Cover
Cover | 3 Months Ended |
Mar. 31, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
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 Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,169,533,976 |
Entity Central Index Key | 0001163165 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Common Stock | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, $.01 Par Value |
Trading Symbol | COP |
Security Exchange Name | NYSE |
7% Debentures due 2029 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 7% Debentures due 2029 |
Trading Symbol | CUSIP—718507BK1 |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues and Other Income | ||
Sales and other operating revenues | $ 13,848 | $ 14,811 |
Equity in earnings of affiliates | 421 | 499 |
Gain (loss) on dispositions | 93 | 93 |
Other income | 114 | 114 |
Total Revenues and Other Income | 14,476 | 15,517 |
Costs and Expenses | ||
Purchased commodities | 5,334 | 6,138 |
Production and operating expenses | 2,015 | 1,779 |
Selling, general and administrative expenses | 178 | 159 |
Exploration expenses | 112 | 138 |
Depreciation, depletion and amortization | 2,211 | 1,942 |
Impairments | 0 | 1 |
Taxes other than income taxes | 555 | 576 |
Accretion on discounted liabilities | 80 | 68 |
Interest and debt expense | 205 | 188 |
Foreign currency transaction (gain) loss | (18) | (44) |
Other expenses | (4) | 10 |
Total Costs and Expenses | 10,668 | 10,955 |
Income (loss) before income taxes | 3,808 | 4,562 |
Income tax provision (benefit) | 1,257 | 1,642 |
Net Income (Loss) | $ 2,551 | $ 2,920 |
Net Income (Loss) Per Share of Common Stock (dollars) | ||
Basic (in dollars per share) | $ 2.16 | $ 2.38 |
Diluted (in dollars per share) | $ 2.15 | $ 2.38 |
Weighted-Average Common Shares Outstanding (in thousands) | ||
Basic (in shares) | 1,177,921 | 1,220,228 |
Diluted (in shares) | 1,180,320 | 1,223,355 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ 2,551 | $ 2,920 |
Defined benefit plans | ||
Reclassification adjustment for amortization of prior service cost (credit) included in net income (loss) | (9) | (9) |
Net change | (9) | (9) |
Reclassification adjustment for amortization of net actuarial losses (gains) included in net income (loss) | 16 | 23 |
Net change | 16 | 23 |
Income taxes on defined benefit plans | (2) | (3) |
Defined benefit plans, net of tax | 5 | 11 |
Unrealized holding gain (loss) on securities | (4) | 6 |
Reclassification adjustment for (gain) loss included in net income (loss) | 0 | (1) |
Income taxes on unrealized holding gain (loss) on securities | 1 | (1) |
Unrealized holding gain (loss) on securities, net of tax | (3) | 4 |
Foreign currency translation adjustments, net of tax | (230) | (42) |
Unrealized gain (loss) on hedging activities | (20) | 0 |
Income taxes on unrealized gain (loss) on hedging activities | 4 | 0 |
Unrealized gain (loss) on hedging activities, net of tax | (16) | 0 |
Other Comprehensive Income (Loss), Net of Tax | (244) | (27) |
Comprehensive Income (Loss) | $ 2,307 | $ 2,893 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and cash equivalents | $ 5,574 | $ 5,635 |
Short-term investments | 487 | 971 |
Inventories | 1,443 | 1,398 |
Prepaid expenses and other current assets | 759 | 852 |
Total Current Assets | 13,721 | 14,330 |
Investments and long-term receivables | 9,132 | 9,130 |
Net properties, plants and equipment (net of accumulated DD&A of $75,697 and $74,361, respectively) | 69,907 | 70,044 |
Other assets | 2,588 | 2,420 |
Total Assets | 95,348 | 95,924 |
Liabilities | ||
Short-term debt | 1,113 | 1,074 |
Accrued income and other taxes | 2,116 | 1,811 |
Employee benefit obligations | 405 | 774 |
Other accruals | 1,391 | 1,229 |
Total Current Liabilities | 10,163 | 10,005 |
Long-term debt | 17,304 | 17,863 |
Asset retirement obligations and accrued environmental costs | 7,141 | 7,220 |
Deferred income taxes | 8,776 | 8,813 |
Employee benefit obligations | 967 | 1,009 |
Other liabilities and deferred credits | 1,672 | 1,735 |
Total Liabilities | 46,023 | 46,645 |
Equity | ||
Par value | 21 | 21 |
Capital in excess of par | 61,300 | 61,303 |
Treasury stock (at cost: 2024—937,243,485 shares; 2023—925,670,961 shares) | (66,974) | (65,640) |
Accumulated other comprehensive income (loss) | (5,917) | (5,673) |
Retained earnings | 60,895 | 59,268 |
Total Equity | 49,325 | 49,279 |
Total Liabilities and Equity | 95,348 | 95,924 |
Nonrelated Party | ||
Assets | ||
Accounts and notes receivable | 5,444 | 5,461 |
Liabilities | ||
Accounts payable | 5,101 | 5,083 |
Related Party | ||
Assets | ||
Accounts and notes receivable | 14 | 13 |
Liabilities | ||
Accounts payable | $ 37 | $ 34 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts and notes receivable | $ 4 | $ 3 |
Accumulated depreciation, depletion and amortization | $ 75,697 | $ 74,361 |
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) | 2,106,777,461 | 2,103,772,516 |
Treasury stock, shares (in shares) | 937,243,485 | 925,670,961 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Cash Flows From Operating Activities | |||
Net Income (Loss) | $ 2,551 | $ 2,920 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||
Depreciation, depletion and amortization | 2,211 | 1,942 | |
Impairments | 0 | 1 | |
Dry hole costs and leasehold impairments | 19 | 68 | |
Accretion on discounted liabilities | 80 | 68 | |
Deferred taxes | 87 | 324 | |
Distributions more (less) than income from equity affiliates | 308 | 491 | |
(Gain) loss on dispositions | (93) | (93) | |
Other | (66) | (35) | |
Working capital adjustments | |||
Decrease (increase) in accounts and notes receivable | (76) | 1,701 | |
Decrease (increase) in inventories | (55) | (45) | |
Decrease (increase) in prepaid expenses and other current assets | 74 | 255 | |
Increase (decrease) in accounts payable | (85) | (1,266) | |
Increase (decrease) in taxes and other accruals | 30 | (928) | |
Net Cash Provided by Operating Activities | 4,985 | 5,403 | |
Cash Flows From Investing Activities | |||
Capital expenditures and investments | (2,916) | (2,897) | |
Working capital changes associated with investing activities | 169 | 208 | |
Acquisition of businesses, net of cash acquired | 49 | 0 | |
Proceeds from asset dispositions | 173 | 188 | |
Net sales (purchases) of investments | 405 | 1,065 | |
Other | (21) | (12) | |
Net Cash Used in Investing Activities | (2,141) | (1,448) | |
Cash Flows From Financing Activities | |||
Repayment of debt | (505) | (43) | |
Issuance of company common stock | (61) | (97) | |
Repurchase of company common stock | (1,325) | (1,700) | |
Dividends paid | (924) | (1,488) | |
Other | (10) | 2 | |
Net Cash Used in Financing Activities | (2,825) | (3,326) | |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (73) | (104) | |
Net Change in Cash, Cash Equivalents and Restricted Cash | (54) | 525 | |
Cash, cash equivalents and restricted cash at beginning of period | [1] | 5,899 | 6,694 |
Cash, Cash Equivalents and Restricted Cash at End of Period | [1] | $ 5,845 | $ 7,219 |
[1] Restricted cash of $271 million and $264 million is included in the " Other assets |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Cash Flows [Abstract] | ||
Restricted cash | $ 271 | $ 264 |
Restricted Cash, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1—Basis of Presentation The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2023 Annual Report on Form 10-K. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2—Inventories Millions of Dollars March 31 December 31 Crude oil and natural gas $ 723 676 Materials and supplies 720 722 Total inventories $ 1,443 1,398 Inventories valued on the LIFO basis $ 437 401 |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination, Asset Acquisition And Dispositions [Abstract] | |
Acquisitions and Dispositions | Note 3—Acquisitions and Dispositions 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. The final consideration for the all-cash transaction was $3.0 billion after customary adjustments (CAD $4.1 billion): Fair value of consideration Millions of Dollars Cash paid $ 2,635 Contingent consideration 320 Final Consideration $ 2,955 The contingent consideration 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 million for every dollar that WCS pricing exceeds $52 per barrel during the month, subject to certain production targets being achieved. The undiscounted amount we could pay under this arrangement is up to $0.3 billion USD. The fair value of the contingent consideration on the acquisition date was $320 million and estimated by applying the income approach. As of March 31, 2024, we have made payments of $12 million USD under this arrangement, reflected in the "Other" line within the Financing Activities section of our Consolidated Statement of Cash Flows. See Note . The transaction was accounted for as a business combination under FASB ASC Topic 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. By the end of the first quarter of 2024, we finalized the allocation of the purchase price to specific assets and liabilities. It was based on the fair value of final consideration and the conclusion of the fair value determination of long-lived assets and all other assets acquired and liabilities assumed. Oil and gas properties were valued using a discounted cash flow approach incorporating market participant 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 billion was allocated to the identifiable assets and liabilities based on fair values as of the acquisition date of October 4, 2023. Recognized amounts of identifiable assets acquired and liabilities assumed Millions of Dollars Oil and gas properties $ 3,082 Asset retirement obligations (112) Other (15) Total identifiable net assets $ 2,955 With the completion of the transaction, we have acquired proved and unproved properties of approximately $2.9 billion and $0.2 billion, respectively. Supplemental Pro Forma (unaudited) The following table summarizes the unaudited supplemental pro forma financial information for the three-month period ending March 31, 2023, as if we had completed the acquisition on January 1, 2022. Millions of Dollars Three Months Ended March 31, 2023 Supplemental Pro Forma (unaudited) As Reported Pro Forma Surmont Pro Forma Combined Total Revenues and Other Income $ 15,517 603 16,120 Income (loss) before income taxes 4,562 70 4,632 Net Income (Loss) 2,920 53 2,973 Earnings per share ($ per share): Basic net income (loss) $ 2.38 2.43 Diluted net income (loss) 2.38 2.42 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, 2022, nor is it necessarily indicative of future operating results of the combined entity. The unaudited pro forma financial information for the three-month period ended March 31, 2023, is a result of combining the consolidated income statement of ConocoPhillips with the results of 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 oil and gas properties. We believe the estimates and assumptions are reasonable, and the relative effects of the transaction are properly reflected. |
