properties, plants and equipment | $ 70,044 | $ 64,866 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Operating revenues and other income | $ 58,574 | $ 82,156 | $ 48,349 |
Purchases | 0 | 1 | 5 |
Operating expenses and selling, general and administrative expenses | 705 | 623 | 719 |
Related Party | |||
Related Party Transaction [Line Items] | |||
Operating revenues and other income | 90 | 88 | 88 |
Operating expenses and selling, general and administrative expenses | 282 | 189 | 196 |
Net interest (income)/loss | $ 0 | $ (1) | $ (2) |
Sales and Other Operating Rev_3
Sales and Other Operating Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from contracts with customers | $ 48,522 | $ 61,049 | $ 34,590 |
Total Revenues and Other Income | 56,141 | 78,494 | 45,828 |
Physical contracts meeting the definition of a derivative | |||
Revenue from contracts outside the scope of ASC Topic 606 | 8,203 | 17,150 | 11,500 |
Financial derivative contracts | |||
Revenue from contracts outside the scope of ASC Topic 606 | (584) | 295 | (262) |
Crude oil | |||
Revenue from contracts outside the scope of ASC Topic 606 | 143 | 495 | 757 |
Natural gas | |||
Revenue from contracts outside the scope of ASC Topic 606 | 6,622 | 15,368 | 10,034 |
Other | |||
Revenue from contracts outside the scope of ASC Topic 606 | 1,438 | 1,287 | 709 |
Lower 48 | Physical contracts meeting the definition of a derivative | |||
Revenue from contracts outside the scope of ASC Topic 606 | 6,607 | 13,919 | 9,050 |
Canada | Physical contracts meeting the definition of a derivative | |||
Revenue from contracts outside the scope of ASC Topic 606 | 1,248 | 2,717 | 1,457 |
Europe, Middle East and North Africa | |||
Total Revenues and Other Income | 5,854 | 11,271 | 5,902 |
Europe, Middle East and North Africa | Physical contracts meeting the definition of a derivative | |||
Revenue from contracts outside the scope of ASC Topic 606 | $ 348 | $ 514 | $ 993 |
Sales and Other Operating Rev_4
Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivables, after allowance for credit loss | $ 4,414 | $ 5,241 |
Revenue recognized | 0 | |
Outstanding contract liability | $ 26 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic earnings per share | |||
Net Income (Loss) | $ 10,957 | $ 18,680 | $ 8,079 |
Less: Dividends and undistributed earnings allocated to participating securities | 35 | 60 | 19 |
Net Income (Loss) available to common shareholders | $ 10,922 | $ 18,620 | $ 8,060 |
Average common shares outstanding (in shares) | 1,202,757 | 1,274,028 | 1,324,194 |
Net income (loss) attributable to ConocoPhillips per share, basic (in dollars per share) | $ 9.08 | $ 14.62 | $ 6.09 |
Diluted earnings per share | |||
Net Income (Loss) available to common shareholders | $ 10,922 | $ 18,620 | $ 8,060 |
Add: Dilutive impact of options and unvested non-participating RSU/PSUs | 3,000 | 4,000 | 4,000 |
Average diluted shares outstanding (in shares) | 1,205,675 | 1,278,163 | 1,328,151 |
Net income (loss) attributable to ConocoPhillips per share, diluted (in dollars per share) | $ 9.06 | $ 14.57 | $ 6.07 |
Segment Disclosures and Relat_3
Segment Disclosures and Related Information - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 6 | ||
Sales and other operating revenues | $ 56,141 | $ 78,494 | $ 45,828 |
Lower 48 | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 38,244 | $ 52,921 | $ 29,306 |
Pipeline Company | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | $ 5,800 | ||
Customer Concentration Risk | Pipeline Company | Revenue Benchmark | Lower 48 | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 10% |
Segment Disclosures and Relat_4
Segment Disclosures and Related Information - Sales and Other Operating Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | $ 56,141 | $ 78,494 | $ 45,828 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 56,141 | 78,494 | 45,828 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 33 | 96 | 75 |
Alaska | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 7,098 | 7,905 | 5,480 |
Lower 48 | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 38,244 | 52,921 | 29,306 |
Lower 48 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 38,237 | 52,903 | 29,294 |
Lower 48 | Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | (7) | (18) | (12) |
Canada | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 4,873 | 6,159 | 4,077 |
Canada | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 3,006 | 3,714 | 2,494 |
Canada | Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | (1,867) | (2,445) | (1,583) |
Europe, Middle East and North Africa | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 5,854 | 11,271 | 5,902 |
