0001163165-24-000010 | 10-K | XBRL Viewer

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Accumulated Other Comprehensive (Loss) - Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 48,003	$ 45,406	$ 29,849
Other comprehensive income (loss)	327	(1,050)	268
Ending balance	49,279	48,003	45,406
Accumulated Other Comprehensive Income/(Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(6,000)	(4,950)	(5,218)
Other comprehensive income (loss)	327	(1,050)	268
Ending balance	(5,673)	(6,000)	(4,950)
Defined Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(448)	(31)	(425)
Other comprehensive income (loss)	55	(417)	394
Ending balance	(393)	(448)	(31)
Net Unrealized Holding Gain/(Loss) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(11)	0	2
Other comprehensive income (loss)	13	(11)	(2)
Ending balance	2	(11)	0
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(5,541)	(4,919)	(4,795)
Other comprehensive income (loss)	197	(622)	(124)
Ending balance	(5,344)	(5,541)	(4,919)
Unrealized Gain/(Loss) on Hedging Activities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0	0
Other comprehensive income (loss)	62	0	0
Ending balance	$ 62	$ 0	$ 0

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 710	$ 1,345	$ 1,206
Additions based on tax positions related to the current year	5	6	15
Additions for tax positions of prior years	1	6	177
Reductions for tax positions of prior years	(9)	(62)	(5)
Settlements	(96)	(510)	0
Lapse of statute	(224)	(75)	(48)
Ending balance	$ 387	$ 710	$ 1,345

Acquisitions and Dispositions - Schedule of Assets Acquired and Liabilities Assumed (Details) - Surmont $ in Millions	Oct. 31, 2023 USD ($)
Recognized amounts of identifiable assets acquired and liabilities assumed
Oil and gas properties	$ 3,129
Asset retirement obligations	(112)
Other	(12)
Total identifiable net assets	$ 3,005

Accumulated Other Comprehensive (Loss)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive (Loss)

Note 18—Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) in the equity section of the balance sheet included:


	Millions of Dollars
	Defined Benefit Plans		Net Unrealized Holding Gain/(Loss) on Securities	Foreign Currency Translation	Unrealized Gain/(Loss) on Hedging Activities	Accumulated Other Comprehensive Income/(Loss)

December 31, 2020	$	(425)	2	(4,795)	—	(5,218)
Other comprehensive income (loss)	394		(2)	(124)	—	268
December 31, 2021	(31)		—	(4,919)	—	(4,950)
Other comprehensive income (loss)	(417)		(11)	(622)	—	(1,050)
December 31, 2022	(448)		(11)	(5,541)	—	(6,000)
Other comprehensive income (loss)	55		13	197	62	327
December 31, 2023	$	(393)	2	(5,344)	62	(5,673)

The following table summarizes reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31:


	Millions of Dollars
	2023		2022

Defined Benefit Plans*	$	33	26
*Included in the computation of net periodic benefit cost and are presented net of tax expense of:	$	11	7
See Note 16.

Accounting Policies	12 Months Ended
Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Accounting Policies	Note 1—Accounting Policies •Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and, if applicable, variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is measured at fair value except when the investment does not have a readily determinable fair value. For those exceptions, it will be measured at cost minus impairment, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. Undivided interests in oil and gas joint ventures, pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost. We manage our operations through six operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International. See Note 24. •Foreign Currency Translation—Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income (loss) in common stockholders’ equity. Foreign currency transaction gains and losses are included in current earnings. Some of our foreign operations use their local currency as the functional currency. •Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. •Revenue Recognition—Revenues associated with the sales of crude oil, bitumen, natural gas, NGLs, LNG and other items are recognized at the point in time when the customer obtains control of the asset. In evaluating when a customer has control of the asset, we primarily consider whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership and whether the customer has accepted delivery and a right to payment exists. These products are typically sold at prevailing market prices. We allocate variable market-based consideration to deliveries (performance obligations) in the current period as that consideration relates specifically to our efforts to transfer control of current period deliveries to the customer and represents the amount we expect to be entitled to in exchange for the related products. Payment is typically due within 30 days or less. Transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into “in contemplation” of one another, are combined and reported net (i.e., on the same income statement line). •Shipping and Handling Costs—We typically incur shipping and handling costs prior to control transferring to the customer and account for these activities as fulfillment costs. Accordingly, we include shipping and handling costs in production and operating expenses for production activities. Transportation costs related to marketing activities are recorded in purchased commodities. Freight costs billed to customers are treated as a component of the transaction price and recorded as a component of revenue when the customer obtains control. •Cash Equivalents—Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value. •Short-Term Investments—Short-term investments include investments in bank time deposits and marketable securities (commercial paper and government obligations) which are carried at cost plus accrued interest and have original maturities of greater than 90 days but within one year or when the remaining maturities are within one year. We also invest in financial instruments classified as available for sale debt securities which are carried at fair value. Those instruments are included in short-term investments when they have remaining maturities of one year or less, as of the balance sheet date. •Long-Term Investments in Debt Securities—Long-term investments in debt securities includes financial instruments classified as available for sale debt securities with remaining maturities greater than one year as of the balance sheet date. They are carried at fair value and presented within the “Investments and long-term receivables” line of our consolidated balance sheet. •Inventories—We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. The majority of our commodity-related inventories are recorded at cost using the LIFO basis. We measure these inventories at the lower-of-cost-or-market in the aggregate. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual/nonrecurring costs or research and development costs. Materials, supplies and other miscellaneous inventories, such as tubular goods and well equipment, are valued using various methods, including the weighted-average-cost method and the FIFO method, consistent with industry practice. •Fair Value Measurements—Assets and liabilities measured at fair value and required to be categorized within the fair value hierarchy are categorized into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants. •Derivative Instruments—Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the balance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. We do not apply hedge accounting to our derivative instruments. •Oil and Gas Exploration and Development—Oil and gas exploration and development costs are accounted for using the successful efforts method of accounting. Property Acquisition Costs—Oil and gas leasehold acquisition costs are capitalized and included in the balance sheet caption PP&E. Leasehold impairment is recognized based on exploratory experience and management’s judgment. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated leasehold costs are reclassified to proved properties. Exploratory Costs—Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. Exploratory well costs are capitalized, or “suspended,” on the balance sheet pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. If exploratory wells encounter potentially economic quantities of oil and gas, the well costs remain capitalized on the balance sheet as long as sufficient progress assessing the reserves and the economic and operating viability of the project is being made. For complex exploratory discoveries, it is not unusual to have exploratory wells remain suspended on the balance sheet for several years while we perform additional appraisal drilling and seismic work on the potential oil and gas field or while we seek government or coventurer approval of development plans or seek environmental permitting. Once all required approvals and permits have been obtained, the projects are moved into the development phase, and the oil and gas resources are designated as proved reserves. Management reviews suspended well balances quarterly, continuously monitors the results of the additional appraisal drilling and seismic work, and expenses the suspended well costs as dry holes when it judges the potential field does not warrant further investment in the near term. See Note 6. Development Costs—Costs incurred to drill and equip development wells, including unsuccessful development wells, are capitalized. Depletion and Amortization—Leasehold costs of producing properties are depleted using the unit-of-production method based on estimated proved oil and gas reserves. Amortization of development costs is based on the unit-of-production method using estimated proved developed oil and gas reserves. •Capitalized Interest—Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets. •Depreciation and Amortization—Depreciation and amortization of PP&E on producing hydrocarbon properties and SAGD facilities and certain pipeline and LNG assets (those which are expected to have a declining utilization pattern), are determined by the unit-of-production method. Depreciation and amortization of all other PP&E are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). •Impairment of Properties, Plants and Equipment—Long-lived assets used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If there is an indication the carrying amount of an asset may not be recovered, a recoverability test is performed using management’s assumptions for prices, volumes and future development plans. If the sum of the undiscounted cash flows before income-taxes is less than the carrying value of the asset group, the carrying value is written down to estimated fair value and reported as an impairment in the period in which the determination is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets—generally on a field-by-field basis for E&P assets. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future production volumes, commodity prices, operating costs and capital decisions, considering all available evidence at the date of review. The impairment review includes cash flows from proved developed and undeveloped reserves, including any development expenditures necessary to achieve that production. Additionally, when probable and possible reserves exist, an appropriate risk-adjusted amount of these reserves may be included in the impairment calculation. Long-lived assets committed by management for disposal within one year are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. •Maintenance and Repairs—Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. •Property Dispositions—When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Gain (loss) on dispositions” line of our consolidated income statement. When partial units of depreciable property are sold or retired which do not significantly alter the DD&A rate, the asset cost and accumulated depreciation are eliminated such that no gain or loss is recorded. •Asset Retirement Obligations and Environmental Costs—The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred (typically when the asset is installed at the production location). Fair value is estimated using a present value approach, incorporating assumptions about estimated amounts and timing of settlements and impacts of the use of technologies. See Note 8. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired through a business combination, which we record on a discounted basis) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is probable and estimable. •Impairment of Investments in Nonconsolidated Entities—Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When such a condition is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate. •Guarantees—The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable that we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. •Share-Based Compensation—We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. •Income Taxes—Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial reporting basis and the tax basis of our assets and liabilities, except for deferred taxes on income and temporary differences related to the cumulative translation adjustment considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures. Allowable tax credits are applied currently as reductions of the provision for income taxes. Interest related to unrecognized tax benefits is reflected in interest and debt expense, and penalties related to unrecognized tax benefits are reflected in production and operating expenses. •Taxes Collected from Customers and Remitted to Governmental Authorities—Sales and value-added taxes are recorded net. •Net Income (Loss) Per Share of Common Stock—Basic net income (loss) per share (EPS) is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock (including fully vested stock and unit awards that have not yet been issued as common stock) and participating securities. ConocoPhillips grants RSUs under its share-based compensation programs, the majority of which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Company’s common stock. See Note 16. These unvested RSUs meet the definition of participating securities based on their respective rights to receive non-forfeitable dividends and are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS. Diluted EPS includes the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Diluted net loss per share does not assume conversion or exercise of securities that would have an antidilutive effect. Treasury stock is excluded from the daily weighted-average number of common shares outstanding in both calculations. See Note 23.

Income Taxes - Components of Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal
Current	$ 1,054	$ 1,263	$ 32
Deferred	825	1,629	1,161
Foreign
Current	2,931	5,813	3,128
Deferred	254	387	66
State and local
Current	202	386	127
Deferred	65	70	119
Total tax provision (benefit)	$ 5,331	$ 9,548	$ 4,633

Accounting Policies (Details)	12 Months Ended
Accounting Policies (Details)	Dec. 31, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	6

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-32395
Entity Registrant Name	ConocoPhillips
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0562944
Entity Address, Address Line One	925 N. Eldridge Parkway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	281
Local Phone Number	293-1000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 124.0
Entity Common Stock, Shares Outstanding		1,176,408,368
Documents Incorporated by Reference	Documents incorporated by reference: Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 14, 2024 (Part III)
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001163165
Current Fiscal Year End Date	--12-31
Common Stock, $.01 Par Value
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	COP
Security Exchange Name	NYSE
7% Debentures due 2029
Entity Listings [Line Items]
Title of 12(b) Security	7% Debentures due 2029
Trading Symbol	CUSIP—718507BK1
Security Exchange Name	NYSE

Derivative and Financial Instruments - Net Carrying Amount of Investments and Long-term Receivables Carried at Cost plus Accrued Interest (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Cash and Cash Equivalents	$ 5,635	$ 6,361
Short-Term Investments	536	2,182
Cash
Schedule of Held-to-maturity Securities [Line Items]
Cash and Cash Equivalents	474	593
Demand Deposits
Schedule of Held-to-maturity Securities [Line Items]
Cash and Cash Equivalents	1,424	1,638
Time Deposits \| 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and Cash Equivalents	3,713	4,116
Short-Term Investments	511	1,288
Time Deposits \| 91 to 180 days
Schedule of Held-to-maturity Securities [Line Items]
Short-Term Investments	22	883
Time Deposits \| Within one year
Schedule of Held-to-maturity Securities [Line Items]
Short-Term Investments	3	11
U.S. Government Obligations \| 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and Cash Equivalents	24	14
Short-Term Investments	$ 0	$ 0

Earnings Per Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic earnings per share
Net Income (Loss)	$ 10,957	$ 18,680	$ 8,079
Less: Dividends and undistributed earnings allocated to participating securities	35	60	19
Net Income (Loss) available to common shareholders	$ 10,922	$ 18,620	$ 8,060
Average common shares outstanding (in shares)	1,202,757	1,274,028	1,324,194
Net income (loss) attributable to ConocoPhillips per share, basic (in dollars per share)	$ 9.08	$ 14.62	$ 6.09
Diluted earnings per share
Net Income (Loss) available to common shareholders	$ 10,922	$ 18,620	$ 8,060
Add: Dilutive impact of options and unvested non-participating RSU/PSUs	3,000	4,000	4,000
Average diluted shares outstanding (in shares)	1,205,675	1,278,163	1,328,151
Net income (loss) attributable to ConocoPhillips per share, diluted (in dollars per share)	$ 9.06	$ 14.57	$ 6.07

Investment in Cenovus Energy (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Gains and Losses Recorded in Other Income (Loss)


	Millions of Dollars
	2023	2022	2021
Total Net gain on equity securities		251	1,040
Less: Net gain on equity securities sold during the period		251	473
Unrealized gain on equity securities still held at the reporting date	$		567

Segment Disclosures and Related Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Sales and Other Operating Revenues

Analysis of Results by Operating Segment


	Millions of Dollars
	2023		2022	2021
Sales and Other Operating Revenues


Alaska	7,098		7,905	5,480
Lower 48	38,244		52,921	29,306
Intersegment eliminations	(7)		(18)	(12)
Lower 48	38,237		52,903	29,294
Canada	4,873		6,159	4,077
Intersegment eliminations	(1,867)		(2,445)	(1,583)
Canada	3,006		3,714	2,494
Europe, Middle East and North Africa	5,854		11,271	5,902
Intersegment eliminations	—		(1)	—
Europe, Middle East and North Africa	5,854		11,270	5,902
Asia Pacific	1,913		2,606	2,579
Other International	—		—	4
Corporate and Other	33		96	75
Consolidated sales and other operating revenues	$	56,141	78,494	45,828