Investments and Long-Term Recei
Investments and Long-Term Receivables | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments and Long-Term Receivables | Note 4—Investments and Long-Term Receivables Australia Pacific LNG Pty Ltd. (APLNG) In Australia, we hold a 47.5 percent shareholding interest in APLNG. At March 31, 2024, the outstanding balance of APLNG's debt was $4.5 billion under various previously entered facilities. The last principal and interest payment on these facilities is due in September 2030. See Note . At March 31, 2024, the carrying value of our equity method investment in APLNG was approximately $5.2 billion. Port Arthur LNG (PALNG) In March 2023, we acquired a 30 percent direct equity investment in PALNG, a joint venture for the development of a large-scale LNG facility. At March 31, 2024, the carrying value of our equity method investment in PALNG was approximately $1.3 billion. QatarEnergy LNG Our equity method investments in Qatar include the following: • QatarEnergy LNG N(3) (N3)—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)—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field East LNG project. • QatarEnergy LNG NFS(3) (NFS3)—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field South LNG project. At March 31, 2024, the carrying value of our equity method investments in Qatar was approximately $1.1 billion. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Note 5—Debt Our debt balance at March 31, 2024 was $18.4 billion, compared with $18.9 billion at December 31, 2023 . In March 2024, the company retired $461 million principal amount of our 2.125% Notes at maturity. Our revolving credit facility provides a total borrowing capacity of $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 March 31, 2024, and at December 31, 2023. 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 March 31, 2024, 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. |
Changes in Equity
Changes in Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Changes in Equity | Note 6—Changes in Equity Millions of Dollars Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Total For the three months ended March 31, 2024 Balances at December 31, 2023 $ 21 61,303 (65,640) (5,673) 59,268 49,279 Net income (loss) 2,551 2,551 Other comprehensive income (loss) (244) (244) Dividends declared Ordinary ($0.58 per common share) (687) (687) Variable return of cash ($0.20 per common share) (237) (237) Repurchase of company common stock (1,325) (1,325) Excise tax on share repurchases (9) (9) Distributed under benefit plans (3) (3) Balances at March 31, 2024 $ 21 61,300 (66,974) (5,917) 60,895 49,325 Millions of Dollars Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Total For the three months ended March 31, 2023 Balances at December 31, 2022 $ 21 61,142 (60,189) (6,000) 53,029 48,003 Net income (loss) 2,920 2,920 Other comprehensive income (loss) (27) (27) Dividends declared Ordinary ($0.51 per common share) (625) (625) Variable return of cash ($0.60 per common share) (731) (731) Repurchase of company common stock (1,700) (1,700) Excise tax on share repurchases (15) (15) Distributed under benefit plans (42) (42) Balances at March 31, 2023 $ 21 61,100 (61,904) (6,027) 54,593 47,783 |
Suspended Wells
Suspended Wells | 3 Months Ended |
Mar. 31, 2024 | |
Extractive Industries [Abstract] | |
Suspended Wells | Note 7—Suspended Wells |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2024 | |
Guarantees [Abstract] | |
Guarantees | Note 8—Guarantees At March 31, 2024, 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 March 31, 2024, we had multiple guarantees outstanding in connection with our 47.5 percent ownership interest in APLNG. The following is a description of the guarantees with values calculated utilizing March 2024 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 March 31, 2024, 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 $680 million ($1.1 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 $480 million and would become payable if APLNG does not perform. At March 31, 2024, the carrying value of these guarantees was approximately $34 million. QatarEnergy LNG Guarantees We have guaranteed our portion of certain fiscal and other joint venture obligations as a shareholder in NFE4 and NFS3. These guarantees have an approximate 30-year term with no maximum limit. At March 31, 2024, the carrying value of these guarantees 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 one 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 indemnification obligations at March 31, 2024, 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 for additional information about environmental liabilities. |
Contingencies, Commitments, and
Contingencies, Commitments, and Accrued Environmental Costs | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments, and Accrued Environmental Costs | Note 9—Contingencies, Commitments and Accrued Environmental Costs 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. 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 CERCLA and other 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. For remediation activities in the U.S. and Canada, our consolidated balance sheet included a total environmental accrual of $184 million at both March 31, 2024 and December 31, 2023. We expect to incur a substantial amount of these expenditures within the next 30 years. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. 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 March 31, 2024, we had performance obligations secured by letters of credit of $369 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 ("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 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 the settlement agreement. The balance of the settlement was 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 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. On February 27, 2023, the Supreme Court denied a certiorari petition from the defendants regarding the Fifth Circuit ruling. 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. 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. |
Derivative and Financial Instru
Derivative and Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Financial Instruments | Note 10—Derivative and Financial Instruments We use futures, forwards, swaps and options in various markets to meet our customers' 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 March 31 December 31 Assets Prepaid expenses and other current assets $ 600 611 Other assets 125 113 Liabilities Other accruals 569 567 Other liabilities and deferred credits 104 80 The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table: Millions of Dollars Three Months Ended March 31 2024 2023 Sales and other operating revenues $ 54 28 Other income — 1 Purchased commodities (50) (72) The table below summarizes our net exposures resulting from outstanding commodity derivative contracts: Open Position March 31 December 31 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (14) (12) Basis (6) (2) Interest Rate Derivative Instruments For the three-month period ended March 31, 2024, we recognized an unrealized loss of $20 million in other comprehensive income related to our share of PALNG's interest rate swaps designated as a cash flow hedge. 