Europe, Middle East and North Africa | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 5,854 | 11,270 | 5,902 |
Europe, Middle East and North Africa | Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 0 | (1) | 0 |
Asia Pacific | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 1,913 | 2,606 | 2,579 |
Other International | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | $ 0 | $ 0 | $ 4 |
Segment Disclosures and Relat_5
Segment Disclosures and Related Information - Depreciation, Depletion, Amortization and Impairments, Equity in Earnings of Affiliates and Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Consolidated depreciation, depletion, amortization and impairments | $ 8,284 | $ 7,492 | $ 7,882 |
Consolidated equity in earnings of affiliates | 1,720 | 2,081 | 832 |
Consolidated income tax provision (benefit) | 5,331 | 9,548 | 4,633 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Consolidated depreciation, depletion, amortization and impairments | 27 | 44 | 76 |
Consolidated equity in earnings of affiliates | (3) | 0 | 0 |
Consolidated income tax provision (benefit) | (207) | (609) | (282) |
Alaska | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated depreciation, depletion, amortization and impairments | 1,061 | 941 | 1,002 |
Consolidated equity in earnings of affiliates | 1 | 4 | 5 |
Consolidated income tax provision (benefit) | 642 | 885 | 402 |
Lower 48 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated depreciation, depletion, amortization and impairments | 5,729 | 4,854 | 4,067 |
Consolidated equity in earnings of affiliates | (9) | (14) | (18) |
Consolidated income tax provision (benefit) | 1,763 | 3,088 | 1,390 |
Canada | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated depreciation, depletion, amortization and impairments | 425 | 400 | 392 |
Consolidated equity in earnings of affiliates | 0 | 0 | 0 |
Consolidated income tax provision (benefit) | 26 | 206 | 150 |
Europe, Middle East and North Africa | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated depreciation, depletion, amortization and impairments | 587 | 735 | 862 |
Consolidated equity in earnings of affiliates | 580 | 780 | 502 |
Consolidated income tax provision (benefit) | 3,065 | 5,445 | 2,543 |
Asia Pacific | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated depreciation, depletion, amortization and impairments | 455 | 518 | 1,483 |
Consolidated equity in earnings of affiliates | 1,151 | 1,310 | 343 |
Consolidated income tax provision (benefit) | 42 | 480 | 483 |
Other International | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated depreciation, depletion, amortization and impairments | 0 | 0 | 0 |
Consolidated equity in earnings of affiliates | 0 | 1 | 0 |
Consolidated income tax provision (benefit) | $ 0 | $ 53 | $ (53) |
Segment Disclosures and Relat_6
Segment Disclosures and Related Information - Net Income (Loss) Attributable to ConocoPhillips, Investments In and Advances To Affiliates and Total Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Consolidated net income (loss) | $ 10,957 | $ 18,680 | $ 8,079 |
Consolidated total assets | 95,924 | 93,829 | 90,661 |
Related Party | |||
Segment Reporting Information [Line Items] | |||
Investments in and Advances to Affiliates | 7,905 | 7,493 | 6,701 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Consolidated net income (loss) | (821) | (330) | (210) |
Consolidated total assets | 9,759 | 11,008 | 7,745 |
Corporate and Other | Related Party | |||
Segment Reporting Information [Line Items] | |||
Investments in and Advances to Affiliates | 1,145 | 0 | 0 |
Alaska | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated net income (loss) | 1,778 | 2,352 | 1,386 |
Consolidated total assets | 16,174 | 15,126 | 14,812 |
Alaska | Operating Segments | Related Party | |||
Segment Reporting Information [Line Items] | |||
Investments in and Advances to Affiliates | 32 | 55 | 58 |
Lower 48 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated net income (loss) | 6,461 | 11,015 | 4,932 |
Consolidated total assets | 42,415 | 42,950 | 41,699 |
Lower 48 | Operating Segments | Related Party | |||
Segment Reporting Information [Line Items] | |||
Investments in and Advances to Affiliates | 118 | 235 | 242 |
Canada | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated net income (loss) | 402 | 714 | 458 |
Consolidated total assets | 10,277 | 6,971 | 7,439 |
Canada | Operating Segments | Related Party | |||
Segment Reporting Information [Line Items] | |||
Investments in and Advances to Affiliates | 0 | 0 | 0 |
Europe, Middle East and North Africa | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated net income (loss) | 1,189 | 2,244 | 1,167 |
Consolidated total assets | 8,396 | 8,263 | 9,125 |