Depreciation, Depletion, Amortization and Impairments


	Millions of Dollars
	2023		2022	2021
Depreciation, Depletion, Amortization and Impairments
Alaska	$	1,061	941	1,002
Lower 48	5,729		4,854	4,067
Canada	425		400	392
Europe, Middle East and North Africa	587		735	862
Asia Pacific	455		518	1,483
Other International	—		—	—
Corporate and Other	27		44	76
Consolidated depreciation, depletion, amortization and impairments	$	8,284	7,492	7,882

Equity in Earnings of Affiliates


	Millions of Dollars
	2023		2022	2021
Equity in Earnings of Affiliates
Alaska	$	1	4	5
Lower 48	(9)		(14)	(18)
Canada	—		—	—
Europe, Middle East and North Africa	580		780	502
Asia Pacific	1,151		1,310	343
Other International	—		1	—
Corporate and Other	(3)		—	—
Consolidated equity in earnings of affiliates	$	1,720	2,081	832

Income Tax Provision (Benefit)




Income Tax Provision (Benefit)
Alaska	$	642	885	402
Lower 48	1,763		3,088	1,390
Canada	26		206	150
Europe, Middle East and North Africa	3,065		5,445	2,543
Asia Pacific	42		480	483
Other International	—		53	(53)
Corporate and Other	(207)		(609)	(282)
Consolidated income tax provision (benefit)	$	5,331	9,548	4,633

Net Income (Loss) Attributable to ConocoPhillips


Net Income (Loss)
Alaska	$	1,778	2,352	1,386
Lower 48	6,461		11,015	4,932
Canada	402		714	458
Europe, Middle East and North Africa	1,189		2,244	1,167
Asia Pacific	1,961		2,736	453
Other International	(13)		(51)	(107)
Corporate and Other	(821)		(330)	(210)
Consolidated net income (loss)	$	10,957	18,680	8,079

Investments In and Advances To Affiliates




Investments in and Advances to Affiliates
Alaska	$	32	55	58
Lower 48	118		235	242
Canada	—		—	—
Europe, Middle East and North Africa	1,191		1,049	797
Asia Pacific	5,419		6,154	5,603
Other International	—		—	1
Corporate and Other	1,145		—	—
Consolidated investments in and advances to affiliates	$	7,905	7,493	6,701

Total Assets


	Millions of Dollars
	2023		2022	2021
Total Assets
Alaska	$	16,174	15,126	14,812
Lower 48	42,415		42,950	41,699
Canada	10,277		6,971	7,439
Europe, Middle East and North Africa	8,396		8,263	9,125
Asia Pacific	8,903		9,511	9,840
Other International	—		—	1
Corporate and Other	9,759		11,008	7,745
Consolidated total assets	$	95,924	93,829	90,661

Capital Expenditures and Investments




Capital Expenditures and Investments
Alaska	$	1,705	1,091	982
Lower 48	6,487		5,630	3,129
Canada	456		530	203
Europe, Middle East and North Africa	1,111		998	534
Asia Pacific	354		1,880	390
Other International	—		—	33
Corporate and Other	1,135		30	53
Consolidated capital expenditures and investments	$	11,248	10,159	5,324

Interest Income and Expense


Interest Income and Expense
Interest income
Alaska	$	—	—	—
Lower 48	—		—	—
Canada	—		—	—
Europe, Middle East and North Africa	1		1	2
Asia Pacific	8		9	9
Other International	—		—	—
Corporate and Other	403		185	22
Interest and debt expense
Corporate and Other	$	780	805	884

Sales and Other Operating Revenues by Product


Sales and Other Operating Revenues by Product
Crude oil	$	37,833	41,492	23,648
Natural gas	10,725		26,941	16,904
Natural gas liquids	2,609		3,650	1,668
Other*	4,974		6,411	3,608
Consolidated sales and other operating revenues by product	$	56,141	78,494	45,828

*Includes bitumen and power.

Geographic Information


	Millions of Dollars
	Sales and Other Operating Revenues(1)				Long-Lived Assets(2)
	2023		2022	2021	2023	2022	2021

U.S.	$	45,101	60,899	34,847	53,955	51,200	50,580
Australia	—		—	—	5,426	6,158	5,579
Canada	3,006		3,714	2,494	9,666	6,269	6,608
China	952		1,135	724	1,635	1,538	1,476
Indonesia(3)	—		159	879	—	—	28
Libya	1,730		1,582	1,102	703	714	659
Malaysia	961		1,312	975	939	1,107	1,252
Norway	2,408		3,415	2,563	4,489	4,369	4,681
U.K.	1,978		6,273	2,236	2	1	1
Other foreign countries	5		5	8	1,134	1,003	748
Worldwide consolidated	$	56,141	78,494	45,828	77,949	72,359	71,612

(1)Sales and other operating revenues are attributable to countries based on the location of the selling operation.

(2)Defined as net PP&E plus equity investments and advances to affiliated companies.

(3)Assets divested in 2022. See Note 3.

Income Taxes - Reconciliation of Deferred Tax Asset Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Asset Valuation Allowance [Roll Forward]
Beginning balance	$ 8,049	$ 8,342	$ 9,965
Charged to expense (benefit)	(2)	5	(45)
Other	(391)	(298)	(1,578)
Ending balance	$ 7,656	$ 8,049	$ 8,342

Contingencies and Commitments - Narrative (Details) $ in Millions		1 Months Ended				12 Months Ended	69 Months Ended
	Aug. 02, 2019 USD ($)	Oct. 31, 2020	Mar. 31, 2019 USD ($)	Aug. 31, 2018 USD ($)	Apr. 30, 2018 USD ($)	Dec. 31, 2017 lawsuit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 10, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 29, 2019 USD ($)
Loss Contingencies [Line Items]
Purchase obligation							$ 340
2024							7
2025							7
2026							7
2027							7
2028							283
2029 and after							11,000
Total payments under agreement							26	$ 26	$ 27
Outer Continental Shelf Lease \| Phillips Petroleum Company
Loss Contingencies [Line Items]
Ownership percentage in equity investment		25.00%
Sale of interest, duration		30 years
Barossa Project \| Asia Pacific
Loss Contingencies [Line Items]
Receivable in dispute											$ 200	$ 200
Barossa Project \| Asia Pacific \| Operating Segments
Loss Contingencies [Line Items]
Receivable in dispute										$ 200
ConocoPhillips Entities \| Several Louisiana parishes and the State of Louisiana against oil and gas companies
Loss Contingencies [Line Items]
Loss contingency, number of new claims filed \| lawsuit						22
VENEZUELA \| ConocoPhillips Versus Petroleos de Venezuela ICISD
Loss Contingencies [Line Items]
Litigation settlement, amount awarded			$ 8,700
Litigation award reduction													$ 227
Litigation settlement, amount awarded revised							8,500
VENEZUELA \| ConocoPhillips vs Petroleos De Venezuela ICC
Loss Contingencies [Line Items]
Litigation settlement, amount awarded	$ 33			$ 500	$ 2,000
Litigation settlement, initial payment term				90 days
Litigation settlement, remaining payment term				4 years 6 months
Proceeds from legal settlements							$ 777

Acquisitions and Dispositions - Schedule of Supplemental Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Pro Forma (unaudited)
Operating revenues and other income		$ 58,574	$ 82,156	$ 48,349
Income (loss) before income taxes				12,712
Net Income (Loss)		$ 10,957	$ 18,680	$ 8,079
Earnings per share:
Basic (in dollars per share)		$ 9.08	$ 14.62	$ 6.09
Diluted (in dollars per share)		$ 9.06	$ 14.57	$ 6.07
Income (loss) before income taxes		$ 16,288	$ 28,228	$ 12,712
Pro Forma
Supplemental Pro Forma (unaudited)
Operating revenues and other income		61,135	85,738	51,569
Income (loss) before income taxes				13,913
Net Income (Loss)		$ 11,458	$ 19,400	$ 8,999
Earnings per share:
Basic (in dollars per share)		$ 9.50	$ 15.18	$ 6.78
Diluted (in dollars per share)		$ 9.47	$ 15.13	$ 6.76
Income (loss) before income taxes		$ 16,947	$ 29,175
Surmont
Supplemental Pro Forma (unaudited)
Operating revenues and other income	$ 572
Net Income (Loss)	$ 119
Pro forma - total revenues and other income		2,561	3,582
Pro forma - Income (loss) before income taxes		659	947
Pro forma - Net Income (Loss) attributable to ConocoPhillips		$ 501	$ 720
Shell Permian Assets
Supplemental Pro Forma (unaudited)
Pro forma - total revenues and other income				$ 3,220
Pro forma - Income (loss) before income taxes				1,201
Pro forma - Net Income (Loss) attributable to ConocoPhillips				$ 920

Investments, Loans and Long-Term Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Components of Investments, Loans and Long-Term Receivables

Components of investments and long-term receivables at December 31 were:


	Millions of Dollars
	2023		2022
Equity investments	$	7,905	7,493
Long-term receivables	143		142
Long-term investments in debt securities	989		522
Other investments	93		68
	$	9,130	8,225

Summarized Financial Information for Equity Method Investments in Affiliated Companies

Summarized 100 percent earnings information for equity method investments in affiliated companies, combined, was as follows:


	Millions of Dollars
	2023		2022	2021
Revenues	$	15,314	18,356	11,824
Income (loss) before income taxes	6,301		8,234	3,946
Net income (loss)	4,214		5,507	2,557

Summarized 100 percent balance sheet information for equity method investments in affiliated companies, combined, was as follows:


	Millions of Dollars
	2023		2022
Current assets	$	3,827	5,001
Noncurrent assets	39,299		37,789
Current liabilities	3,462		4,169
Noncurrent liabilities	16,665		17,244

Employee Benefit Plans - Stock Option Activity (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Options
Options, Outstanding, beginning balance (in shares) \| shares	4,303,575
Options, Exercised (in shares) \| shares	(1,038,900)
Options, Expired or cancelled (in shares) \| shares	0
Options, Outstanding, ending balance (in shares) \| shares	3,264,675
Stock option, Vested (in shares) \| shares	3,264,675
Stock option, Exercisable at end of year (in shares) \| shares	3,264,675
Weighted-Average Exercise Price
Weighted-Average Exercise Price, Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 55.28
Weighted-Average Exercise Price, exercised (in dollars per share) \| $ / shares	63.87
Weighted-Average Exercise Price, Expired or canceled (in dollars per share) \| $ / shares	0
Weighted-Average Exercise Price, Outstanding, ending balance (in dollars per share) \| $ / shares	52.55
Weighted-Average Exercise Price, Vested (in dollars per share) \| $ / shares	52.55
Weighted-Average Exercise Price, Exercisable (in dollars per share) \| $ / shares	$ 52.55
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding, beginning balance \| $	$ 266
Aggregate intrinsic value, exercised \| $	58
Aggregate Intrinsic Value, Outstanding, ending balance \| $	209
Aggregate Intrinsic Value, Vested \| $	209
Aggregate Intrinsic Value, Exercisable \| $	$ 209

Non-Mineral Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 217
2025	150
2026	113
2027	88
2028	67
Remaining years	153
Total	788
Less: portion representing imputed interest	(91)
Total lease liabilities	697	$ 545
Finance Leases
2024	358
2025	207
2026	204
2027	161
2028	178
Remaining years	174
Total	1,282
Less: portion representing imputed interest	(153)
Total lease liabilities	$ 1,129	$ 1,320

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) before income taxes
United States	$ 9,472	$ 16,739	$ 8,024
Foreign	6,816	11,489	4,688
Income (loss) before income taxes	16,288	28,228	12,712
Federal statutory income tax	3,421	5,928	2,670
Non-U.S. effective tax rates	2,063	3,866	1,915
Recovery of outside basis	(4)	(30)	(55)
Adjustment to tax reserves	(317)	(551)	(11)
Adjustment to valuation allowance	(2)	5	(45)
State income tax	214	405	194
Enhanced oil recovery credit	0	(37)	(99)
Other	(44)	(38)	64
Total tax provision (benefit)	$ 5,331	$ 9,548	$ 4,633
Income (loss) before income taxes, United States, Percent of Pre-Tax Income (Loss)	58.20%	59.30%	63.10%
Income (loss) before income taxes, Foreign, Percent of Pre-Tax Income (Loss)	41.80%	40.70%	36.90%
Income (loss) before income taxes, Percent of Pre-Tax Income (Loss)	100.00%	100.00%	100.00%
Federal statutory income tax, Percent of Pre-Tax Income (Loss)	21.00%	21.00%	21.00%
Non-U.S. effective tax rates, Percent of Pre-Tax Income (Loss)	12.70%	13.70%	15.10%
Recovery of outside basis, Percent of Pre-Tax Income (Loss)	0.00%	(0.10%)	(0.40%)
Adjustment to tax reserves, Percent of Pre-Tax Income (Loss)	(1.90%)	(2.00%)	(0.10%)
Adjustment to valuation allowances, Percent of Pre-Tax Income (Loss)	0.00%	0.00%	(0.40%)
State income tax, Percent of Pre-Tax Income (Loss)	1.30%	1.40%	1.50%
Enhanced oil recovery credit, Percent of Pre-Tax Income (Loss)	0.00%	(0.10%)	(0.80%)
Other, Percent of Pre-Tax Income (Loss)	(0.30%)	(0.10%)	0.50%
Total, Percent of Pre-Tax Income (Loss)	32.70%	33.80%	36.40%

Investments, Loans and Long-Term Receivables - Components of Investments, Loans and Long-Term Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	$ 7,905	$ 7,493
Long-term receivables	143	142
Long-term investments in debt securities	989	522
Other investments	93	68
Total	$ 9,130	$ 8,225

Employee Benefit Plans - Severance Accrual (Details) - Employee Severance - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Beginning balance	$ 31	$ 78	$ 24
Accruals	1	1	170
Benefit payments	(20)	(48)	(116)
Ending balance	$ 12	$ 31	$ 78

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2023

Business Combination, Asset Acquisition And Dispositions [Abstract]

Acquisitions and Dispositions

Note 3—Acquisitions and Dispositions

All gains or losses on asset dispositions are reported before-tax and are included net in the “Gain (loss) on dispositions” line on our consolidated income statement. All cash proceeds and payments are included in the “Cash Flows From Investing Activities” section of our consolidated statement of cash flows.