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, reaching par value at maturity. • 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 March 31, 2024, and December 31, 2023: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments March 31 December 31 March 31 December 31 Cash $ 576 474 Demand Deposits 1,553 1,424 Time Deposits 1 to 90 days 3,399 3,713 121 511 91 to 180 days 22 Within one year 3 3 U.S. Government Obligations 1 to 90 days 38 24 — — $ 5,566 5,635 124 536 The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at March 31, 2024, and December 31, 2023: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long-Term March 31 December 31 March 31 December 31 March 31 December 31 Major Security Type Corporate Bonds $ — — 181 201 670 606 Commercial Paper 8 — 98 131 U.S. Government Obligations — — 75 89 172 189 U.S. Government Agency Obligations — 5 7 7 Foreign Government Obligations 7 7 4 4 Asset-Backed Securities 2 2 213 183 $ 8 — 363 435 1,066 989 Cash and Cash Equivalents and Short-Term Investments have remaining maturities within one year. Investments and Long-Term Receivables have remaining maturities 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: Millions of Dollars Amortized Cost Basis Fair Value March 31 December 31 March 31 December 31 Major Security Type Corporate Bonds $ 852 806 851 807 Commercial Paper 106 131 106 131 U.S. Government Obligations 249 278 247 278 U.S. Government Agency Obligations 7 12 7 12 Foreign Government Obligations 11 11 11 11 Asset-Backed Securities 215 184 215 185 $ 1,440 1,422 1,437 1,424 As of March 31, 2024 total unrealized losses for debt securities classified as available for sale with net losses were $5 million. As of December 31, 2023, total unrealized gains for debt securities classified as available for sale with net gains were $5 million. No allowance for credit losses has been recorded on investments in debt securities which are in an unrealized loss position. For the three-month periods ended March 31, 2024 and March 31, 2023, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $222 million and $300 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, and foreign government obligations. 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 at March 31, 2024, and December 31, 2023, was $163 million and $181 million, respectively. For these instruments, no collateral was posted at March 31, 2024 and December 31, 2023. If our credit rating had been downgraded below investment grade at March 31, 2024, we would have been required to post $139 million of additional collateral, either with cash or letters of credit. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 11—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 the three-month period ended March 31, 2024, nor during the year ended December 31, 2023. Recurring Fair Value Measurement Financial assets and liabilities reported at fair value on a recurring basis include our investments in debt securities classified as available for sale, commodity derivatives and our contingent consideration arrangement related to the Surmont acquisition. See 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 TotalEnergies EP Canada Ltd. in connection with the acquisition of the remaining 50 percent working interest in Surmont completed in 2023. Contingent consideration consists of total 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 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. During the first quarter of 2024, we made payments of approximately $12 million USD to TotalEnergies EP Canada Ltd. under this arrangement. These payments are recognized in the "Other" line within the Financing Activities section of our Consolidated Statement of Cash Flows. The fair value of the remaining contingent consideration as of March 31, 2024 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 March 31, 2024 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 March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investments in debt securities $ 248 1,189 — 1,437 278 1,146 — 1,424 Commodity derivatives 338 314 73 725 308 301 115 724 Total assets $ 586 1,503 73 2,162 586 1,447 115 2,148 Liabilities Commodity derivatives $ 371 280 22 673 350 283 14 647 Contingent consideration — — 305 305 — — 312 312 Total liabilities $ 371 280 327 978 350 283 326 959 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 Range (Arithmetic Average) Contingent consideration - Surmont as of: March 31, 2024 $ 305 Discounted cash flow Commodity price outlook* ($/BOE) $61.13 - $69.70 ($64.48) December 31, 2023 312 $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 Recognized Amounts Not Subject to Right of Setoff Gross Amounts Gross Amounts Offset Net Amounts Presented Cash Collateral Net Amounts March 31, 2024 Assets $ 725 41 684 411 273 2 271 Liabilities 673 37 636 411 225 39 186 December 31, 2023 Assets $ 724 39 685 375 310 4 306 Liabilities 647 34 613 375 238 47 191 At March 31, 2024 and December 31, 2023, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff. 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 . • 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 March 31 December 31 March 31 December 31 Financial assets Commodity derivatives 312 345 312 345 Investments in debt securities 1,437 1,424 1,437 1,424 Financial liabilities Total debt, excluding finance leases 17,339 17,808 17,789 18,621 Commodity derivatives 223 225 223 225 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 12—Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheet includes: Millions of Dollars Defined Benefit Plans Unrealized Holding Gain/(Loss) on Securities Foreign Currency Translation Unrealized Gain/(Loss) on Hedging Activities Accumulated Other Comprehensive Income/(Loss) December 31, 2023 $ (393) 2 (5,344) 62 (5,673) Other comprehensive income (loss) 5 (3) (230) (16) (244) March 31, 2024 $ (388) (1) (5,574) 46 (5,917) The following table summarizes reclassifications out of accumulated other comprehensive income (loss) and into net income (loss): Millions of Dollars Three Months Ended March 31 2024 2023 Defined benefit plans* $ 5 11 *The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $2 million and $3 million for the three-month periods ended March 31, 2024 and March 31, 2023, respectively. See Note . |
Cash Flow Information
Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow Information | Note 13—Cash Flow Information Millions of Dollars Three Months Ended March 31 2024 2023 Cash Payments Interest $ 254 209 Income taxes 707 1,062 Net Sales (Purchases) of Investments Short-term investments purchased $ (118) (269) Short-term investments sold 673 1,513 Long-term investments purchased (199) (210) Long-term investments sold 49 31 $ 405 1,065 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 14—Employee Benefit Plans Pension and Postretirement Plans Millions of Dollars Pension Benefits Other Benefits 2024 2023 2024 2023 U.S. Int'l. U.S. Int'l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 12 10 13 10 — — Interest cost 19 29 19 28 1 1 Expected return on plan assets (16) (41) (15) (37) Amortization of prior service credit — — — — (9) (9) Recognized net actuarial loss (gain) 2 14 3 17 — (1) Settlements — — 4 — Net periodic benefit cost $ 17 12 24 18 (8) (9) The components of net periodic benefit cost, other than the service cost component, are included in the "Other expenses" line of our consolidated income statement. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15—Related Party Transactions Our related parties primarily include equity method investments and certain trusts for the benefit of employees. Millions of Dollars Three Months Ended March 31 2024 2023 Significant Transactions with Equity Affiliates Operating revenues and other income $ 17 21 Operating expenses and selling, general and administrative expenses 55 78 |
Sales and Other Operating Reven
Sales and Other Operating Revenues | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Sales and Other Operating Revenues | Note 16—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 Three Months Ended March 31 2024 2023 Revenue from contracts with customers $ 12,307 11,964 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 1,565 3,127 Financial derivative contracts (24) (280) Consolidated sales and other operating revenues $ 13,848 14,811 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 Three Months Ended March 31 2024 2023 Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 1,259 2,508 Canada 217 567 Europe, Middle East and North Africa 89 52 Physical contracts meeting the definition of a derivative $ 1,565 3,127 Millions of Dollars Three Months Ended March 31 2024 2023 Revenue from Contracts Outside the Scope of ASC Topic 606 by Product Crude oil $ — 47 Natural gas 1,199 2,725 Other 366 355 Physical contracts meeting the definition of a derivative $ 1,565 3,127 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 March 31, 2024, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,415 million compared with $4,414 million at December 31, 2023, 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 to 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 three-month period ended March 31, 2024 was immaterial. No revenue was recognized during the three-month period ended March 31, 2023. We expect to recognize the outstanding contract liabilities of $27 million as of March 31, 2024, as revenue during the years 2026, 2028 and 2029. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 17—Earnings Per Share The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS. For the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive. Millions of Dollars Three Months Ended 2024 2023 Basic earnings per share Net Income (Loss) $ 2,551 2,920 Less: Dividends and undistributed earnings allocated to participating securities 9 11 Net Income (Loss) available to common shareholders $ 2,542 2,909 Weighted-average common shares outstanding (in millions) 1,178 1,220 Net Income (Loss) Per Share of Common Stock $ 2.16 2.38 Diluted earnings per share Net Income (Loss) available to common shareholders $ 2,542 2,909 Weighted-average common shares outstanding (in millions) 1,178 1,220 Add: Dilutive impact of options and unvested non-participating RSU/PSUs (in millions) 2 3 Weighted-average diluted shares outstanding (in millions) 1,180 1,223 Net Income (Loss) Per Share of Common Stock $ 2.15 2.38 |