Europe, Middle East and North Africa | Operating Segments | Related Party | |||
Segment Reporting Information [Line Items] | |||
Investments in and Advances to Affiliates | 1,191 | 1,049 | 797 |
Asia Pacific | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated net income (loss) | 1,961 | 2,736 | 453 |
Consolidated total assets | 8,903 | 9,511 | 9,840 |
Asia Pacific | Operating Segments | Related Party | |||
Segment Reporting Information [Line Items] | |||
Investments in and Advances to Affiliates | 5,419 | 6,154 | 5,603 |
Other International | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated net income (loss) | (13) | (51) | (107) |
Consolidated total assets | 0 | 0 | 1 |
Other International | Operating Segments | Related Party | |||
Segment Reporting Information [Line Items] | |||
Investments in and Advances to Affiliates | $ 0 | $ 0 | $ 1 |
Segment Disclosures and Relat_7
Segment Disclosures and Related Information - Capital Expenditures and Investments and Interest Income and Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Consolidated capital expenditures and investments | $ 11,248 | $ 10,159 | $ 5,324 |
Interest income | 412 | 195 | 33 |
Interest and debt expense | 780 | 805 | 884 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Consolidated capital expenditures and investments | 1,135 | 30 | 53 |
Interest income | 403 | 185 | 22 |
Interest and debt expense | 780 | 805 | 884 |
Alaska | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated capital expenditures and investments | 1,705 | 1,091 | 982 |
Interest income | 0 | 0 | 0 |
Lower 48 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated capital expenditures and investments | 6,487 | 5,630 | 3,129 |
Interest income | 0 | 0 | 0 |
Canada | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated capital expenditures and investments | 456 | 530 | 203 |
Interest income | 0 | 0 | 0 |
Europe, Middle East and North Africa | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated capital expenditures and investments | 1,111 | 998 | 534 |
Interest income | 1 | 1 | 2 |
Asia Pacific | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated capital expenditures and investments | 354 | 1,880 | 390 |
Interest income | 8 | 9 | 9 |
Other International | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Consolidated capital expenditures and investments | 0 | 0 | 33 |
Interest income | $ 0 | $ 0 | $ 0 |
Segment Disclosures and Relat_8
Segment Disclosures and Related Information - Sales and Other Operating Revenues by Product (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Consolidated sales and other operating revenues | $ 56,141 | $ 78,494 | $ 45,828 |
Natural gas | |||
Segment Reporting Information [Line Items] | |||
Consolidated sales and other operating revenues | 10,725 | 26,941 | 16,904 |
Natural gas liquids | |||
Segment Reporting Information [Line Items] | |||
Consolidated sales and other operating revenues | 2,609 | 3,650 | 1,668 |
Crude oil | |||
Segment Reporting Information [Line Items] | |||
Consolidated sales and other operating revenues | 37,833 | 41,492 | 23,648 |
Other | |||
Segment Reporting Information [Line Items] | |||
Consolidated sales and other operating revenues | $ 4,974 | $ 6,411 | $ 3,608 |
Segment Disclosures and Relat_9
Segment Disclosures and Related Information - Geographic Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | $ 56,141 | $ 78,494 | $ 45,828 |
Long-Lived Assets | 77,949 | 72,359 | 71,612 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 45,101 | 60,899 | 34,847 |
Long-Lived Assets | 53,955 | 51,200 | 50,580 |
Australia | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 0 | 0 | 0 |
Long-Lived Assets | 5,426 | 6,158 | 5,579 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 3,006 | 3,714 | 2,494 |
Long-Lived Assets | 9,666 | 6,269 | 6,608 |
China | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 952 | 1,135 | 724 |
Long-Lived Assets | 1,635 | 1,538 | 1,476 |
Indonesia | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 0 | 159 | 879 |
Long-Lived Assets | 0 | 0 | 28 |
Libya | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 1,730 | 1,582 | 1,102 |
Long-Lived Assets | 703 | 714 | 659 |
Malaysia | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 961 | 1,312 | 975 |
Long-Lived Assets | 939 | 1,107 | 1,252 |
Norway | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 2,408 | 3,415 | 2,563 |
Long-Lived Assets | 4,489 | 4,369 | 4,681 |
U.K. | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 1,978 | 6,273 | 2,236 |
Long-Lived Assets | 2 | 1 | 1 |
Other foreign countries | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 5 | 5 | 8 |
Long-Lived Assets | $ 1,134 | $ 1,003 | $ 748 |