2023

Surmont Acquisition

In October 2023, we completed our acquisition of the remaining 50 percent working interest in Surmont, an asset in our Canada segment, from TotalEnergies EP Canada Ltd. Following the acquisition, we own 100 percent working interest in Surmont. The fair value of total consideration for the all-cash transaction was $3.0 billion (CAD $4.1 billion):


Fair value of consideration	Millions of Dollars
Cash paid	$	2,685
Contingent consideration	320
Total consideration	$	3,005

The contingent payment arrangement requires additional consideration to be paid to TotalEnergies EP Canada Ltd. up to $0.4 billion CAD over a five-year term. The contingent payments represent $2.0 million for every dollar that WCS pricing exceeds $52 per barrel during the month, subject to certain production targets being achieved. The range of the undiscounted amounts we could pay under this arrangement is between $0 and $0.3 billion. The fair value of the contingent consideration on the acquisition date was $320 million and estimated by applying the income approach. See Note 13.

The transaction is accounted for as a business combination under FASB Topic ASC 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. Fair value measurements were made for acquired assets and liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date as we identify new information about facts and circumstances that existed as of the acquisition date to consider.

Oil and gas properties were valued using a discounted cash flow approach incorporating market participants and internally generated price assumptions, production profiles and operating and development cost assumptions. The fair values of other assets acquired and liabilities assumed, which included accounts receivable, accounts payable, and most other current assets and current liabilities, were determined to be equivalent to the carrying value due to their short-term nature. The total consideration of $3.0 billion was allocated to the identifiable assets and liabilities based on their fair values as of the acquisition date, October 4, 2023.


Recognized amounts of identifiable assets acquired and liabilities assumed	Millions of Dollars



Oil and gas properties	3,129








Asset retirement obligations	(112)
Other	(12)

Total identifiable net assets	$	3,005

With the completion of the transaction, we acquired proved and unproved properties of approximately $2.9 billion and $0.2 billion, respectively.

In anticipation of the acquisition, we entered into, and settled, various foreign exchange forward contracts to purchase CAD and recognized a loss of $112 million in the "Foreign currency transaction (gain) loss" line on our consolidated income statement associated with these forward contracts. The related cash flows are included within "cash flows from investing activities" on our consolidated statement of cash flows.

From the acquisition date through December 31, 2023, "Total Revenues and Other Income" and "Net Income (Loss)" associated with the acquired assets were $572 million and $119 million, respectively.

Supplemental Pro Forma (unaudited)

The following tables summarize the unaudited supplemental pro forma financial information for the year ended December 31, 2023, and 2022, as if we had completed the acquisition on January 1, 2022.


	Millions of Dollars
	Year Ended December 31, 2023
	As reported		Pro forma Surmont	Pro forma Combined

Total Revenues and Other Income	$	58,574	2,561	61,135
Income (loss) before income taxes	16,288		659	16,947
Net Income (Loss)	10,957		501	11,458

Earnings per share:
Basic net income (loss)	$	9.08		9.50
Diluted net income (loss)	9.06			9.47

	Millions of Dollars
	Year Ended December 31, 2022
	As reported		Pro forma Surmont	Pro forma Combined
Total Revenues and Other Income	$	82,156	3,582	85,738
Income (loss) before income taxes	28,228		947	29,175
Net Income (Loss)	18,680		720	19,400

Earnings per share:
Basic net income (loss)	$	14.62		15.18
Diluted net income (loss)	14.57			15.13

The unaudited supplemental pro forma financial information is presented for illustration purposes only and is not necessarily indicative of the operating results that would have occurred had the transactions been completed on January 1, 2022, nor is it necessarily indicative of future operating results of the combined entity. The unaudited pro forma financial information for the years ending December 31, 2023 and 2022, respectively, is a result of combining the consolidated income statement of ConocoPhillips with the assets acquired from TotalEnergies EP Canada Ltd. The pro forma results do not include transaction-related costs, nor any cost savings anticipated as a result of the transaction. The pro forma results include adjustments which relate primarily to DD&A, which is based on the unit-of-production method, resulting from the purchase price allocated to properties, plants and equipment. We believe the estimates and assumptions are reasonable, and the relative effects of the transaction are properly reflected.

QatarEnergy LNG NFS(3) (NFS3), formerly Qatar Liquefied Gas Company Limited (12) (QG12)

During 2022, we were awarded a 25 percent interest in NFS3, a new joint venture with QatarEnergy, to participate in the North Field South (NFS) LNG project. Formation of NFS3 closed during 2023. NFS3 has a 25 percent interest in the NFS project and is reported as an equity method investment in our Europe, Middle East and North Africa segment. See Note 4.

Port Arthur Liquefaction Holdings, LLC (PALNG)

During 2023, we acquired a 30 percent interest in PALNG, a joint venture for the development of a large-scale LNG facility for the first phase of the Port Arthur LNG project ("Phase 1"). Sempra PALNG Holdings, LLC owns the remaining 70 percent interest in the joint venture. PALNG is reported as an equity method investment in our Corporate and Other segment. See Note 4.

Contingent Payments

We recorded contingent payments related to the previous dispositions of our working interests in the Foster Creek Christina Lake Partnership and western Canada gas assets, and our San Juan assets. Contingent payments were recorded as (gain) loss on disposition on our consolidated income statement and reflected within our Canada and Lower 48 segments. In our Canada segment, the contingent payment, calculated and paid quarterly, was $6 million CAD for every $1 CAD by which the WCS quarterly average crude oil price exceeded $52 CAD per barrel. In our Lower 48 segment, the contingent payment, paid annually, was calculated monthly at $7 million per month when the U.S. Henry Hub natural gas price was at or above $3.20 per MMBTU. The term of contingent payments in our Canada segment ended in the second quarter of 2022 and the term of contingent payments in our Lower 48 segment ended at the end of 2023. Contingent payments recorded in the years 2023, 2022 and 2021 were $7 million, $451 million and $369 million, respectively.

2022

Acquisition of Additional Shareholding Interest in Australia Pacific LNG (APLNG)

In February 2022, we completed the acquisition of an additional 10 percent interest in APLNG from Origin Energy for approximately $1.4 billion, after customary adjustments, in an all-cash transaction resulting from the exercise of our preemption right. This increased our ownership in APLNG to 47.5 percent, with Origin Energy and Sinopec owning

27.5 percent and 25.0 percent, respectively. APLNG is reported as an equity investment in our Asia Pacific segment.

QatarEnergy LNG NFE(4) (NFE4), formerly Qatar Liquefied Gas Company Limited (8) (QG8)

During 2022, we were awarded a 25 percent interest in NFE4, a new joint venture with QatarEnergy to participate in the North Field East (NFE) LNG project. NFE4 has a 12.5 percent interest in the NFE project and is reported as an equity method investment in our Europe, Middle East and North Africa segment. See Note 4.

Asset Acquisition

In September 2022, we completed the acquisition of an additional working interest in certain Eagle Ford acreage in the Lower 48 segment for cash consideration of $236 million after customary adjustments. This agreement was accounted for as an asset acquisition, with the consideration allocated primarily to PP&E.

Assets Sold

During 2022, we sold our interests in certain noncore assets in our Lower 48 segment for net proceeds of $680 million, with no gain or loss recognized on sale. At the time of disposition, our interest in these assets had a net carrying value of $680 million, consisting of $825 million of assets, primarily related to $818 million of PP&E, and $145 million of liabilities, primarily related to AROs.

In March 2022, we completed the divestiture of our subsidiaries that held our Indonesia assets and operations, and based on an effective date of January 1, 2021, we received net proceeds of $731 million after customary adjustments and recognized a $534 million before-tax and $462 million after-tax gain related to this transaction. Together, the subsidiaries sold indirectly held our 54 percent interest in the Indonesia Corridor Block PSC and 35 percent shareholding in the Transasia Pipeline Company. At the time of the disposition, the net carrying value was approximately $0.2 billion, excluding $0.2 billion of cash and restricted cash. The net book value consisted primarily of $0.3 billion of PP&E and $0.1 billion of ARO. The before-tax earnings associated with the subsidiaries sold, excluding the gain on disposition noted above, were $138 million and $604 million for the years ended December 31, 2022 and 2021, respectively. Results of operations for the Indonesia interests sold were reported in our Asia Pacific segment.

2021

During the year, we completed the acquisitions of Concho Resources Inc. (Concho) and of Shell Enterprises LLC’s (Shell) Permian assets. The acquisitions were accounted for as business combinations under FASB Topic ASC 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. We completed the final allocation of the purchase price to acquired assets and liabilities of Concho by the end of the year, and by the end of the first quarter of 2022 for the Shell assets. It was based on the fair value of the long-lived assets and the conclusion of the fair value determination of all other assets and liabilities acquired.

Acquisition of Concho Resources Inc.

In January 2021, we completed our acquisition of Concho, an independent oil and gas exploration and production company with operations across New Mexico and West Texas focused in the Permian-based Delaware and Midland Basins. Total consideration for the all-stock transaction was valued at $13.1 billion, in which 1.46 shares of ConocoPhillips common stock were exchanged for each outstanding share of Concho common stock.

We recognized approximately $157 million of transaction-related costs, all of which were expensed in the first quarter of 2021. These non-recurring costs related primarily to fees paid to advisors and the settlement of share-based awards for certain Concho employees based on the terms of the Merger Agreement.

In the first quarter of 2021, we commenced a company-wide restructuring program, the scope of which included combining the operations of the two companies as well as other global restructuring activities. We recognized non-recurring restructuring costs mainly for employee severance and related incremental pension benefit costs.

The impact from the transaction and restructuring costs to the lines of our consolidated income statement for the year ended December 31, 2021, are below:


	Millions of Dollars
	Transaction Cost		Restructuring Cost	Total Cost
Production and operating expenses			128	128
Selling, general and administration expenses	135		67	202
Exploration expenses	18		8	26
Taxes other than income taxes	4		2	6
Other expenses	—		29	29
	$	157	234	391

In February 2021, we completed a debt exchange offer related to the debt assumed from Concho. As a result of the debt exchange, we recognized an additional income tax-related restructuring charge of $75 million.

From the acquisition date through December 31, 2021, “Total Revenues and Other Income” and “Net Income (Loss)” associated with the acquired Concho business were approximately $6,571 million and $2,330 million, respectively. The results associated with the Concho business for the same period include a before- and after-tax loss of $305 million and $233 million, respectively, on the acquired derivative contracts. The before-tax loss is recorded within “Total Revenues and Other Income” on our consolidated income statement. See Note 12.

Acquisition of Shell Permian Assets

In December 2021, we completed our acquisition of Shell assets in the Permian based Delaware Basin. The accounting close date used for reporting purposes was December 31, 2021. Assets acquired include approximately 225,000 net acres and producing properties located entirely in Texas. Total consideration for the transaction was $8.6 billion. We recognized approximately $44 million of transaction-related costs which were expensed in 2021.

Supplemental Pro Forma (unaudited)

The following table summarizes the unaudited supplemental pro forma financial information for the year ended December 31, 2021, as if we had completed the acquisition of the Shell Permian assets on January 1, 2020.


	Millions of Dollars
	Year Ended December 31, 2021
	As reported		Pro forma Shell	Pro forma Combined

Total Revenues and Other Income	$	48,349	3,220	51,569
Income (loss) before income taxes	12,712		1,201	13,913
Net Income (Loss)	8,079		920	8,999

Earnings per share:
Basic net income (loss)	$	6.09		6.78
Diluted net income (loss)	6.07			6.76

The unaudited supplemental pro forma financial information is presented for illustration purposes only and is not necessarily indicative of the operating results that would have occurred had the transaction been completed on January 1, 2020, nor is it necessarily indicative of future operating results of the combined entity. The pro forma results do not include transaction-related costs, nor any cost savings anticipated as a result of the transaction. The pro forma includes adjustments which relate primarily to DD&A, which is based on the unit-of-production method, resulting from the purchase price allocated to properties, plants and equipment. We believe the estimates and assumptions are reasonable, and the relative effects of the transaction are properly reflected.

Assets Sold

In 2020, we completed the sale of our Australia-West assets and operations. The sales agreement entitled us to a $200 million payment upon a FID of the Barossa development project. In March 2021, FID was announced and as such, we recognized a $200 million gain on disposition in the first quarter of 2021. The purchaser failed to pay the FID bonus when due. We filed an arbitration proceeding against the purchaser to enforce our contractual right to the $200 million, plus interest accruing from the due date and the matter was resolved in April 2023 to our satisfaction. Results of operations related to this transaction are reflected in our Asia Pacific segment. See Note 11.

In the second half of 2021, we sold our interests in certain noncore assets in our Lower 48 segment for approximately $250 million after customary adjustments, recognizing a before-tax gain on sale of approximately $58 million. We also completed the sale of our noncore exploration interests in Argentina, recognizing a before-tax loss on disposition of $179 million. Results of operations for Argentina were reported in our Other International segment.