Segment Disclosures and Related
Segment Disclosures and Related Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Disclosures and Related Information | Note 18—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 income and expense; impacts from certain debt transactions; consolidating tax adjustments; corporate overhead and certain technology activities, including licensing revenues; and unrealized holding gains or losses on equity securities. All cash and cash equivalents and short-term investments are included in Corporate and Other. We evaluate performance and allocate resources based on net income (loss). Intersegment sales are at prices that approximate market. Analysis of Results by Operating Segment Millions of Dollars Three Months Ended March 31 2024 2023 Sales and Other Operating Revenues Alaska $ 1,670 1,735 Lower 48 9,309 10,049 Intersegment eliminations (1) (4) Lower 48 9,308 10,045 Canada 1,444 1,183 Intersegment eliminations (508) (340) Canada 936 843 Europe, Middle East and North Africa 1,457 1,702 Asia Pacific 474 464 Corporate and Other 3 22 Consolidated sales and other operating revenues $ 13,848 14,811 Sales and Other Operating Revenues by Geographic Location (1) U.S. $ 10,980 11,802 Canada 936 843 China 213 202 Libya 500 370 Malaysia 261 261 Norway 624 651 U.K. 333 681 Other foreign countries 1 1 Worldwide consolidated $ 13,848 14,811 Sales and Other Operating Revenues by Product Crude oil $ 9,563 8,904 Natural gas 1,882 4,412 Natural gas liquids 680 695 Other (2) 1,723 800 Consolidated sales and other operating revenues by product $ 13,848 14,811 (1) Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2) Includes bitumen and power. Millions of Dollars Three Months Ended March 31 2024 2023 Net Income (Loss) Alaska $ 346 416 Lower 48 1,381 1,852 Canada 180 6 Europe, Middle East and North Africa 304 365 Asia Pacific 512 522 Other International (1) 1 Corporate and Other (171) (242) Consolidated net income (loss) $ 2,551 2,920 Millions of Dollars March 31 December 31 Total Assets Alaska $ 16,701 16,174 Lower 48 42,586 42,415 Canada 10,028 10,277 Europe, Middle East and North Africa 8,021 8,396 Asia Pacific 8,530 8,903 Corporate and Other 9,482 9,759 Consolidated total assets $ 95,348 95,924 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 19—Income Taxes Our effective tax rate for the three-month periods ended March 31, 2024, and 2023, was 33.0 percent and 36.0 percent, respectively. The change in the effective tax rate for the three-month period ending March 31, 2024 is primarily due to the recognition of a Malaysian tax benefit, described below, and a shift in our mix of income among our tax jurisdictions. During the first quarter of 2024, we recorded a $76 million tax benefit associated with a deepwater investment tax incentive for Malaysia Blocks J and G. The Company has ongoing income tax audits in a number of jurisdictions. The government agents in charge of these audits regularly request additional time to complete audits, which we generally grant, and conversely occasionally close audits unpredictably. Within the next twelve months, we may have audit periods close that could significantly impact our total unrecognized tax benefits. The amount of such change is not estimable but could be significant when compared with our total unrecognized tax benefits. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | Note 20—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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 2,551 | $ 2,920 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2023 Annual Report on Form 10-K. |
Practical Expedients | 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 and Contract Liabilities Receivables from Contracts with Customers At March 31, 2024, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,415 million compared with $4,414 million at December 31, 2023, 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 to trade receivables where NPNS has been elected. Contract Liabilities from Contracts with Customers |
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. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Millions of Dollars March 31 December 31 Crude oil and natural gas $ 723 676 Materials and supplies 720 722 Total inventories $ 1,443 1,398 Inventories valued on the LIFO basis $ 437 401 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination, Asset Acquisition And Dispositions [Abstract] | |
Schedule of Business Acquisition | The final consideration for the all-cash transaction was $3.0 billion after customary adjustments (CAD $4.1 billion): Fair value of consideration Millions of Dollars Cash paid $ 2,635 Contingent consideration 320 Final Consideration $ 2,955 |
Schedule of Assets Acquired and Liabilities Assumed | Recognized amounts of identifiable assets acquired and liabilities assumed Millions of Dollars Oil and gas properties $ 3,082 Asset retirement obligations (112) Other (15) Total identifiable net assets $ 2,955 |
Schedule of Supplemental Pro Forma Financial Information | The following table summarizes the unaudited supplemental pro forma financial information for the three-month period ending March 31, 2023, as if we had completed the acquisition on January 1, 2022. Millions of Dollars Three Months Ended March 31, 2023 Supplemental Pro Forma (unaudited) As Reported Pro Forma Surmont Pro Forma Combined Total Revenues and Other Income $ 15,517 603 16,120 Income (loss) before income taxes 4,562 70 4,632 Net Income (Loss) 2,920 53 2,973 Earnings per share ($ per share): Basic net income (loss) $ 2.38 2.43 Diluted net income (loss) 2.38 2.42 |
Changes in Equity (Tables)
Changes in Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in Equity | Millions of Dollars Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Total For the three months ended March 31, 2024 Balances at December 31, 2023 $ 21 61,303 (65,640) (5,673) 59,268 49,279 Net income (loss) 2,551 2,551 Other comprehensive income (loss) (244) (244) Dividends declared Ordinary ($0.58 per common share) (687) (687) Variable return of cash ($0.20 per common share) (237) (237) Repurchase of company common stock (1,325) (1,325) Excise tax on share repurchases (9) (9) Distributed under benefit plans (3) (3) Balances at March 31, 2024 $ 21 61,300 (66,974) (5,917) 60,895 49,325 Millions of Dollars Common Stock Par Value Capital in Excess of Par Treasury Stock Accum. Other Comprehensive Income (Loss) Retained Earnings Total For the three months ended March 31, 2023 Balances at December 31, 2022 $ 21 61,142 (60,189) (6,000) 53,029 48,003 Net income (loss) 2,920 2,920 Other comprehensive income (loss) (27) (27) Dividends declared Ordinary ($0.51 per common share) (625) (625) Variable return of cash ($0.60 per common share) (731) (731) Repurchase of company common stock (1,700) (1,700) Excise tax on share repurchases (15) (15) Distributed under benefit plans (42) (42) Balances at March 31, 2023 $ 21 61,100 (61,904) (6,027) 54,593 47,783 |
Derivative and Financial Inst_2
Derivative and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives | The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet: Millions of Dollars March 31 December 31 Assets Prepaid expenses and other current assets $ 600 611 Other assets 125 113 Liabilities Other accruals 569 567 Other liabilities and deferred credits 104 80 |
Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives | The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table: Millions of Dollars Three Months Ended March 31 2024 2023 Sales and other operating revenues $ 54 28 Other income — 1 Purchased commodities (50) (72) |
Schedule of Net Exposures from Outstanding Commodity Derivative Contracts | The table below summarizes our net exposures resulting from outstanding commodity derivative contracts: Open Position March 31 December 31 Commodity Natural gas and power (billions of cubic feet equivalent) Fixed price (14) (12) Basis (6) (2) |
Schedule of Net Carrying Amount of Held to Maturity Investments | The following investments are carried on our consolidated balance sheet at cost, plus accrued interest, and the table reflects remaining maturities at March 31, 2024, and December 31, 2023: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments March 31 December 31 March 31 December 31 Cash $ 576 474 Demand Deposits 1,553 1,424 Time Deposits 1 to 90 days 3,399 3,713 121 511 91 to 180 days 22 Within one year 3 3 U.S. Government Obligations 1 to 90 days 38 24 — — $ 5,566 5,635 124 536 |
Schedule of Debt Securities Carried at Fair Value | The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at March 31, 2024, and December 31, 2023: Millions of Dollars Carrying Amount Cash and Cash Equivalents Short-Term Investments Investments and Long-Term March 31 December 31 March 31 December 31 March 31 December 31 Major Security Type Corporate Bonds $ — — 181 201 670 606 Commercial Paper 8 — 98 131 U.S. Government Obligations — — 75 89 172 189 U.S. Government Agency Obligations — 5 7 7 Foreign Government Obligations 7 7 4 4 Asset-Backed Securities 2 2 213 183 $ 8 — 363 435 1,066 989 The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale: Millions of Dollars Amortized Cost Basis Fair Value March 31 December 31 March 31 December 31 Major Security Type Corporate Bonds $ 852 806 851 807 Commercial Paper 106 131 106 131 U.S. Government Obligations 249 278 247 278 U.S. Government Agency Obligations 7 12 7 12 Foreign Government Obligations 11 11 11 11 Asset-Backed Securities 215 184 215 185 $ 1,440 1,422 1,437 1,424 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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 March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investments in debt securities $ 248 1,189 — 1,437 278 1,146 — 1,424 Commodity derivatives 338 314 73 725 308 301 115 724 Total assets $ 586 1,503 73 2,162 586 1,447 115 2,148 Liabilities Commodity derivatives $ 371 280 22 673 350 283 14 647 Contingent consideration — — 305 305 — — 312 312 Total liabilities $ 371 280 327 978 350 283 326 959 |