Suspended Wells and Exploration Expenses - Aging of Suspended Well Cost (Details) $ in Millions	Dec. 31, 2023 USD ($) project	Dec. 31, 2022 USD ($) project	Dec. 31, 2021 USD ($) project	Dec. 31, 2020 USD ($)
Extractive Industries [Abstract]
Exploratory well costs capitalized for a period of one year or less	$ 0	$ 15	$ 4
Exploratory well costs capitalized for a period greater than one year	184	512	656
Capitalized cost of suspended wells	$ 184	$ 527	$ 660	$ 682
Number of projects with exploratory well costs capitalized for a period greater than one year \| project	14	17	22

Suspended Wells and Exploration Expenses

12 Months Ended

Dec. 31, 2023

Extractive Industries [Abstract]

Suspended Wells and Exploration Expenses

Note 6—Suspended Wells and Exploration Expenses

The following table reflects the net changes in suspended exploratory well costs during 2023, 2022 and 2021:


	Millions of Dollars
	2023		2022	2021

Beginning balance	$	527	660	682
Additions pending the determination of proved reserves	—		5	10
Reclassifications to proved properties	(285)		(7)	—

Charged to dry hole expense	(58)		(131)	(32)
Ending balance	$	184	527	660

The following table provides an aging of suspended well balances at December 31:


	Millions of Dollars
	2023		2022	2021

Exploratory well costs capitalized for a period of one year or less	$	—	15	4
Exploratory well costs capitalized for a period greater than one year	184		512	656
Ending balance	$	184	527	660

Number of projects with exploratory well costs capitalized for a period greater than one year	14		17	22

The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December 31, 2023:


	Millions of Dollars
			Suspended Since
	Total		2020-2022	2017-2019	2006-2016
WL4-00—Malaysia(2)	36		19	17	—
PL891—Norway(1)	30		30	—	—
West Willow—Alaska(1)	29		—	29	—
Narwhal Trend—Alaska(1)	25		—	25	—
PL782S—Norway(1)	19		—	19	—
Montney—Canada(1)	16		8	8	—
Other of $10 million or less each(1)(2)	29		—	4	25
Total	$	184	57	102	25

(1)Additional appraisal wells planned.

(2)Appraisal drilling complete; costs being incurred to assess development.

Exploration Expenses

The charges discussed below are included in the “Exploration expenses” line on our consolidated income statement.

2023

In our Europe, Middle East and North Africa segment, after further evaluation we recognized a before-tax expense of $37 million for dry hole costs associated with the suspended Warka discovery well, drilled in 2020, on license PL1009 in the Norwegian Sea.

In our Alaska segment, we recorded a before-tax expense of approximately $31 million for dry hole costs associated with the Bear-1 exploration well.

2022

In the fourth quarter, we recorded a before-tax expense of $129 million for impairment of certain aged, suspended wells associated with Surmont in our Canada segment.

In our Europe, Middle East and North Africa segment, we recorded a before-tax expense of $102 million for dry hole costs associated with four operated exploration and appraisal wells and one partner-operated well that were drilled in Norway in 2022.

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared, ordinary (in dollars per share)	$ 2.11	$ 1.89	$ 1.75
Dividends declared, variable return of cash (in dollars per share)	$ 1.80	$ 3.10	$ 0.20

Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 13—Fair Value Measurement

We carry a portion of our assets and liabilities at fair value that are measured at the reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclosed according to the quality of valuation inputs under the fair value hierarchy.

The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. There were no material transfers into or out of Level 3 during 2023 or 2022.

Recurring Fair Value Measurement

Financial assets and liabilities reported at fair value on a recurring basis primarily include our investments in debt securities classified as available for sale, commodity derivatives, and our contingent consideration arrangement related to the Surmont acquisition. S ee Note 3.

•Level 1 derivative assets and liabilities primarily represent exchange-traded futures and options that are valued using unadjusted prices available from the underlying exchange. Level 1 financial assets also include our investments in U.S. government obligations classified as available for sale debt securities, which are valued using exchange prices.

•Level 2 derivative assets and liabilities primarily represent OTC swaps, options and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers or pricing service companies that are all corroborated by market data. Level 2 financial assets also include our investments in debt securities classified as available for sale including investments in corporate bonds, commercial paper, asset-backed securities, U.S. government agency obligations and foreign government obligations that are valued using pricing provided by brokers or pricing service companies that are corroborated with market data.

•Level 3 derivative assets and liabilities consist of OTC swaps, options and forward purchase and sale contracts where a significant portion of fair value is calculated from underlying market data that is not readily available. The derived value uses industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, time value, volatility factors and other relevant economic measures. The use of these inputs results in management’s best estimate of fair value. Level 3 commodity derivative activity was not material for all periods presented.

•Level 3 liabilities include the fair value of future quarterly contingent payments to Total Energies EP Canada Ltd. in connection with the acquisition of the remaining 50 percent working interest in Surmont. Contingent consideration consists of payments up to approximately $0.4 billion CAD over a five-year term ending in the fourth quarter of 2028. The contingent payments represent $2.0 million for every dollar that the monthly WCS average pricing exceeds $52 per barrel. The terms include adjustments related to not achieving certain production targets. The fair value of the contingent consideration as of December 31, 2023 is calculated using the income approach and is largely based on the estimated commodity price outlook using a combination of external pricing service companies' and our internal price outlook (unobservable input) and a discount rate consistent with those used by principal market participants (observable input). Impact of other unobservable inputs on the fair value as of December 31, 2023 was not significant.

The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis):


	Millions of Dollars
	December 31, 2023					December 31, 2022
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets

Investments in debt securities	$	278	1,146	—	1,424	178	1,044	—	1,222
Commodity derivatives	308		301	115	724	958	951	128	2,037
Total assets	$	586	1,447	115	2,148	1,136	1,995	128	3,259

Liabilities
Commodity derivatives	$	350	283	14	647	906	843	261	2,010
Contingent consideration	—		—	312	312	—	—	—	—
Total liabilities	$	350	283	326	959	906	843	261	2,010

The range and arithmetic average of the significant unobservable input used in the Level 3 fair value measurement was as follows:

Fair Value
(Millions of
Dollars)

Valuation
Technique

Unobservable Input

Range

(Arithmetic Average)

December 31, 2023

Contingent consideration - Surmont

312

Discounted cash flow

Commodity price outlook* ($/BOE)

$45.48 - $63.04 ($57.45)

*Commodity price outlook based on a combination of external pricing service companies' outlooks and our internal outlook.

The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists.


	Millions of Dollars
				Amounts Subject to Right of Setoff
	Gross Amounts Recognized		Amounts Not Subject to Right of Setoff	Gross Amounts	Gross Amounts Offset	Net Amounts Presented	Cash Collateral	Net Amounts
December 31, 2023
Assets	$	724	39	685	375	310	4	306
Liabilities	647		34	613	375	238	47	191

December 31, 2022
Assets	$	2,037	39	1,998	1,176	822	37	785
Liabilities	2,010		20	1,990	1,176	814	52	762

At December 31, 2023 and December 31, 2022, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff.

Non-Recurring Fair Value Measurement

The following table summarizes the fair value hierarchy by major category and date of remeasurement for assets accounted for at fair value on a non-recurring basis:


	Millions of Dollars
			Fair Value Measurements Using
	Fair Value		Level 1 Inputs	Level 2 Inputs	Level 3 Inputs	Before-Tax Loss
Year ended December 31, 2021
Net PP&E (held for use)
December 31, 2021	$	472	—	—	472	80
Equity Method Investments
December 31, 2021	5,574		—	5,574	—	688

Net PP&E (held for use)

During 2021, the estimated fair value of certain noncore assets included in our Lower 48 segment declined to amounts below the carrying values. The carrying values were written down to fair value. The fair values were estimated based on internal discounted cash flow models using the following estimated assumptions: estimated future production, an outlook of future prices from a combination of exchanges (short-term) coupled with pricing service companies and our internal outlook (long-term), future operating costs and capital expenditures, and a discount rate believed to be consistent with those used by principal market participants. The range and arithmetic average of significant unobservable inputs used in the Level 3 fair value measurements for significant assets were as follows:

Fair Value
(Millions of
Dollars)

Valuation
Technique

Unobservable Inputs

Range

(Arithmetic Average)

December 31, 2021

Lower 48 Gulf Coast and Rockies noncore field

472

Discounted cash flow

Commodity production (MBOED)

0.2 - 17 (5.4)

Commodity price outlook* ($/BOE)

$41.45 - $93.68 ($64.39)

Discount rate**

7.3% - 9.7% (8.7%)

*Commodity price outlook based on a combination of external pricing service companies' and our internal outlook for years 2024-2050; future prices escalated at 2.0 percent annually after year 2050.

**Determined as the weighted average cost of capital of a group of peer companies, adjusted for risks where appropriate.

Equity Method Investments

During 2021, Origin Energy Limited agreed to the sale of 10 percent of their interest in APLNG for $1.645 billion, before customary adjustments. ConocoPhillips announced in December 2021 that we were exercising our preemption right under the APLNG Shareholders Agreement to purchase an additional 10 percent shareholding interest in APLNG, subject to government approvals. The sales price associated with this preemption right was determined to reflect a relevant observable market participant view of APLNG’s fair value which was below the carrying value of our existing investment in APLNG. As such, our investment in APLNG was written down to its fair value of $5,574 million, resulting in a before-tax charge of $688 million. See Note 4 and Note 7.

Reported Fair Values of Financial Instruments

We used the following methods and assumptions to estimate the fair value of financial instruments:

•Cash and cash equivalents and short-term investments: The carrying amount reported on the balance sheet approximates fair value. For those investments classified as available for sale debt securities, the carrying amount reported on the balance sheet is fair value.

•Accounts and notes receivable (including long-term and related parties): The carrying amount reported on the balance sheet approximates fair value.

•Investments in debt securities classified as available for sale: The fair value of investments in debt securities categorized as Level 1 in the fair value hierarchy is measured using exchange prices. The fair value of investments in debt securities categorized as Level 2 in the fair value hierarchy is measured using pricing provided by brokers or pricing service companies that are corroborated with market data. See Note 12.

•Accounts payable (including related parties) and floating-rate debt: The carrying amount of accounts payable and floating-rate debt reported on the balance sheet approximates fair value.

•Fixed-rate debt: The estimated fair value of fixed-rate debt is measured using prices available from a pricing service that is corroborated by market data; therefore, these liabilities are categorized as Level 2 in the fair value hierarchy.

•Commercial paper: The carrying amount of our commercial paper instruments approximates fair value and is reported on the balance sheet as short-term debt.

The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives):


	Millions of Dollars
	Carrying Amount		Fair Value
	2023	2022	2023	2022
Financial assets

Commodity derivatives	345	824	345	824
Investments in debt securities	1,424	1,222	1,424	1,222

Financial liabilities
Total debt, excluding finance leases	17,808	15,323	18,621	15,545
Commodity derivatives	225	782	225	782

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative and Financial Instruments - Gain (Loss) Amounts of Derivatives, Income Statement Location (Details) - Commodity - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	$ 86	$ (88)	$ (228)
Other income
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	(6)	(5)	25
Purchased commodities
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	$ (90)	$ (91)	$ 75

Segment Disclosures and Related Information - Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 56,141	$ 78,494	$ 45,828
Long-Lived Assets	77,949	72,359	71,612
U.S.
Segment Reporting Information [Line Items]
Sales and other operating revenues	45,101	60,899	34,847
Long-Lived Assets	53,955	51,200	50,580
Australia
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0
Long-Lived Assets	5,426	6,158	5,579
Canada
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,006	3,714	2,494
Long-Lived Assets	9,666	6,269	6,608
China
Segment Reporting Information [Line Items]
Sales and other operating revenues	952	1,135	724
Long-Lived Assets	1,635	1,538	1,476
Indonesia
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	159	879
Long-Lived Assets	0	0	28
Libya
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,730	1,582	1,102
Long-Lived Assets	703	714	659
Malaysia
Segment Reporting Information [Line Items]
Sales and other operating revenues	961	1,312	975
Long-Lived Assets	939	1,107	1,252
Norway
Segment Reporting Information [Line Items]
Sales and other operating revenues	2,408	3,415	2,563
Long-Lived Assets	4,489	4,369	4,681
U.K.
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,978	6,273	2,236
Long-Lived Assets	2	1	1
Other foreign countries
Segment Reporting Information [Line Items]
Sales and other operating revenues	5	5	8
Long-Lived Assets	$ 1,134	$ 1,003	$ 748

Employee Benefit Plans - Benefit Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension Benefits \| U.S.
Defined Benefit Plan Disclosure [Line Items]
2024	$ 205
2025	191
2026	175
2027	170
2028	162
2029–2033	664
Pension Benefits \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
2024	128
2025	130
2026	133
2027	136
2028	141
2029–2033	778
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	16
2025	14
2026	14
2027	12
2028	11
2029–2033	$ 45

Employee Benefit Plans - Restricted Stock Unit and Performance Share Program Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs) \| Discontinued Operations
Stock Units
Stock Units, Outstanding, beginning balance (in shares)	1,239,759
Stock Units, Granted (in shares)	54,141
Stock Units, Forfeited/Settled/Cancelled (in shares)	(6,904)
Stock Units, Issued (in shares)	(392,728)
Stock Units, Outstanding, ending balance (in shares)	894,268	1,239,759
Stock Units, Not Vested at end of year (in shares)	149,270
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share)	$ 49.78
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	115.88	$ 96.20	$ 46.43
Weighted-Average Grant Date Fair Value, Forfeited/Settled/Cancelled (in dollars per share)	45.90
Weighted-Average Grant Date Fair Value, Issued (in dollars per share)	47.64
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share)	54.76	$ 49.78
Weighted-Average Grant Date Not Vested at end of year (in dollars per share)	$ 45.90
Total fair value, issued	$ 46	$ 40	$ 8
RSU Stock Settled
Stock Units
Stock Units, Outstanding, beginning balance (in shares)	7,578,193
Stock Units, Granted (in shares)	2,178,117
Stock Units, Forfeited/Settled/Cancelled (in shares)	(144,021)
Stock Units, Issued (in shares)	(2,518,599)
Stock Units, Outstanding, ending balance (in shares)	7,093,690	7,578,193
Stock Units, Not Vested at end of year (in shares)	4,791,110
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share)	$ 61.20
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	110.91	$ 90.57	$ 46.56
Weighted-Average Grant Date Fair Value, Forfeited/Settled/Cancelled (in dollars per share)	88.54
Weighted-Average Grant Date Fair Value, Issued (in dollars per share)	58.77
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share)	76.78	$ 61.20
Weighted-Average Grant Date Not Vested at end of year (in dollars per share)	$ 78.20
Total fair value, issued	$ 284	$ 193	$ 144
RSU Cash Settled
Weighted-Average Grant Date Fair Value
Total fair value, issued		$ 21	20
PSU Stock Settled
Stock Units
Stock Units, Outstanding, beginning balance (in shares)	1,231,615
Stock Units, Granted (in shares)	3,797
Stock Units, Forfeited/Settled/Cancelled (in shares)	(72)
Stock Units, Issued (in shares)	(272,522)
Stock Units, Outstanding, ending balance (in shares)	962,818	1,231,615
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share)	$ 50.68
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	112.50	$ 91.58
Weighted-Average Grant Date Fair Value, Forfeited/Settled/Cancelled (in dollars per share)	55.13
Weighted-Average Grant Date Fair Value, Issued (in dollars per share)	51.15
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share)	$ 50.79	$ 50.68
Total fair value, issued	$ 29	$ 21	$ 18
PSU Cash Settled Program
Stock Units
Stock Units, Outstanding, beginning balance (in shares)	109,823
Stock Units, Granted (in shares)	1,044,251
Stock Units, Forfeited/Settled/Cancelled (in shares)	(1,053,204)
Stock Units, Outstanding, ending balance (in shares)	100,870	109,823
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share)	$ 117.11
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	112.50	$ 91.58	$ 46.65
Weighted-Average Grant Date Fair Value, Forfeited/Settled/Cancelled (in dollars per share)	104.94
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share)	$ 116.68	$ 117.11
Total fair value, issued	$ 111	$ 88	$ 52

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Settlements loss (gain)	$ 6	$ 37	$ 102
Pension Benefits \| U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	51	58	73
Interest cost	77	62	53
Expected return on plan assets	(58)	(50)	(80)
Amortization of prior service credit	0	0	0
Recognized net actuarial loss (gain)	12	24	43
Settlements loss (gain)	6	37	102
Curtailment loss (gain)	0	0	12
Net periodic benefit cost	88	131	203
Pension Benefits \| Int’l.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	38	47	61
Interest cost	113	77	79
Expected return on plan assets	(148)	(124)	(120)
Amortization of prior service credit	0	(1)	(1)
Recognized net actuarial loss (gain)	67	11	33
Settlements loss (gain)	0	0	0
Curtailment loss (gain)	0	0	0
Net periodic benefit cost	70	10	52
Other Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1	2
Interest cost	5	4	4
Expected return on plan assets	0	0	0
Amortization of prior service credit	(38)	(38)	(37)
Recognized net actuarial loss (gain)	(3)	0	0
Settlements loss (gain)	0	0	0
Curtailment loss (gain)	0	0	0
Net periodic benefit cost	$ (35)	$ (33)	$ (31)

Other Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Financial Information


	Millions of Dollars
	2023		2022	2021
Interest and Debt Expense
Incurred
Debt	$	824	791	887
Other	109		72	59
	933		863	946
Capitalized	(153)		(58)	(62)
Expensed	$	780	805	884

Other Income
Interest income	$	412	195	33
Gain (loss) on investment in Cenovus Energy*	—		251	1,040
Other, net	73		58	130
	$	485	504	1,203
*See Note 5.

Research and Development Expenditures—expensed	$	81	71	62

Shipping and Handling Costs	$	1,695	1,595	1,047

Foreign Currency Transaction (Gains) Losses—after-tax
Alaska	$	—	—	—
Lower 48	—		—	—
Canada	11		(20)	(1)
Europe, Middle East and North Africa	(39)		(110)	(11)
Asia Pacific	12		30	2
Other International	—		(1)	1
Corporate and Other	86		21	(7)
	$	70	(80)	(16)

Property Plant And Equipment


	Millions of Dollars
	2023		2022
Properties, Plants and Equipment
Proved properties	$	134,394	119,609
Unproved properties	5,206		7,325
Other	4,805		4,562
Gross properties, plants and equipment	144,405		131,496
Less: Accumulated depreciation, depletion and amortization	(74,361)		(66,630)
Net properties, plants and equipment	$	70,044	64,866

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at December 31 were:


	Millions of Dollars
	2023		2022

Crude oil and natural gas	$	676	641
Materials and supplies	722		578
Total inventories	$	1,398	1,219

Inventories valued on the LIFO basis	$	401	396

Acquisitions and Dispositions - Schedule of Business Combination - Surmont (Details) - Oct. 04, 2023 - Surmont $ in Millions, $ in Billions	USD ($)	CAD ($)
Business Acquisition [Line Items]
Cash paid	$ 2,685
Contingent consideration	320
Total consideration	$ 3,000	$ 4.1

Other Financial Information - Other Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest and Debt Expense
Debt	$ 824	$ 791	$ 887
Other	109	72	59
Interest costs incurred	933	863	946
Capitalized	(153)	(58)	(62)
Expensed	780	805	884
Other Income
Interest income	412	195	33
Gain (loss) on investment in Cenovus Energy	0	251	1,040
Other, net	73	58	130
Other nonoperating income (expense)	485	504	1,203
Research and Development Expenditures—expensed	81	71	62
Shipping and Handling Costs	7,693	7,006	5,694
Foreign Currency Transaction (Gains) Losses—after-tax	70	(80)	(16)
Operating Segments \| Alaska
Other Income
Interest income	0	0	0
Foreign Currency Transaction (Gains) Losses—after-tax	0	0	0
Operating Segments \| Lower 48
Other Income
Foreign Currency Transaction (Gains) Losses—after-tax	0	0	0
Operating Segments \| Canada
Other Income
Foreign Currency Transaction (Gains) Losses—after-tax	11	(20)	(1)
Operating Segments \| Europe, Middle East and North Africa
Other Income
Interest income	1	1	2
Foreign Currency Transaction (Gains) Losses—after-tax	(39)	(110)	(11)
Operating Segments \| Asia Pacific
Other Income
Interest income	8	9	9
Foreign Currency Transaction (Gains) Losses—after-tax	12	30	2
Operating Segments \| Other International
Other Income
Interest income	0	0	0
Foreign Currency Transaction (Gains) Losses—after-tax	0	(1)	1
Corporate and Other
Interest and Debt Expense
Expensed	780	805	884
Other Income
Interest income	403	185	22
Foreign Currency Transaction (Gains) Losses—after-tax	86	21	(7)
Shipping and Handling Costs
Other Income
Shipping and Handling Costs	$ 1,695	$ 1,595	$ 1,047

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 5,635	$ 6,458
Short-term investments	971	2,785
Inventories	1,398	1,219
Prepaid expenses and other current assets	852	1,199
Total Current Assets	14,330	18,749
Investments and long-term receivables	9,130	8,225
Net properties, plants and equipment (net of accumulated DD&A of $74,361 and $66,630, respectively)	70,044	64,866
Other assets	2,420	1,989
Total Assets	95,924	93,829
Liabilities
Short-term debt	1,074	417
Accrued income and other taxes	1,811	3,193
Employee benefit obligations	774	728
Other accruals	1,229	2,346
Total Current Liabilities	10,005	12,847
Long-term debt	17,863	16,226
Asset retirement obligations and accrued environmental costs	7,220	6,401
Deferred income taxes	8,813	7,726
Employee benefit obligations	1,009	1,074
Other liabilities and deferred credits	1,735	1,552
Total Liabilities	46,645	45,826
Equity
Par value	21	21
Capital in excess of par	61,303	61,142
Treasury stock (at cost: 2023—925,670,961 shares; 2022—877,029,062 shares)	(65,640)	(60,189)
Accumulated other comprehensive income (loss)	(5,673)	(6,000)
Retained earnings	59,268	53,029
Total Equity	49,279	48,003
Total Liabilities and Equity	95,924	93,829
Nonrelated Party
Assets
Accounts and notes receivable (net of allowance of $3 and $2, respectively)	5,461	7,075
Accounts and notes receivable—related parties	5,461	7,075
Liabilities
Accounts payable	5,083	6,113
Accounts payable—related parties	5,083	6,113
Related Party
Assets
Accounts and notes receivable (net of allowance of $3 and $2, respectively)	13	13
Accounts and notes receivable—related parties	13	13
Liabilities
Accounts payable	34	50
Accounts payable—related parties	$ 34	$ 50

Fair Value Measurement - Commodity Derivative Balances Subject to Right of Setoff (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Offsetting Derivative Assets [Abstract]
Assets - Gross Amounts Recognized	$ 724	$ 2,037
Assets - Amounts Not Subject to Right of Setoff	39	39
Assets - Amounts Subject to Right of Setoff, Gross Amounts	685	1,998
Assets - Amounts Subject to Right of Setoff, Gross Amounts Offset	375	1,176
Assets - Amounts Subject to Right of Setoff, Net Amounts Presented	310	822
Assets - Amounts Subject to Right of Setoff, Cash Collateral	4	37
Assets - Amounts Subject to Right of Setoff, Net Amounts	306	785
Offsetting Derivative Liabilities [Abstract]
Liabilities - Gross Amounts Recognized	647	2,010
Liabilities - Amounts Not Subject to Right of Setoff	34	20
Liabilities - Amounts Subject to Right of Setoff, Gross Amounts	613	1,990
Liabilities - Amounts Subject to Right of Setoff, Gross Amounts Offset	375	1,176
Liabilities - Amounts Subject to Right of Setoff, Net Amounts Presented	238	814
Liabilities - Amounts Subject to Right of Setoff, Cash Collateral	47	52
Liabilities - Amounts Subject to Right of Setoff, Net Amounts	$ 191	$ 762

Employee Benefit Plans - Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Compensation cost	$ 334	$ 377	$ 304
Tax benefit	$ 84	$ 95	$ 76

Non-Mineral Leases - Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 173	$ 148	$ 204
Operating cash flows from finance leases	33	30	6
Financing cash flows from finance leases	169	166	73
Right-of-use assets obtained in exchange for operating lease liabilities	355	114	174
Right-of-use assets obtained in exchange for finance lease liabilities	$ 9	$ 256	$ 447

Segment Disclosures and Related Information - Sales and Other Operating Revenues by Product (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 56,141	$ 78,494	$ 45,828
Natural gas
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	10,725	26,941	16,904
Natural gas liquids
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	2,609	3,650	1,668
Crude oil
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	37,833	41,492	23,648
Other
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 4,974	$ 6,411	$ 3,608

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Sales and Other Operating Revenues

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Sales and Other Operating Revenues

Note 22—Sales and Other Operating Revenues

Revenue from Contracts with Customers

The following table provides further disaggregation of our consolidated sales and other operating revenues:


	Millions of Dollars
	2023		2022	2021

Revenue from contracts with customers	$	48,522	61,049	34,590
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative	8,203		17,150	11,500
Financial derivative contracts	(584)		295	(262)
Consolidated sales and other operating revenues	$	56,141	78,494	45,828

Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices, which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS. There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. The following disaggregation of revenues is provided in conjunction with Note 24—Segment Disclosures and Related Information:


	Millions of Dollars
	2023		2022	2021
Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment
Lower 48	$	6,607	13,919	9,050
Canada	1,248		2,717	1,457
Europe, Middle East and North Africa	348		514	993
Physical contracts meeting the definition of a derivative	$	8,203	17,150	11,500


	Millions of Dollars
	2023		2022	2021
Revenue from Contracts Outside the Scope of ASC Topic 606 by Product

Crude oil	$	143	495	757
Natural gas	6,622		15,368	10,034
Other	1,438		1,287	709
Physical contracts meeting the definition of a derivative	$	8,203	17,150	11,500

Practical Expedients

Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period.

Receivables and Contract Liabilities

Receivables from Contracts with Customers

At December 31, 2023, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,414 million compared with $5,241 million at December 31, 2022, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared with trade receivables where NPNS has been elected.

Contract Liabilities from Contracts with Customers

We have entered into certain agreements under which we license our proprietary technology, including the Optimized Cascade® process technology, to customers to maximize the efficiency of LNG plants. These agreements typically provide for milestone payments to be made during and after the construction phases of the LNG plant. The payments are not directly related to our performance obligations under the contract and are recorded as deferred revenue to be recognized when the customer is able to benefit from their right to use the applicable licensed technology. Revenue recognized during the year ended December 31, 2023 was immaterial. We expect to recognize the outstanding contract liabilities of $26 million as of December 31, 2023, as revenue during the years 2026, 2028 and 2029.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Segment Disclosures and Related Information - Capital Expenditures and Investments and Interest Income and Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Consolidated capital expenditures and investments	$ 11,248	$ 10,159	$ 5,324
Interest income	412	195	33
Interest and debt expense	780	805	884
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated capital expenditures and investments	1,135	30	53
Interest income	403	185	22
Interest and debt expense	780	805	884
Alaska \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated capital expenditures and investments	1,705	1,091	982
Interest income	0	0	0
Lower 48 \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated capital expenditures and investments	6,487	5,630	3,129
Interest income	0	0	0
Canada \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated capital expenditures and investments	456	530	203
Interest income	0	0	0
Europe, Middle East and North Africa \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated capital expenditures and investments	1,111	998	534
Interest income	1	1	2
Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated capital expenditures and investments	354	1,880	390
Interest income	8	9	9
Other International \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated capital expenditures and investments	0	0	33
Interest income	$ 0	$ 0	$ 0

Equity - Changes in Shares of Common Stock (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of year	2,100,885,134	2,091,562,747	1,798,844,267
Acquisition of Concho	0	0	285,928,872
Distributed under benefit plans	2,887,382	9,322,387	6,789,608
End of year	2,103,772,516	2,100,885,134	2,091,562,747
Held in Treasury
Beginning of year	877,029,062	789,319,875	730,802,089
Repurchase of common stock	48,641,899	87,709,187	58,517,786
End of year	925,670,961	877,029,062	789,319,875

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination, Asset Acquisition And Dispositions [Abstract]

Schedule of Business Combination

The fair value of total consideration for the all-cash transaction was $3.0 billion (CAD $4.1 billion):


Fair value of consideration	Millions of Dollars
Cash paid	$	2,685
Contingent consideration	320
Total consideration	$	3,005

Schedule of Assets Acquired and Liabilities Assumed


Recognized amounts of identifiable assets acquired and liabilities assumed	Millions of Dollars



Oil and gas properties	3,129








Asset retirement obligations	(112)
Other	(12)

Total identifiable net assets	$	3,005

Schedule of Non-Recurring Restructuring and Transition-Related Costs

The impact from the transaction and restructuring costs to the lines of our consolidated income statement for the year ended December 31, 2021, are below:


	Millions of Dollars
	Transaction Cost		Restructuring Cost	Total Cost
Production and operating expenses			128	128
Selling, general and administration expenses	135		67	202
Exploration expenses	18		8	26
Taxes other than income taxes	4		2	6
Other expenses	—		29	29
	$	157	234	391

Schedule of Supplemental Pro Forma Financial Information

The following tables summarize the unaudited supplemental pro forma financial information for the year ended December 31, 2023, and 2022, as if we had completed the acquisition on January 1, 2022.