Schedule of 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 Range (Arithmetic Average) Contingent consideration - Surmont as of: March 31, 2024 $ 305 Discounted cash flow Commodity price outlook* ($/BOE) $61.13 - $69.70 ($64.48) December 31, 2023 312 $45.48 - $63.04 ($57.45) *Commodity price outlook based on a combination of external pricing service companies' outlooks and our internal outlook. |
Schedule of 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 Recognized Amounts Not Subject to Right of Setoff Gross Amounts Gross Amounts Offset Net Amounts Presented Cash Collateral Net Amounts March 31, 2024 Assets $ 725 41 684 411 273 2 271 Liabilities 673 37 636 411 225 39 186 December 31, 2023 Assets $ 724 39 685 375 310 4 306 Liabilities 647 34 613 375 238 47 191 |
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 March 31 December 31 March 31 December 31 Financial assets Commodity derivatives 312 345 312 345 Investments in debt securities 1,437 1,424 1,437 1,424 Financial liabilities Total debt, excluding finance leases 17,339 17,808 17,789 18,621 Commodity derivatives 223 225 223 225 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet | Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheet includes: Millions of Dollars Defined Benefit Plans Unrealized Holding Gain/(Loss) on Securities Foreign Currency Translation Unrealized Gain/(Loss) on Hedging Activities Accumulated Other Comprehensive Income/(Loss) December 31, 2023 $ (393) 2 (5,344) 62 (5,673) Other comprehensive income (loss) 5 (3) (230) (16) (244) March 31, 2024 $ (388) (1) (5,574) 46 (5,917) |
Schedule of Items Reclassified out of Accumulated Other Comprehensive Income (Loss) | The following table summarizes reclassifications out of accumulated other comprehensive income (loss) and into net income (loss): Millions of Dollars Three Months Ended March 31 2024 2023 Defined benefit plans* $ 5 11 *The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $2 million and $3 million for the three-month periods ended March 31, 2024 and March 31, 2023, respectively. See Note . |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow Information | Millions of Dollars Three Months Ended March 31 2024 2023 Cash Payments Interest $ 254 209 Income taxes 707 1,062 Net Sales (Purchases) of Investments Short-term investments purchased $ (118) (269) Short-term investments sold 673 1,513 Long-term investments purchased (199) (210) Long-term investments sold 49 31 $ 405 1,065 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | Millions of Dollars Pension Benefits Other Benefits 2024 2023 2024 2023 U.S. Int'l. U.S. Int'l. Components of Net Periodic Benefit Cost Three Months Ended March 31 Service cost $ 12 10 13 10 — — Interest cost 19 29 19 28 1 1 Expected return on plan assets (16) (41) (15) (37) Amortization of prior service credit — — — — (9) (9) Recognized net actuarial loss (gain) 2 14 3 17 — (1) Settlements — — 4 — Net periodic benefit cost $ 17 12 24 18 (8) (9) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Significant Transactions with Related Parties | Millions of Dollars Three Months Ended March 31 2024 2023 Significant Transactions with Equity Affiliates Operating revenues and other income $ 17 21 Operating expenses and selling, general and administrative expenses 55 78 |
Sales and Other Operating Rev_2
Sales and Other Operating Revenues (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table provides further disaggregation of our consolidated sales and other operating revenues: Millions of Dollars Three Months Ended March 31 2024 2023 Revenue from contracts with customers $ 12,307 11,964 Revenue from contracts outside the scope of ASC Topic 606 Physical contracts meeting the definition of a derivative 1,565 3,127 Financial derivative contracts (24) (280) Consolidated sales and other operating revenues $ 13,848 14,811 Note —Segment Disclosures and Related Information: Millions of Dollars Three Months Ended March 31 2024 2023 Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment Lower 48 $ 1,259 2,508 Canada 217 567 Europe, Middle East and North Africa 89 52 Physical contracts meeting the definition of a derivative $ 1,565 3,127 Millions of Dollars Three Months Ended March 31 2024 2023 Revenue from Contracts Outside the Scope of ASC Topic 606 by Product Crude oil $ — 47 Natural gas 1,199 2,725 Other 366 355 Physical contracts meeting the definition of a derivative $ 1,565 3,127 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive. Millions of Dollars Three Months Ended 2024 2023 Basic earnings per share Net Income (Loss) $ 2,551 2,920 Less: Dividends and undistributed earnings allocated to participating securities 9 11 Net Income (Loss) available to common shareholders $ 2,542 2,909 Weighted-average common shares outstanding (in millions) 1,178 1,220 Net Income (Loss) Per Share of Common Stock $ 2.16 2.38 Diluted earnings per share Net Income (Loss) available to common shareholders $ 2,542 2,909 Weighted-average common shares outstanding (in millions) 1,178 1,220 Add: Dilutive impact of options and unvested non-participating RSU/PSUs (in millions) 2 3 Weighted-average diluted shares outstanding (in millions) 1,180 1,223 Net Income (Loss) Per Share of Common Stock $ 2.15 2.38 |
Segment Disclosures and Relat_2
Segment Disclosures and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Reporting | Millions of Dollars Three Months Ended March 31 2024 2023 Sales and Other Operating Revenues Alaska $ 1,670 1,735 Lower 48 9,309 10,049 Intersegment eliminations (1) (4) Lower 48 9,308 10,045 Canada 1,444 1,183 Intersegment eliminations (508) (340) Canada 936 843 Europe, Middle East and North Africa 1,457 1,702 Asia Pacific 474 464 Corporate and Other 3 22 Consolidated sales and other operating revenues $ 13,848 14,811 Sales and Other Operating Revenues by Geographic Location (1) U.S. $ 10,980 11,802 Canada 936 843 China 213 202 Libya 500 370 Malaysia 261 261 Norway 624 651 U.K. 333 681 Other foreign countries 1 1 Worldwide consolidated $ 13,848 14,811 Sales and Other Operating Revenues by Product Crude oil $ 9,563 8,904 Natural gas 1,882 4,412 Natural gas liquids 680 695 Other (2) 1,723 800 Consolidated sales and other operating revenues by product $ 13,848 14,811 (1) Sales and other operating revenues are attributable to countries based on the location of the selling operation. (2) Includes bitumen and power. Millions of Dollars Three Months Ended March 31 2024 2023 Net Income (Loss) Alaska $ 346 416 Lower 48 1,381 1,852 Canada 180 6 Europe, Middle East and North Africa 304 365 Asia Pacific 512 522 Other International (1) 1 Corporate and Other (171) (242) Consolidated net income (loss) $ 2,551 2,920 Millions of Dollars March 31 December 31 Total Assets Alaska $ 16,701 16,174 Lower 48 42,586 42,415 Canada 10,028 10,277 Europe, Middle East and North Africa 8,021 8,396 Asia Pacific 8,530 8,903 Corporate and Other 9,482 9,759 Consolidated total assets $ 95,348 95,924 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Crude oil and natural gas | $ 723 | $ 676 |
Materials and supplies | 720 | 722 |
Total inventories | 1,443 | 1,398 |
Inventories valued on the LIFO basis | $ 437 | $ 401 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Narrative (Details) - Surmont $ in Billions | 3 Months Ended | |||
Oct. 04, 2023 CAD ($) | Oct. 04, 2023 USD ($) | Mar. 31, 2024 USD ($) | Oct. 04, 2023 USD ($) | |
Asset Acquisition [Line Items] | ||||
Percentage of interest acquired | 50% | 50% | ||
Final Consideration | $ 4.1 | $ 3,000,000,000 | ||
Business acquisition, maximum payment | $ 0.4 | $ 320,000,000 | ||
Business acquisition, contingent payment term | 5 years | 5 years | ||
Business acquisition, cost per every dollar exceeding threshold | $ 2,000,000 | |||
Business acquisition, threshold (dollars per barrel) | 52 | |||
Contingent consideration, outcome, high | $ 300,000,000 | |||
Business acquisition, contingent payments | $ 12,000,000 | |||
Proved properties | 2,900,000,000 | |||
Unproved properties | $ 200,000,000 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Schedule of Business Acquisition (Details) - Oct. 04, 2023 - Surmont $ in Millions, $ in Billions | CAD ($) | USD ($) |
Pro Forma Combined | ||
Cash paid | $ 2,635 | |
Contingent consideration | 320 | |
Final Consideration | $ 4.1 | $ 3,000 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Schedule of Assets Acquired and Liabilities Assumed (Details) - Surmont $ in Millions | Oct. 31, 2023 USD ($) |
Pro Forma Combined | |
Oil and gas properties | $ 3,082 |
Asset retirement obligations | (112) |
Other | (15) |
Total identifiable net assets | $ 2,955 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Schedule of Supplemental Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pro Forma Combined | ||
Operating revenues and other income | $ 14,476 | $ 15,517 |
Income (loss) before income taxes | 4,562 | |
Net Income (Loss) | $ 2,551 | $ 2,920 |
Earnings Per Share [Abstract] | ||
Basic (in dollars per share) | $ 2.16 | $ 2.38 |
Diluted (in dollars per share) | $ 2.15 | $ 2.38 |
Pro Forma | ||
Pro Forma Combined | ||
Operating revenues and other income | $ 16,120 | |