	Millions of Dollars
	Year Ended December 31, 2023
	As reported		Pro forma Surmont	Pro forma Combined

Total Revenues and Other Income	$	58,574	2,561	61,135
Income (loss) before income taxes	16,288		659	16,947
Net Income (Loss)	10,957		501	11,458

Earnings per share:
Basic net income (loss)	$	9.08		9.50
Diluted net income (loss)	9.06			9.47

	Millions of Dollars
	Year Ended December 31, 2022
	As reported		Pro forma Surmont	Pro forma Combined
Total Revenues and Other Income	$	82,156	3,582	85,738
Income (loss) before income taxes	28,228		947	29,175
Net Income (Loss)	18,680		720	19,400

Earnings per share:
Basic net income (loss)	$	14.62		15.18
Diluted net income (loss)	14.57			15.13


	Millions of Dollars
	Year Ended December 31, 2021
	As reported		Pro forma Shell	Pro forma Combined

Total Revenues and Other Income	$	48,349	3,220	51,569
Income (loss) before income taxes	12,712		1,201	13,913
Net Income (Loss)	8,079		920	8,999

Earnings per share:
Basic net income (loss)	$	6.09		6.78
Diluted net income (loss)	6.07			6.76

Derivative and Financial Instruments - Financial Instruments, Amortized Cost Basis and Fair Value of Investments in Debt Securities Classified as Available for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 1,422	$ 1,234
Fair Value	1,424	1,222
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	806	641
Fair Value	807	632
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	131	253
Fair Value	131	253
U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	278	181
Fair Value	278	178
U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	12	13
Fair Value	12	13
Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	11	7
Fair Value	11	7
Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	184	139
Fair Value	$ 185	$ 139

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivables, after allowance for credit loss	$ 4,414	$ 5,241
Revenue recognized	0
Outstanding contract liability	$ 26

Impairments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Impairments - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Impairments		$ 14	$ (12)	$ 674
Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Impairments		0	0	695
Lower 48
Segment Reporting Information [Line Items]
Impairments				(89)
Lower 48 \| Operating Segments
Segment Reporting Information [Line Items]
Impairments	$ 84	7	(11)	(8)
Europe, Middle East and North Africa \| Operating Segments
Segment Reporting Information [Line Items]
Impairments		$ 0	$ (1)	(24)
APLNG
Segment Reporting Information [Line Items]
Impairments	$ 688
APLNG \| Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Impairments				$ 688

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Gross Financial Assets and Liabilities


	Millions of Dollars
	December 31, 2023					December 31, 2022
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets

Investments in debt securities	$	278	1,146	—	1,424	178	1,044	—	1,222
Commodity derivatives	308		301	115	724	958	951	128	2,037
Total assets	$	586	1,447	115	2,148	1,136	1,995	128	3,259

Liabilities
Commodity derivatives	$	350	283	14	647	906	843	261	2,010
Contingent consideration	—		—	312	312	—	—	—	—
Total liabilities	$	350	283	326	959	906	843	261	2,010

Fair Value Measurement Inputs and Valuation Techniques

The range and arithmetic average of the significant unobservable input used in the Level 3 fair value measurement was as follows:

Fair Value
(Millions of
Dollars)

Valuation
Technique

Unobservable Input

Range

(Arithmetic Average)

December 31, 2023

Contingent consideration - Surmont

312

Discounted cash flow

Commodity price outlook* ($/BOE)

$45.48 - $63.04 ($57.45)

*Commodity price outlook based on a combination of external pricing service companies' outlooks and our internal outlook.

The range and arithmetic average of significant unobservable inputs used in the Level 3 fair value measurements for significant assets were as follows:

Fair Value
(Millions of
Dollars)

Valuation
Technique

Unobservable Inputs

Range

(Arithmetic Average)

December 31, 2021

Lower 48 Gulf Coast and Rockies noncore field

472

Discounted cash flow

Commodity production (MBOED)

0.2 - 17 (5.4)

Commodity price outlook* ($/BOE)

$41.45 - $93.68 ($64.39)

Discount rate**

7.3% - 9.7% (8.7%)

*Commodity price outlook based on a combination of external pricing service companies' and our internal outlook for years 2024-2050; future prices escalated at 2.0 percent annually after year 2050.

**Determined as the weighted average cost of capital of a group of peer companies, adjusted for risks where appropriate.

Commodity Derivative Balances Subject to Right of Setoff


	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
December 31, 2023
Assets	$	724	39	685	375	310	4	306
Liabilities	647		34	613	375	238	47	191

December 31, 2022
Assets	$	2,037	39	1,998	1,176	822	37	785
Liabilities	2,010		20	1,990	1,176	814	52	762

Values of Assets, by Major Category, Measured at Fair Value on a Nonrecurring Basis

The following table summarizes the fair value hierarchy by major category and date of remeasurement for assets accounted for at fair value on a non-recurring basis:


	Millions of Dollars
			Fair Value Measurements Using
	Fair Value		Level 1 Inputs	Level 2 Inputs	Level 3 Inputs	Before-Tax Loss
Year ended December 31, 2021
Net PP&E (held for use)
December 31, 2021	$	472	—	—	472	80
Equity Method Investments
December 31, 2021	5,574		—	5,574	—	688

Schedule of Net Fair Value of Financial Instruments

The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives):


	Millions of Dollars
	Carrying Amount		Fair Value
	2023	2022	2023	2022
Financial assets

Commodity derivatives	345	824	345	824
Investments in debt securities	1,424	1,222	1,424	1,222

Financial liabilities
Total debt, excluding finance leases	17,808	15,323	18,621	15,545
Commodity derivatives	225	782	225	782

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes Information [Line Items]
Net deferred tax assets		$ 3,696	$ 3,853
Deferred income taxes		8,813	7,726
U.S. foreign tax credits		4,700
Adjustment to valuation allowance		(2)	5	$ (45)
Undistributed earnings of foreign subsidiaries		4,975
Estimated tax payable on undistributed unremitted foreign income		249
Unrecognized tax benefits that would impact effective tax rate		378	701	1,261
Unrecognized tax benefit, lapse of statute		224	75	48
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities		96	510	0
Recognized federal and state tax benefit			515
Unrecognized tax benefits, income tax penalties and interest accrued		45	35	47
Interest and penalties (benefiting) charging earnings		10	(12)	1
Certain Jurisdictions Outside Of Domestic
Income Taxes Information [Line Items]
Operating loss carryforwards		900
Norwegian Tax Administration
Income Taxes Information [Line Items]
Adjustment to valuation allowance	$ 58
Canada Revenue Agency
Income Taxes Information [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities		92
Disposition CVE Common Shares
Income Taxes Information [Line Items]
Increase (decrease) in valuation allowance				218
Impairment Of APLNG Investment
Income Taxes Information [Line Items]
Increase (decrease) in valuation allowance				206
Disposition Of Indonesia Entities
Income Taxes Information [Line Items]
U.S. foreign tax credits				$ 29
Noncurrent Assets
Income Taxes Information [Line Items]
Net deferred tax assets		$ 255	$ 241

Employee Benefit Plans - Change in Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits \| U.S.
Change in Benefit Obligation
Benefit obligation, beginning balance	$ 1,478	$ 1,924
Service cost	51	58	$ 73
Interest cost	77	62	53
Plan participant contributions	0	0
Plan amendments	0	0
Actuarial (gain) loss	40	(325)
Benefits paid	(121)	(241)
Divestiture	0	0
Foreign currency exchange rate change	0	0
Benefit obligation, ending balance	1,525	1,478	1,924
Accumulated benefit obligation	1,414	1,384
Change in Fair Value of Plan Assets
Fair value of plan assets, beginning balance	1,179	1,664
Actual return on plan assets	129	(319)
Company contributions	119	75
Plan participant contributions	0	0
Benefits paid	(121)	(241)
Divestiture	0	0
Foreign currency exchange rate change	0	0
Fair value of plan assets, ending balance	1,306	1,179	1,664
Funded Status	(219)	(299)
Pension Benefits \| Int’l.
Change in Benefit Obligation
Benefit obligation, beginning balance	2,776	4,124
Service cost	38	47	61
Interest cost	113	77	79
Plan participant contributions	0	0
Plan amendments	0	0
Actuarial (gain) loss	11	(847)
Benefits paid	(124)	(144)
Divestiture	0	(56)
Foreign currency exchange rate change	52	(425)
Benefit obligation, ending balance	2,866	2,776	4,124
Accumulated benefit obligation	2,642	2,542
Change in Fair Value of Plan Assets
Fair value of plan assets, beginning balance	2,879	4,812
Actual return on plan assets	199	(1,372)
Company contributions	58	96
Plan participant contributions	0	1
Benefits paid	(124)	(144)
Divestiture	0	(46)
Foreign currency exchange rate change	73	(468)
Fair value of plan assets, ending balance	3,085	2,879	4,812
Funded Status	219	103
Other Benefits
Change in Benefit Obligation
Benefit obligation, beginning balance	102	137
Service cost	1	1	2
Interest cost	5	4	4
Plan participant contributions	14	16
Plan amendments	0	9
Actuarial (gain) loss	22	(27)
Benefits paid	(37)	(38)
Divestiture	0	0
Foreign currency exchange rate change	0	0
Benefit obligation, ending balance	107	102	137
Change in Fair Value of Plan Assets
Fair value of plan assets, beginning balance	0	0
Actual return on plan assets	0	0
Company contributions	23	22
Plan participant contributions	14	16
Benefits paid	(37)	(38)
Divestiture	0	0
Foreign currency exchange rate change	0	0
Fair value of plan assets, ending balance	0	0	$ 0
Funded Status	$ (107)	$ (102)

Suspended Wells and Exploration Expenses - Net Changes in Suspended Exploratory Well Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Beginning balance	$ 527	$ 660	$ 682
Additions pending the determination of proved reserves	0	5	10
Reclassifications to proved properties	(285)	(7)	0
Charged to dry hole expense	(58)	(131)	(32)
Ending balance	$ 184	$ 527	$ 660

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Operating revenues and other income	$ 58,574	$ 82,156	$ 48,349
Purchases	0	1	5
Operating expenses and selling, general and administrative expenses	705	623	719
Related Party
Related Party Transaction [Line Items]
Operating revenues and other income	90	88	88
Operating expenses and selling, general and administrative expenses	282	189	196
Net interest (income)/loss	$ 0	$ (1)	$ (2)

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Restricted cash	$ 264	$ 236
Restricted Cash, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent

Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information [Abstract]

Cash Flow Information


	Millions of Dollars
	2023		2022	2021
Noncash Investing and Financing Activities
Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations	$	727	825	442
Fair value of contingent consideration on acquisition	320

Cash Payments
Interest	$	701	873	924
Income taxes	5,406		7,368	856

Net Sales (Purchases) of Investments
Short-term investments purchased	$	(1,463)	(5,046)	(5,554)
Short-term investments sold	3,574		3,102	8,810
Investments and long-term receivables purchased	(867)		(775)	(279)
Investments and long-term receivables sold	129		90	114
	$	1,373	(2,629)	3,091

Other Financial Information - Property Plant And Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Proved properties	$ 134,394	$ 119,609
Capitalized costs, unproved properties	5,206	7,325
Other	4,805	4,562
Gross properties, plants and equipment	144,405	131,496
Less: Accumulated depreciation, depletion and amortization	(74,361)	(66,630)
Net properties, plants and equipment	$ 70,044	$ 64,866

Asset Retirement Obligations and Accrued Environmental Costs

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations and Accrued Environmental Cost

Note 8—Asset Retirement Obligations and Accrued Environmental Costs

Asset retirement obligations and accrued environmental costs at December 31 were:


	Millions of Dollars
	2023		2022

Asset retirement obligations	$	7,227	6,380
Accrued environmental costs	184		182
Total asset retirement obligations and accrued environmental costs	7,411		6,562
Asset retirement obligations and accrued environmental costs due within one year*	(191)		(161)
Long-term asset retirement obligations and accrued environmental costs	$	7,220	6,401

*Classified as a current liability on the balance sheet under “Other accruals.”

Asset Retirement Obligations

We record the fair value of a liability for an ARO when it is incurred (typically when the asset is installed at the production location). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related PP&E. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. If in subsequent periods, our estimate of this liability changes, we will record an adjustment to both the liability and PP&E. Reductions to estimated liabilities for assets that are no longer producing are recorded as a credit to impairment.

We have numerous AROs we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until several years, or decades, in the future and will be funded from general company resources at the time of removal. Our largest individual obligations involve plugging and abandonment of wells and removal and disposal of offshore oil and gas platforms around the world, as well as oil and gas production facilities and pipelines in Alaska.

During 2023 and 2022, our overall ARO changed as follows:


	Millions of Dollars
	2023		2022

Balance at January 1	$	6,380	5,926
Accretion of discount	278		245
New obligations	257		144
Changes in estimates of existing obligations	484		681
Spending on existing obligations	(119)		(231)
Property dispositions	(27)		(203)
Foreign currency translation	(26)		(182)

Balance at December 31	$	7,227	6,380

Accrued Environmental Costs

Total accrued environmental costs at December 31, 2023 and 2022, were $184 million and $182 million, respectively.

We had accrued environmental costs of $112 million and $107 million at December 31, 2023 and 2022, respectively, related to remediation activities in the U.S. and Canada. We had also accrued in Corporate and Other $55 million and $59 million of environmental costs associated with sites no longer in operation at December 31, 2023 and 2022, respectively. In addition, December 31, 2023 and 2022, included a $17 million and $16 million accrual, respectively, where the company has been named a potentially responsible party under the Federal Comprehensive Environmental Response, Compensation and Liability Act, or similar state laws. Accrued environmental liabilities are expected to be paid over periods extending up to 30 years.

Expected expenditures for environmental obligations acquired in various business combinations are discounted using a weighted-average 5 percent discount factor, resulting in an accrued balance for acquired environmental liabilities of $116 million at December 31, 2023. The total expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted are $151 million.

Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of Comprehensive Income [Abstract]

Net Income (Loss)

$ 10,957

$ 18,680

$ 8,079

Defined benefit plans

Prior service credit (cost) arising during the period

(10)

Reclassification adjustment for amortization of prior service cost (credit) included in net income (loss)

(38)

(39)

(38)

Net change

(38)

(49)

(38)

Net actuarial gain (loss) arising during the period

(623)

357

Reclassification adjustment for amortization of net actuarial losses (gains) included in net income (loss)

178

Net change

119

(551)

535

Nonsponsored plans

^[1]

(3)

Income taxes on defined benefit plans

(23)

178

(108)

Defined benefit plans, net of tax

(417)

394

Unrealized holding gain (loss) on securities

(13)

(2)

Reclassification adjustment for (gain) loss included in net income

(4)

(1)

Income taxes on unrealized holding gain (loss) on securities

(3)

Unrealized holding gain (loss) on securities, net of tax

(11)

(2)

Foreign currency translation adjustments

195

(623)

(124)

Income taxes on foreign currency translation adjustments

Foreign currency translation adjustments, net of tax

197

(622)

(124)

Unrealized gain (loss) on hedging activities

Income taxes on unrealized gain (loss) on hedging activities

(16)

Unrealized gain (loss) on hedging activities, net of tax

Other Comprehensive Income (Loss), Net of Tax

327

(1,050)

268

Comprehensive Income (Loss)

$ 11,284

$ 17,630

$ 8,347

[1]	Plans for which ConocoPhillips is not the primary obligor—primarily those administered by equity affiliates.

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2023
Accounting Policies [Abstract]
New Accounting Standards	Note 25—New Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures” which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting”. The amendments do not change how we identify our operating segments. On adoption, the disclosure improvements will be applied retrospectively to prior periods presented. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures” which enhances the disclosure requirements within Topic 740 “Income Taxes”. The enhancements will impact our financial statement disclosures only and will be applied prospectively with retrospective application permitted. The ASU is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Investments, Loans and Long-Term Receivables

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments, Loans and Long-Term Receivables

Note 4—Investments, Loans and Long-Term Receivables

Components of investments and long-term receivables at December 31 were:


	Millions of Dollars
	2023		2022
Equity investments	$	7,905	7,493
Long-term receivables	143		142
Long-term investments in debt securities	989		522
Other investments	93		68
	$	9,130	8,225

Equity Investments

Affiliated companies in which we had a significant equity investment at December 31, 2023, included:

•APLNG—47.5 percent owned joint venture with Origin Energy (27.5 percent) and Sinopec (25 percent)—to produce CBM from the Bowen and Surat basins in Queensland, Australia, as well as process and export LNG.

•Port Arthur Liquefication Holdings, LLC (PALNG)— 30 percent owned joint venture with Sempra PALNG Holdings, LLC for the development of a large-scale LNG facility for the first phase of the Port Arthur LNG project ("Phase 1"). See Note 3.

•QatarEnergy LNG N(3) (N3), formerly Qatar Liquefied Gas Company Limited (3) (QG3)—30 percent owned joint venture with affiliates of QatarEnergy (68.5 percent) and Mitsui & Co., Ltd. (1.5 percent)—produces and liquefies natural gas from Qatar’s North Field, as well as exports LNG.

•QatarEnergy LNG NFE(4) (NFE4), formerly Qatar Liquefied Gas Company Limited (8) (QG8)—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field East (NFE) LNG project. See Note 3.

•QatarEnergy LNG NFS(3) (NFS3), formerly Qatar Liquefied Gas Company Limited (12) (QG12)— 25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field South project. See Note 3.

Summarized 100 percent earnings information for equity method investments in affiliated companies, combined, was as follows:


	Millions of Dollars
	2023		2022	2021
Revenues	$	15,314	18,356	11,824
Income (loss) before income taxes	6,301		8,234	3,946
Net income (loss)	4,214		5,507	2,557

Summarized 100 percent balance sheet information for equity method investments in affiliated companies, combined, was as follows:


	Millions of Dollars
	2023		2022
Current assets	$	3,827	5,001
Noncurrent assets	39,299		37,789
Current liabilities	3,462		4,169
Noncurrent liabilities	16,665		17,244

Our share of income taxes incurred directly by an equity method investee is reported in equity in earnings of affiliates, and as such is not included in income taxes on our consolidated financial statements.

At December 31, 2023, retained earnings included $60 million related to the undistributed earnings of affiliated companies. Dividends received from affiliates were $2,684 million, $3,045 million and $1,279 million in 2023, 2022 and 2021, respectively.

APLNG

APLNG is a joint venture focused on producing CBM from the Bowen and Surat basins in Queensland, Australia. Natural gas is sold to domestic customers and LNG is processed and exported to Asia Pacific markets. Our investment in APLNG gives us access to CBM resources in Australia and enhances our LNG position. The majority of APLNG LNG is sold under two long-term sales and purchase agreements, supplemented with sales of additional LNG cargoes targeting the Asia Pacific markets. Origin Energy, an integrated Australian energy company, is the operator of APLNG’s production and pipeline system, while we operate the LNG facility.

In 2012, APLNG executed an $8.5 billion project finance facility that became non-recourse following financial completion in 2017. The facility is currently composed of a financing agreement with the Export-Import Bank of the United States, a commercial bank facility and two United States Private Placement note facilities. APLNG principal and interest payments commenced in March 2017 and are scheduled to occur bi-annually until September 2030. At December 31, 2023, a balance of $4.7 billion was outstanding on the facilities. See Note 10.

During the fourth quarter of 2021, Origin Energy Limited agreed to the sale of 10 percent of their interest in APLNG for $1.645 billion, before customary adjustments. ConocoPhillips announced in December 2021 that we were exercising our preemption right under the APLNG Shareholders Agreement to purchase an additional 10 percent shareholding interest in APLNG, subject to government approvals. The sales price associated with this preemption right was determined to reflect a relevant observable market participant view of APLNG’s fair value which was below the carrying value of our existing investment in APLNG. Based on a review of the facts and circumstances surrounding this decline in fair value, we concluded in the fourth quarter of 2021 the impairment was other than temporary under the guidance of FASB ASC Topic 323, and the recognition of an impairment of our existing investment was necessary. Accordingly, we recorded a noncash $688 million before- and after-tax impairment in the fourth quarter of 2021. The impairment was included in the “Impairments” line on our consolidated income statement. See Note 7.

At December 31, 2023, the carrying value of our equity method investment in APLNG was approximately $5.4 billion. The historical cost basis of our 47.5 percent share of net assets of APLNG was $5.4 billion, resulting in a basis difference of $33 million on our books. The basis difference, which is substantially all associated with PP&E and subject to amortization, has been allocated on a relative fair value basis to individual production license areas owned by APLNG. Any future additional payments are expected to be allocated in a similar manner. As the joint venture produces natural gas from each license, we amortize the basis difference allocated to that license using the unit-of-production method. Included in net income (loss) for 2023, 2022 and 2021 was after-tax expense of $8 million, $10 million and $39 million, respectively, representing the amortization of this basis difference on currently producing licenses.

PALNG

PALNG is a joint venture for the development of a large-scale LNG facility. At December 31, 2023, the carrying value of our equity method investment in PALNG was approximately $1.1 billion. See Note 3.

N3 is a joint venture that owns an integrated large-scale LNG project located in Qatar. We have terminal and pipeline use agreements with Golden Pass LNG Terminal and affiliated Golden Pass Pipeline near Sabine Pass, Texas, intended to provide us with terminal and pipeline capacity for the receipt, storage and regasification of LNG purchased from N3. Currently, the LNG from N3 is being sold to markets outside of the U.S.

NFE4

NFE4 is a joint venture with QatarEnergy participating in the NFE LNG project. NFE4 has a 12.5 percent interest in the NFE project. See Note 3.

NFS3

NFS3 is a joint venture with QatarEnergy to participate in the NFS LNG project. NFS3 has a 25 percent interest in the NFS project. See Note 3.

At December 31, 2023, the carrying value of our equity method investments in Qatar was approximately $1.1 billion.

Loans

As part of our normal ongoing business operations and consistent with industry practice, we enter into numerous agreements with other parties to pursue business opportunities. Included in such activity are loans to certain affiliated and non-affiliated companies.

At December 31, 2023, there were no outstanding loans to affiliated companies.

Impairments

12 Months Ended

Dec. 31, 2023

Asset Impairment Charges [Abstract]

Impairments

Note 7—Impairments

During 2023, 2022 and 2021, we recognized the following before-tax impairment charges:


	Millions of Dollars
	2023		2022	2021

Alaska	$	—	2	5
Lower 48	7		(11)	(8)
Canada	6		(2)	6
Europe, Middle East and North Africa	—		(1)	(24)
Asia Pacific	—		—	695
Corporate and Other	1		—	—
	$	14	(12)	674

2021

We recorded an impairment of $688 million on our APLNG investment included within the Asia Pacific segment. See Note 4 and Note 13.

In our Lower 48 segment, we recorded a credit to impairment of $89 million due to a decreased ARO estimate for a previously sold asset, in which we retained the ARO liability. This was offset by recorded impairments of $84 million during the fourth quarter of 2021, related to certain noncore assets due to changes in development plans. See Note 13.

In our Europe, Middle East and North Africa segment, we recorded a credit to impairment of $24 million due to decreased ARO estimates on fields in Norway which ceased production and were fully depreciated in prior years.

Other Financial Information

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Financial Information

Note 20—Other Financial Information


	Millions of Dollars
	2023		2022	2021
Interest and Debt Expense
Incurred
Debt	$	824	791	887
Other	109		72	59
	933		863	946
Capitalized	(153)		(58)	(62)
Expensed	$	780	805	884

Other Income
Interest income	$	412	195	33
Gain (loss) on investment in Cenovus Energy*	—		251	1,040
Other, net	73		58	130
	$	485	504	1,203
*See Note 5.

Research and Development Expenditures—expensed	$	81	71	62

Shipping and Handling Costs	$	1,695	1,595	1,047

Foreign Currency Transaction (Gains) Losses—after-tax
Alaska	$	—	—	—
Lower 48	—		—	—
Canada	11		(20)	(1)
Europe, Middle East and North Africa	(39)		(110)	(11)
Asia Pacific	12		30	2
Other International	—		(1)	1
Corporate and Other	86		21	(7)
	$	70	(80)	(16)


	Millions of Dollars
	2023		2022
Properties, Plants and Equipment
Proved properties	$	134,394	119,609
Unproved properties	5,206		7,325
Other	4,805		4,562
Gross properties, plants and equipment	144,405		131,496
Less: Accumulated depreciation, depletion and amortization	(74,361)		(66,630)
Net properties, plants and equipment	$	70,044	64,866

Asset Retirement Obligations and Accrued Environmental Costs - Changes in Asset Retirement Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 6,380	$ 5,926
Accretion of discount	278	245
New obligations	257	144
Changes in estimates of existing obligations	484	681
Spending on existing obligations	(119)	(231)
Property dispositions	(27)	(203)
Other	(26)	(182)
Ending balance	$ 7,227	$ 6,380

Non-Mineral Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Non-Mineral Leases

Note 15—Non-Mineral Leases

The company primarily leases office buildings and drilling equipment, as well as ocean transport vessels, tugboats, corporate aircraft, and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, and other leases include payment provisions that vary based on the nature of usage of the leased asset. Additionally, the company has executed certain leases that provide it with the option to extend or renew the term of the lease, terminate the lease prior to the end of the lease term, or purchase the leased asset as of the end of the lease term. In other cases, the company has executed lease agreements that require it to guarantee the residual value of certain leased office buildings. For additional information about guarantees, see Note 10. There are no significant restrictions imposed on us by the lease agreements with regard to dividends, asset dispositions or borrowing ability.

We determine if an arrangement is or contains a lease at contract inception. Certain contractual arrangements may contain both lease and non-lease components. Only the lease components of these contractual arrangements are subject to the provisions of ASC Topic 842, and any non-lease components are subject to other applicable accounting guidance; however, we have elected to adopt the optional practical expedient not to separate lease components apart from non-lease components for existing asset classes (as of the adoption date of ASC 842) for accounting purposes. For contractual arrangements involving a new leased asset class, we determine at contract inception whether it will apply the optional practical expedient to the new leased asset class.

Leases are evaluated for classification as operating or finance leases at the commencement date of the lease and right-of-use assets and corresponding liabilities are recognized on our consolidated balance sheet based on the present value of future lease payments relating to the use of the underlying asset during the lease term. Future lease payments include variable lease payments that depend upon an index or rate using the index or rate at the commencement date and probable amounts owed under residual value guarantees. The amount of future lease payments may be increased to include additional payments related to lease extension, termination, and/or purchase options when the company has determined, at or subsequent to lease commencement, generally due to limited asset availability or operating commitments, it is reasonably certain of exercising such options. We use our incremental borrowing rate as the discount rate in determining the present value of future lease payments, unless the interest rate implicit in the lease arrangement is readily determinable. Lease payments that vary subsequent to the commencement date based on future usage levels, the nature of leased asset activities, or certain other contingencies are not included in the measurement of lease right-of-use assets and corresponding liabilities. We have elected not to record assets and liabilities on our consolidated balance sheet for lease arrangements with terms of 12 months or less.