Income (loss) before income taxes | 4,632 | |
Net Income (Loss) | $ 2,973 | |
Earnings Per Share [Abstract] | ||
Basic (in dollars per share) | $ 2.43 | |
Diluted (in dollars per share) | $ 2.42 | |
Surmont | ||
Pro Forma Combined | ||
Pro forma = total revenues and other income | $ 603 | |
Pro forma - Income (loss) before income taxes | 70 | |
Pro forma - Net income (loss) | $ 53 |
Investments and Long-Term Rec_2
Investments and Long-Term Receivables - Narrative (Details) - USD ($) $ in Billions | Mar. 31, 2024 | Mar. 31, 2023 |
APLNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 47.50% | |
Line of credit facility value outstanding | $ 4.5 | |
Equity method investment | 5.2 | |
PALNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 30% | |
Equity method investment | $ 1.3 | |
N3 | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 30% | |
N3 | Qatar Energy | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 68.50% | |
N3 | Mitsui & Co., Ltd | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 1.50% | |
NFE4 | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 25% | |
NFE4 | Qatar Energy | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 75% | |
NFS3 | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 25% | |
NFS3 | Qatar Energy | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 75% | |
Qatar | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment | $ 1.1 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Total debt | $ 18,400 | $ 18,900 |
Notes | 2.125% Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Retired debt | $ 461 | |
Stated interest rate | 2.125% | |
Variable Rate Debt Bonds | ||
Debt Instrument [Line Items] | ||
Debt at face value | $ 283 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Project finance facility, maximum borrowing capacity | 5,500 | |
Minimum limit of debt for cross default provision | 200 | |
Remaining borrowing capacity under revolving credit facility | 5,500 | $ 5,500 |
Letter of Credit | Maximum | ||
Debt Instrument [Line Items] | ||
Line of credit facility, capacity available for specific purpose other than for trade purchases | $ 500 |
Changes in Equity (Details)
Changes in Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | $ 49,279 | $ 48,003 |
Net Income (Loss) | 2,551 | 2,920 |
Other comprehensive income (loss) | (244) | (27) |
Dividends declared, ordinary | (687) | (625) |
Dividends declared, variable return of cash | (237) | (731) |
Repurchase of company common stock | (1,325) | (1,700) |
Excise tax on share repurchases | (9) | (15) |
Distributed under benefit plans | (3) | (42) |
Ending Balance | $ 49,325 | $ 47,783 |
Dividends declared, ordinary (in dollars per share) | $ 0.58 | $ 0.51 |
Dividends declared, variable return of cash (in dollars per share) | $ 0.20 | $ 0.60 |
Par Value | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | $ 21 | $ 21 |
Ending Balance | 21 | 21 |
Capital in Excess of Par | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | 61,303 | 61,142 |
Distributed under benefit plans | (3) | (42) |
Ending Balance | 61,300 | 61,100 |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | (65,640) | (60,189) |
Repurchase of company common stock | (1,325) | (1,700) |
Excise tax on share repurchases | (9) | (15) |
Ending Balance | (66,974) | (61,904) |
Accum. Other Comprehensive Income (Loss) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | (5,673) | (6,000) |
Other comprehensive income (loss) | (244) | (27) |
Ending Balance | (5,917) | (6,027) |
Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | 59,268 | 53,029 |
Net Income (Loss) | 2,551 | 2,920 |
Dividends declared, ordinary | (687) | (625) |
Dividends declared, variable return of cash | (237) | (731) |
Ending Balance | $ 60,895 | $ 54,593 |
Suspended Wells (Details)
Suspended Wells (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||
Capitalized cost of suspended wells | $ 163 | |
Decrease in capitalized costs | 21 | |
Dry hole expense | 112 | $ 138 |
Busta PL782S | ||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||
Decrease in capitalized costs | $ 18 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
APLNG | |
Guarantor Obligations [Line Items] | |
Ownership percentage in equity investment | 47.50% |
Finance Reserve Guarantee | APLNG | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, remaining term | 7 years |
Maximum potential amount of future payments | $ 210 |
Guarantor obligations, current carrying value | 14 |
Max Potential Future Payments Pro-rata Share | APLNG | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | 680 |
Max Potential Future Payments Reckless Breach | APLNG | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | 1,100 |
Continued Development | APLNG | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | 480 |
Guarantor obligations, current carrying value | $ 34 |
Continued Development | APLNG | Minimum | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, remaining term | 13 years |
Continued Development | APLNG | Maximum | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, remaining term | 22 years |
Joint Venture Obligation Guarantee | NFE4 and NFS3 | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, current carrying value | $ 14 |
Guarantor obligations, term | 30 years |
Other Guarantees | |
Guarantor Obligations [Line Items] | |
Maximum potential amount of future payments | $ 620 |
Guarantor obligations, current carrying value | $ 0 |
Other Guarantees | Minimum | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, remaining term | 1 year |
Other Guarantees | Maximum | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, remaining term | 5 years |
Indemnifications | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, current carrying value | $ 20 |
Contingencies, Commitments, a_2
Contingencies, Commitments, and Accrued Environmental Costs - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Aug. 02, 2019 USD ($) | Mar. 31, 2019 USD ($) | Aug. 31, 2018 USD ($) | Apr. 30, 2018 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2017 lawsuit | Dec. 31, 2023 USD ($) | Aug. 29, 2019 USD ($) | |
Loss Contingencies [Line Items] | ||||||||
Total environmental accrual included in balance sheet | $ 184 | $ 184 | ||||||
Performance obligations secured by letters of credit | $ 369 | |||||||
Several Louisiana Parishes and the State of Louisiana Against Oil and Gas Companies | ConocoPhillips Entities | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency, new claims filed, number | lawsuit | 22 | |||||||
Outer Continental Shelf Lease | Phillips Petroleum Company | ||||||||
Loss Contingencies [Line Items] | ||||||||
Ownership percentage in equity investment | 25% | |||||||
Sale of interest, duration | 30 years | |||||||
Venezuela | ConocoPhillips Versus Petroleos de Venezuela ICISD | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation settlement, amount awarded from other party | $ 8,700 | |||||||
Litigation award reduction | $ 227 | |||||||
Litigation settlement amount awarded from other party revised | $ 8,500 | |||||||
Venezuela | ConocoPhillips vs Petroleos De Venezuela ICC | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation settlement, amount awarded from other party | $ 33 | $ 500 | $ 2,000 | |||||
Litigation settlement, payment term | 90 days | |||||||
Proceeds from legal settlements | $ 777 | |||||||
Litigation settlement, amount awarded from other party, payment period | 4 years 6 months | |||||||
US and Canada | Cleanup Remediation Activities | ||||||||
Loss Contingencies [Line Items] | ||||||||
Environmental loss contingencies, term | 30 years |
Derivative and Financial Inst_3
Derivative and Financial Instruments - Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives (Details) - Commodity Contract - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | $ 600 | $ 611 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative assets | 125 | 113 |
Other accruals | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | 569 | 567 |
Other liabilities and deferred credits | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivative liabilities | $ 104 | $ 80 |
Derivative and Financial Inst_4
Derivative and Financial Instruments - Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives (Details) - Commodity Contract - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Sales and other operating revenues | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) from commodity derivatives | $ 54 | $ 28 |
Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) from commodity derivatives | 0 | 1 |
Purchased commodities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) from commodity derivatives | $ (50) | $ (72) |
Derivative and Financial Inst_5
Derivative and Financial Instruments - Schedule of Net Exposures from Outstanding Commodity Derivative Contracts (Details) - Short - Commodity Contract - Bcf | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Natural Gas and Power, Fixed Price | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (14) | (12) |
Natural Gas and Power, Basis | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Commodity derivatives - volumetric material net exposures | (6) | (2) |
Derivative and Financial Inst_6
Derivative and Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative [Line Items] | |||
Debt securities, available-for-sale, unrealized loss | $ 5 | ||
Debt securities, available-for-sale, unrealized gain | $ 5 | ||
Debt securities, available-for-sale, allowance for credit loss | 0 | 0 | |
Proceeds from sales and redemptions of investments in debt securities classified as available for sale | 222 | $ 300 | |
Derivative, net liability position, aggregate fair value | 163 | 181 | |
Collateral already posted, aggregate fair value | 0 | $ 0 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Unrealized loss | 20 | ||
In event of downgrade below investment grade | |||
Derivative [Line Items] | |||
Additional collateral, aggregate fair value | $ 139 | ||
Minimum | |||
Derivative [Line Items] | |||
Investments and long-term receivables, remaining maturity | 1 year | ||
Maximum | |||
Derivative [Line Items] | |||
Investments and long-term receivables, remaining maturity | 5 years | ||
Accounts Receivable | Maximum | |||
Derivative [Line Items] | |||
Credit derivative, term | 30 days |
Derivative and Financial Inst_7
Derivative and Financial Instruments - Schedule of Net Carrying Amount of Held to Maturity Investments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents, carried at cost plus accrued interest | $ 5,566 | $ 5,635 |
Short-term investments, carried at cost plus accrued interest | 124 | 536 |
Cash | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents, carried at cost plus accrued interest | 576 | 474 |
Demand Deposits | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents, carried at cost plus accrued interest | 1,553 | 1,424 |
Time Deposits | 1 to 90 days | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents, carried at cost plus accrued interest | 3,399 | 3,713 |
Short-term investments, carried at cost plus accrued interest | 121 | 511 |
Time Deposits | 91 to 180 days | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term investments, carried at cost plus accrued interest | 22 | |
Time Deposits | Within one year | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term investments, carried at cost plus accrued interest | 3 | 3 |
U.S. Government Obligations | 1 to 90 days | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Cash and cash equivalents, carried at cost plus accrued interest | 38 | 24 |
Short-term investments, carried at cost plus accrued interest | $ 0 | $ 0 |
Derivative and Financial Inst_8
Derivative and Financial Instruments - Schedule of Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Cash and Cash Equivalents | $ 5,574 | $ 5,635 |
Short-Term Investments | 487 | 971 |
Investments and Long-Term Receivables | 9,132 | 9,130 |
Within one year | Reported Value Measurement | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash and Cash Equivalents | 8 | 0 |
Short-Term Investments | 363 | 435 |
Within one year | Reported Value Measurement | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Short-Term Investments | 181 | 201 |
Within one year | Reported Value Measurement | Commercial Paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash and Cash Equivalents | 8 | 0 |
Short-Term Investments | 98 | 131 |
Within one year | Reported Value Measurement | U.S. Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Short-Term Investments | 75 | 89 |
Within one year | Reported Value Measurement | U.S. Government Agency Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-Term Investments | 0 | 5 |
Within one year | Reported Value Measurement | Foreign Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-Term Investments | 7 | 7 |
Within one year | Reported Value Measurement | Asset-Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-Term Investments | 2 | 2 |
Investments and Long-Term Receivables | Reported Value Measurement | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments and Long-Term Receivables | 1,066 | 989 |
Investments and Long-Term Receivables | Reported Value Measurement | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments and Long-Term Receivables | 670 | 606 |
Investments and Long-Term Receivables | Reported Value Measurement | U.S. Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments and Long-Term Receivables | 172 | 189 |
Investments and Long-Term Receivables | Reported Value Measurement | U.S. Government Agency Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments and Long-Term Receivables | 7 | 7 |
Investments and Long-Term Receivables | Reported Value Measurement | Foreign Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments and Long-Term Receivables | 4 | 4 |
Investments and Long-Term Receivables | Reported Value Measurement | Asset-Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments and Long-Term Receivables | $ 213 | $ 183 |
Derivative and Financial Inst_9
Derivative and Financial Instruments - Schedule of Amortized Cost Basis and Fair Value of Investments in Debt Securities Classified as Available for Sale (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | $ 1,440 | $ 1,422 |
Fair Value | 1,437 | 1,424 |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 852 | 806 |
Fair Value | 851 | 807 |
Commercial Paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 106 | 131 |
Fair Value | 106 | 131 |
U.S. Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 249 | 278 |
Fair Value | 247 | 278 |
U.S. Government Agency Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 7 | 12 |
Fair Value | 7 | 12 |
Foreign Government Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 11 | 11 |
Fair Value | 11 | 11 |
Asset-Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 215 | 184 |
Fair Value | $ 215 | $ 185 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) - Surmont $ in Billions | 3 Months Ended | ||
Oct. 04, 2023 USD ($) | Mar. 31, 2024 USD ($) | Oct. 04, 2023 CAD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Percentage of interest acquired | 50% | 50% | |
Business acquisition, maximum payment | $ 320,000,000 | $ 0.4 | |
Business combination, contingent, consideration arrangements, term | 5 years | 5 years | |
Business acquisition, cost per every dollar exceeding threshold | $ 2,000,000 | ||
Business acquisition, threshold (dollars per barrel) | 52 | ||
Business acquisition, contingent payments | $ 12,000,000 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives | $ 725 | $ 724 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt securities | 1,437 | 1,424 |
Commodity derivatives | 725 | 724 |
Total assets | 2,162 | 2,148 |
Commodity derivatives | 673 | 647 |
Contingent consideration | 305 | 312 |
Total liabilities | 978 | 959 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt securities | 248 | 278 |
Commodity derivatives | 338 | 308 |
Total assets | 586 | 586 |
Commodity derivatives | 371 | 350 |
Contingent consideration | 0 | 0 |
Total liabilities | 371 | 350 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt securities | 1,189 | 1,146 |
Commodity derivatives | 314 | 301 |
Total assets | 1,503 | 1,447 |
Commodity derivatives | 280 | 283 |
Contingent consideration | 0 | 0 |
Total liabilities | 280 | 283 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt securities | 0 | 0 |
Commodity derivatives | 73 | 115 |
Total assets | 73 | 115 |
Commodity derivatives | 22 | 14 |
Contingent consideration | 305 | 312 |
Total liabilities | $ 327 | $ 326 |
Fair Value Measurement - Sche_2
Fair Value Measurement - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Fair Value, Recurring $ in Millions | Mar. 31, 2024 USD ($) $ / Boe | Dec. 31, 2023 USD ($) $ / Boe |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration | $ | $ 305 | $ 312 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration | $ | $ 305 | $ 312 |
Level 3 | Minimum | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 61.13 | 45.48 |
Level 3 | Maximum | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 69.70 | 63.04 |
Level 3 | Arithmetic Average | Measurement Input, Commodity Price Outlook | Valuation Technique, Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 64.48 | 57.45 |
Fair Value Measurement - Sche_3
Fair Value Measurement - Schedule of Commodity Derivative Balances Subject to Right of Setoff (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Offsetting Derivative Assets [Abstract] | ||
Assets - gross amounts recognized | $ 725 | $ 724 |
Assets - amounts without right of setoff | 41 | 39 |
Assets - gross amounts | 684 | 685 |
Assets - gross amounts offset | 411 | 375 |
Assets - net amounts presented | 273 | 310 |
Assets - cash collateral | 2 | 4 |
Assets - net amounts | 271 | 306 |
Offsetting Derivative Liabilities [Abstract] | ||
Liabilities - gross amounts recognized | 673 | 647 |
Liabilities - amounts without right of setoff | 37 | 34 |
Liabilities - gross amounts recognized | 636 | 613 |
Liabilities - gross amounts offset | 411 | 375 |
Liabilities - net amounts presented | 225 | 238 |
Liabilities - cash collateral | 39 | 47 |
Liabilities - net amounts | $ 186 | $ 191 |
Fair Value Measurement - Sche_4
Fair Value Measurement - Schedule of Net Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying Amount | ||
Financial Assets [Abstract] | ||
Investments in debt securities | $ 1,437 | $ 1,424 |
Financial Liabilities [Abstract] | ||
Total debt, excluding finance leases | 17,339 | 17,808 |
Carrying Amount | Commodity Contract | ||
Financial Assets [Abstract] | ||
Commodity derivatives | 312 | 345 |
Financial Liabilities [Abstract] | ||
Commodity derivatives | 223 | 225 |
Estimate of Fair Value Measurement | ||
Financial Assets [Abstract] | ||
Investments in debt securities | 1,437 | 1,424 |
Financial Liabilities [Abstract] | ||
Total debt, excluding finance leases | 17,789 | 18,621 |
Estimate of Fair Value Measurement | Commodity Contract | ||
Financial Assets [Abstract] | ||
Commodity derivatives | 312 | 345 |
Financial Liabilities [Abstract] | ||
Commodity derivatives | $ 223 | $ 225 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ (5,673) | |
Other comprehensive income (loss) | (244) | $ (27) |
Ending balance | (5,917) | |
Defined Benefit Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (393) | |
Other comprehensive income (loss) | 5 | |
Ending balance | (388) | |
Unrealized Holding Gain/(Loss) on Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 2 | |
Other comprehensive income (loss) | (3) | |
Ending balance | (1) | |
Foreign Currency Translation | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (5,344) | |
Other comprehensive income (loss) | (230) | |
Ending balance | (5,574) | |
Unrealized Gain/(Loss) on Hedging Activities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 62 | |
Other comprehensive income (loss) | (16) | |
Ending balance | $ 46 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Schedule of Items Reclassified out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Defined benefit plans* | $ 5 | $ 11 |
Tax expense of defined benefit plans | $ 2 | $ 3 |
Cash Flow Information - Schedul
Cash Flow Information - Schedule of Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Payments | ||
Interest | $ 254 | $ 209 |
Income taxes | 707 | 1,062 |
Net Sales (Purchases) of Investments | ||
Short-term investments purchased | (118) | (269) |
Short-term investments sold | 673 | 1,513 |
Long-term investments purchased | (199) | (210) |
Long-term investments sold | 49 | 31 |
Net sales (purchases) of investments | $ 405 | $ 1,065 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Benefits | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 1 | 1 |
Expected return on plan assets | ||
Amortization of prior service credit | (9) | (9) |
Recognized net actuarial loss (gain) | 0 | (1) |
Settlements | ||
Net periodic benefit cost | (8) | (9) |
U.S. | Pension Benefits | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 12 | 13 |
Interest cost | 19 | 19 |
Expected return on plan assets | (16) | (15) |
Amortization of prior service credit | 0 | 0 |
Recognized net actuarial loss (gain) | 2 | 3 |
Settlements | 0 | 4 |
Net periodic benefit cost | 17 | 24 |
Int'l. | Pension Benefits | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 10 | 10 |
Interest cost | 29 | 28 |
Expected return on plan assets | (41) | (37) |
Amortization of prior service credit | 0 | 0 |
Recognized net actuarial loss (gain) | 14 | 17 |
Settlements | 0 | 0 |
Net periodic benefit cost | $ 12 | $ 18 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Significant Transactions with Related Parties (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Operating revenues and other income | $ 14,476 | $ 15,517 |
Operating expenses and selling, general and administrative expenses | 178 | 159 |
Related Party | ||
Related Party Transaction [Line Items] | ||
Operating revenues and other income | 17 | 21 |
Operating expenses and selling, general and administrative expenses | $ 55 | $ 78 |
Sales and Other Operating Rev_3
Sales and Other Operating Revenues - Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from contract | $ 12,307 | $ 11,964 |
Consolidated sales and other operating revenues | 13,848 | 14,811 |
Physical contracts meeting the definition of a derivative | ||
Revenue from contracts outside the scope of ASC Topic 606 | 1,565 | 3,127 |
Crude oil | ||
Revenue from contracts outside the scope of ASC Topic 606 | 0 | 47 |
Natural gas | ||
Revenue from contracts outside the scope of ASC Topic 606 | 1,199 | 2,725 |
Other | ||
Revenue from contracts outside the scope of ASC Topic 606 | 366 | 355 |
Financial derivative contracts | ||
Revenue from contracts outside the scope of ASC Topic 606 | (24) | (280) |
Lower 48 | Physical contracts meeting the definition of a derivative | ||
Revenue from contracts outside the scope of ASC Topic 606 | 1,259 | 2,508 |
Canada | Physical contracts meeting the definition of a derivative | ||
Revenue from contracts outside the scope of ASC Topic 606 | 217 | 567 |
Europe, Middle East and North Africa | Physical contracts meeting the definition of a derivative | ||
Revenue from contracts outside the scope of ASC Topic 606 | $ 89 | $ 52 |
Sales and Other Operating Rev_4
Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |||
Accounts receivable, after allowance for credit loss | $ 4,415 | $ 4,414 | |
Revenue recognized | 0 | $ 0 | |
Contract with customer, liability | $ 27 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic earnings per share | ||
Net Income (Loss) | $ 2,551 | $ 2,920 |
Less: Dividends and undistributed earnings allocated to participating securities | 9 | 11 |
Net Income (Loss) available to common shareholders | $ 2,542 | $ 2,909 |
Weighted-average common shares outstanding (in shares) | 1,177,921 | 1,220,228 |
Net Income (Loss) Per Share of Common Stock, Basic (in dollars per share) | $ 2.16 | $ 2.38 |
Diluted earnings per share | ||
Net Income (Loss) available to common shareholders | $ 2,542 | $ 2,909 |
Add: Dilutive impact of options and unvested non-participating RSU/PSUs | 2,000 | 3,000 |
Weighted-average diluted shares outstanding (in shares) | 1,180,320 | 1,223,355 |
Net Income (Loss) Per Share of Common Stock, Diluted (in dollars per share) | $ 2.15 | $ 2.38 |
Segment Disclosures and Relat_3
Segment Disclosures and Related Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 6 |
Segment Disclosures and Relat_4
Segment Disclosures and Related Information - Sales (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | $ 13,848 | $ 14,811 |
Lower 48 | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 9,309 | 10,049 |
Canada | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 1,444 | 1,183 |
Intersegment eliminations | Lower 48 | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | (1) | (4) |
Intersegment eliminations | Canada | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | (508) | (340) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 13,848 | 14,811 |
Operating Segments | Alaska | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 1,670 | 1,735 |
Operating Segments | Lower 48 | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 9,308 | 10,045 |
Operating Segments | Canada | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 936 | 843 |
Operating Segments | Europe, Middle East and North Africa | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 1,457 | 1,702 |
Operating Segments | Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 474 | 464 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 3 | 22 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 10,980 | 11,802 |
Canada | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 936 | 843 |
China | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 213 | 202 |
Libya | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 500 | 370 |
Malaysia | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 261 | 261 |
Norway | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 624 | 651 |
U.K. | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 333 | 681 |
Other foreign countries | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 1 | 1 |
Natural gas | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 1,882 | 4,412 |
Natural gas liquids | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 680 | 695 |
Crude oil | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | 9,563 | 8,904 |
Other | ||
Segment Reporting Information [Line Items] | ||
Consolidated sales and other operating revenues | $ 1,723 | $ 800 |
Segment Disclosures and Relat_5
Segment Disclosures and Related Information - Net Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Income (Loss) Attributable to Parent [Abstract] | ||
Consolidated net income (loss) | $ 2,551 | $ 2,920 |
Operating Segments | Alaska | ||
Net Income (Loss) Attributable to Parent [Abstract] | ||
Consolidated net income (loss) | 346 | 416 |
Operating Segments | Lower 48 | ||
Net Income (Loss) Attributable to Parent [Abstract] | ||
Consolidated net income (loss) | 1,381 | 1,852 |
Operating Segments | Canada | ||
Net Income (Loss) Attributable to Parent [Abstract] | ||
Consolidated net income (loss) | 180 | 6 |
Operating Segments | Europe, Middle East and North Africa | ||
Net Income (Loss) Attributable to Parent [Abstract] | ||
Consolidated net income (loss) | 304 | 365 |
Operating Segments | Asia Pacific | ||
Net Income (Loss) Attributable to Parent [Abstract] | ||
Consolidated net income (loss) | 512 | 522 |
Operating Segments | Other International | ||
Net Income (Loss) Attributable to Parent [Abstract] | ||
Consolidated net income (loss) | (1) | 1 |
Corporate and Other | ||
Net Income (Loss) Attributable to Parent [Abstract] | ||
Consolidated net income (loss) | $ (171) | $ (242) |
Segment Disclosures and Relat_6
Segment Disclosures and Related Information - Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Total Assets | ||
Consolidated total assets | $ 95,348 | $ 95,924 |
Corporate and Other | ||
Total Assets | ||
Consolidated total assets | 9,482 | 9,759 |
Alaska | Operating Segments | ||
Total Assets | ||
Consolidated total assets | 16,701 | 16,174 |
Lower 48 | Operating Segments | ||
Total Assets | ||
Consolidated total assets | 42,586 | 42,415 |
Canada | Operating Segments | ||
Total Assets | ||
Consolidated total assets | 10,028 | 10,277 |
Europe, Middle East and North Africa | Operating Segments | ||
Total Assets | ||
Consolidated total assets | 8,021 | 8,396 |
Asia Pacific | Operating Segments | ||
Total Assets | ||
Consolidated total assets | $ 8,530 | $ 8,903 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 33% | 36% |
Income tax benefit | $ 76 |