We often enter into leasing arrangements acting in the capacity as operator for and/or on behalf of certain oil and gas joint ventures of undivided interests. If the lease arrangement can be legally enforced only against us as operator and there is no separate arrangement to sublease the underlying leased asset to our coventurers, we recognize at lease commencement a right-of-use asset and corresponding lease liability on our consolidated balance sheet on a gross basis. While we record lease costs on a gross basis in our consolidated income statement and statement of cash flows, such costs are offset by the reimbursement we receive from our coventurers for their share of the lease cost as the underlying leased asset is utilized in joint venture activities. As a result, lease cost is presented in our consolidated income statement and statement of cash flows on a proportional basis. If we are a nonoperating coventurer, we recognize a right-of-use asset and corresponding lease liability only if we were a specified contractual party to the lease arrangement and the arrangement could be legally enforced against us. In this circumstance, we would recognize both the right-of-use asset and corresponding lease liability on our consolidated balance sheet on a proportional basis consistent with our undivided interest ownership in the related joint venture.

The company has historically recorded finance lease assets and liabilities associated with certain oil and gas joint ventures on a proportional basis pursuant to accounting guidance applicable prior to the adoption date of ASC 842. In accordance with the transition provisions of ASC Topic 842, and since we have elected to adopt the package of optional transition-related practical expedients, the historical accounting treatment for these leases has been carried forward and is subject to reconsideration upon the modification or other required reassessment of the arrangements prior to lease term expiration.

The following table summarizes the right-of-use assets and lease liabilities for both the operating and finance leases on our consolidated balance sheet as of December 31:


	Millions of Dollars
	2023			2022
	Operating Leases		Finance Leases	Operating Leases	Finance Leases
Right-of-Use Assets
Properties, plants and equipment
Gross			2,010		2,043
Accumulated DD&A			(1,185)		(1,022)
Net PP&E*			825		1,021

Other assets	691			536

Lease Liabilities
Short-term debt**			291		284
Other accruals	193			155
Long-term debt***			838		1,036
Other liabilities and deferred credits	504			390
Total lease liabilities	$	697	1,129	545	1,320

* Includes proportionately consolidated finance lease assets of $134 million at December 31, 2023 and $171 million at December 31, 2022.

** Includes proportionately consolidated finance lease liabilities of $175 million at December 31, 2023 and $169 million at December 31, 2022.

*** Includes proportionately consolidated finance lease liabilities of $326 million at December 31, 2023 and $399 million at December 31, 2022.

The following table summarizes our lease costs:


	Millions of Dollars
	2023		2022	2021
Lease Cost*
Operating lease cost	$	229	212	278
Finance lease cost
Amortization of right-of-use assets	180		189	148
Interest on lease liabilities	35		32	27
Short-term lease cost**	40		94	21
Total lease cost***	$	484	527	474

* The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers.

** Short-term leases are not recorded on our consolidated balance sheet.

*** Variable lease cost and sublease income are immaterial for the periods presented and therefore are not included in the table above.

The following table summarizes the lease terms and discount rates as of December 31:


	2023	2022
Lease Term and Discount Rate
Weighted-average term (years)
Operating leases	5.83	5.64
Finance leases	5.73	6.60

Weighted-average discount rate (percent)
Operating leases	4.13	2.99
Finance leases	3.39	3.40

The following table summarizes other lease information:


	Millions of Dollars
	2023		2022	2021
Other Information*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	173	148	204
Operating cash flows from finance leases	33		30	6
Financing cash flows from finance leases	169		166	73

Right-of-use assets obtained in exchange for operating lease liabilities	$	355	114	174
Right-of-use assets obtained in exchange for finance lease liabilities	9		256	447

*The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. In addition, pursuant to other applicable accounting guidance, lease payments made in connection with preparing another asset for its intended use are reported in the "Cash Flows From Investing Activities" section of our consolidated statement of cash flows.

The following table summarizes future lease payments for operating and finance leases at December 31, 2023:


	Millions of Dollars
	Operating Leases		Finance Leases
Maturity of Lease Liabilities
2024	$	217	358
2025	150		207
2026	113		204
2027	88		161
2028	67		178
Remaining years	153		174
Total*	788		1,282
Less: portion representing imputed interest	(91)		(153)
Total lease liabilities	$	697	$	1,129

*Future lease payments for operating and finance leases commencing on or after January 1, 2019, also include payments related to non-lease components in accordance with our election to adopt the optional practical expedient not to separate lease components apart from non-lease components for accounting purposes. In addition, future payments related to operating and finance leases proportionately consolidated by the company have been included in the table on a proportionate basis consistent with our respective ownership interest in the underlying investee company or oil and gas venture.

Segment Disclosures and Related Information - Sales and Other Operating Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 56,141	$ 78,494	$ 45,828
Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	56,141	78,494	45,828
Corporate and Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	33	96	75
Alaska \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	7,098	7,905	5,480
Lower 48
Segment Reporting Information [Line Items]
Sales and other operating revenues	38,244	52,921	29,306
Lower 48 \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	38,237	52,903	29,294
Lower 48 \| Intersegment eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(7)	(18)	(12)
Canada
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,873	6,159	4,077
Canada \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,006	3,714	2,494
Canada \| Intersegment eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,867)	(2,445)	(1,583)
Europe, Middle East and North Africa
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,854	11,271	5,902
Europe, Middle East and North Africa \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,854	11,270	5,902
Europe, Middle East and North Africa \| Intersegment eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	(1)	0
Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,913	2,606	2,579
Other International \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 0	$ 0	$ 4

Accumulated Other Comprehensive (Loss) - Items Reclassified out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Defined Benefit Plans*	$ 33	$ 26
*Included in the computation of net periodic benefit cost and are presented net of tax expense of:	$ 11	$ 7

Derivative and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 15, 2021
Derivative [Line Items]
Percentage of term loans converted	60.00%
Debt securities, available-for-sale, unrealized loss	$ 5	$ 12
Proceeds from sales and redemptions of investments in debt securities classified as available for sale	983	644
Collateral was posted for derivative instruments in a liability position	0	42
In Event of Lowered Credit Rating
Derivative [Line Items]
Derivative, liability position, aggregate fair value	181	$ 333
In Event of Downgrade Below Investment Grade
Derivative [Line Items]
Additional collateral, either in the form of cash or letters of credit	$ 152
Maximum \| Trade Receivables
Derivative [Line Items]
Terms of financial instruments and trade receivables	30 days
Interest Rate Swap
Derivative [Line Items]
Unrealized gain (loss) on hedging activities	$ 78
Concho Resources Incorporated \| Commodity
Derivative [Line Items]
Business combination, derivative liabilities assumed				$ 456
Gains (losses) from commodity derivatives			$ (305)
Cash payment			$ 761

Segment Disclosures and Related Information - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	6
Sales and other operating revenues	$ 56,141	$ 78,494	$ 45,828
Lower 48
Segment Reporting Information [Line Items]
Sales and other operating revenues	38,244	$ 52,921	$ 29,306
Pipeline Company
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 5,800
Customer Concentration Risk \| Pipeline Company \| Revenue Benchmark \| Lower 48
Segment Reporting Information [Line Items]
Concentration risk percentage	10.00%

- Definition

+ References

+ Details

Segment Disclosures and Related Information - Net Income (Loss) Attributable to ConocoPhillips, Investments In and Advances To Affiliates and Total Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Consolidated net income (loss)	$ 10,957	$ 18,680	$ 8,079
Consolidated total assets	95,924	93,829	90,661
Related Party
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	7,905	7,493	6,701
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated net income (loss)	(821)	(330)	(210)
Consolidated total assets	9,759	11,008	7,745
Corporate and Other \| Related Party
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	1,145	0	0
Alaska \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated net income (loss)	1,778	2,352	1,386
Consolidated total assets	16,174	15,126	14,812
Alaska \| Operating Segments \| Related Party
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	32	55	58
Lower 48 \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated net income (loss)	6,461	11,015	4,932
Consolidated total assets	42,415	42,950	41,699
Lower 48 \| Operating Segments \| Related Party
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	118	235	242
Canada \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated net income (loss)	402	714	458
Consolidated total assets	10,277	6,971	7,439
Canada \| Operating Segments \| Related Party
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	0	0	0
Europe, Middle East and North Africa \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated net income (loss)	1,189	2,244	1,167
Consolidated total assets	8,396	8,263	9,125
Europe, Middle East and North Africa \| Operating Segments \| Related Party
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	1,191	1,049	797
Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated net income (loss)	1,961	2,736	453
Consolidated total assets	8,903	9,511	9,840
Asia Pacific \| Operating Segments \| Related Party
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	5,419	6,154	5,603
Other International \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated net income (loss)	(13)	(51)	(107)
Consolidated total assets	0	0	1
Other International \| Operating Segments \| Related Party
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	$ 0	$ 0	$ 1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes Charged to Income (Loss)

Components of income tax provision (benefit) were:


	Millions of Dollars
	2023		2022	2021
Income Taxes
Federal
Current	$	1,054	1,263	32
Deferred	825		1,629	1,161
Foreign
Current	2,931		5,813	3,128
Deferred	254		387	66
State and local
Current	202		386	127
Deferred	65		70	119
Total tax provision (benefit)	$	5,331	9,548	4,633

Components of Deferred Tax Liabilities and Assets

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were:


	Millions of Dollars
	2023		2022
Deferred Tax Liabilities
PP&E and intangibles	$	11,992	11,100
Inventory	46		48
Other	216		190
Total deferred tax liabilities	12,254		11,338

Deferred Tax Assets
Benefit plan accruals	413		450
Asset retirement obligations and accrued environmental costs	2,608		2,333
Investments in joint ventures	2,133		1,917
Other financial accruals and deferrals	448		736
Loss and credit carryforwards	5,629		6,354
Other	121		112
Total deferred tax assets	11,352		11,902
Less: valuation allowance	(7,656)		(8,049)
Total deferred tax assets net of valuation allowance	3,696		3,853
Net deferred tax liabilities	$	8,558	7,485

Reconciliation of Deferred Tax Asset Valuation Allowance

The following table shows a reconciliation of the beginning and ending deferred tax asset valuation allowance for 2023, 2022 and 2021:


	Millions of Dollars
	2023		2022	2021

Balance at January 1	$	8,049	8,342	9,965
Charged to expense (benefit)	(2)		5	(45)
Other*	(391)		(298)	(1,578)
Balance at December 31	$	7,656	8,049	8,342

*Represents changes due to originating deferred tax assets that have no impact to our effective tax rate, acquisitions/dispositions/revisions and the effect of translating foreign financial statements.

Reconciliation of Unrecognized Tax Benefits

The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2023, 2022 and 2021:


	Millions of Dollars
	2023		2022	2021

Balance at January 1	$	710	1,345	1,206
Additions based on tax positions related to the current year	5		6	15
Additions for tax positions of prior years	1		6	177
Reductions for tax positions of prior years	(9)		(62)	(5)
Settlements	(96)		(510)	—
Lapse of statute	(224)		(75)	(48)
Balance at December 31	$	387	710	1,345

Effective Income Tax Rate Reconciliation

The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate to the provision for income taxes, were:


	Millions of Dollars				Percent of Pre-Tax Income (Loss)
	2023		2022	2021	2023		2022	2021
Income (loss) before income taxes
United States	$	9,472	16,739	8,024	58.2	%	59.3	63.1
Foreign	6,816		11,489	4,688	41.8		40.7	36.9
	$	16,288	28,228	12,712	100.0	%	100.0	100.0

Federal statutory income tax	$	3,421	5,928	2,670	21.0	%	21.0	21.0
Non-U.S. effective tax rates	2,063		3,866	1,915	12.7		13.7	15.1



Recovery of outside basis	(4)		(30)	(55)	—		(0.1)	(0.4)
Adjustment to tax reserves	(317)		(551)	(11)	(1.9)		(2.0)	(0.1)
Adjustment to valuation allowance	(2)		5	(45)	—		—	(0.4)
State income tax	214		405	194	1.3		1.4	1.5

Enhanced oil recovery credit	—		(37)	(99)	—		(0.1)	(0.8)
Other	(44)		(38)	64	(0.3)		(0.1)	0.5
Total	$	5,331	9,548	4,633	32.7	%	33.8	36.4

Suspended Wells and Exploration Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Extractive Industries [Abstract]

Net Changes in Suspended Exploratory Well Costs

The following table reflects the net changes in suspended exploratory well costs during 2023, 2022 and 2021:


	Millions of Dollars
	2023		2022	2021

Beginning balance	$	527	660	682
Additions pending the determination of proved reserves	—		5	10
Reclassifications to proved properties	(285)		(7)	—

Charged to dry hole expense	(58)		(131)	(32)
Ending balance	$	184	527	660

Aging of Suspended Well Cost

The following table provides an aging of suspended well balances at December 31:


	Millions of Dollars
	2023		2022	2021

Exploratory well costs capitalized for a period of one year or less	$	—	15	4
Exploratory well costs capitalized for a period greater than one year	184		512	656
Ending balance	$	184	527	660

Number of projects with exploratory well costs capitalized for a period greater than one year	14		17	22

Aging of Exploratory Well Cost, Capitalized for More than One Year

The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December 31, 2023:


	Millions of Dollars
			Suspended Since
	Total		2020-2022	2017-2019	2006-2016
WL4-00—Malaysia(2)	36		19	17	—
PL891—Norway(1)	30		30	—	—
West Willow—Alaska(1)	29		—	29	—
Narwhal Trend—Alaska(1)	25		—	25	—
PL782S—Norway(1)	19		—	19	—
Montney—Canada(1)	16		8	8	—
Other of $10 million or less each(1)(2)	29		—	4	25
Total	$	184	57	102	25

(1)Additional appraisal wells planned.

(2)Appraisal drilling complete; costs being incurred to assess development.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurement - Values of Assets, by Major Category, Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Before-Tax Loss, Equity Method Investments	$ (1,720)	$ (2,081)	$ (832)
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value - Net PP&E (held for use)			472
Before-Tax Loss - Net PP&E (Held for use)			80
Fair Value - Equity Method Investments			5,574
Before-Tax Loss, Equity Method Investments			688
Level 1 Inputs \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value - Net PP&E (held for use)			0
Fair Value - Equity Method Investments			0
Level 2 Inputs \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value - Net PP&E (held for use)			0
Fair Value - Equity Method Investments			5,574
Level 3 Inputs \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value - Net PP&E (held for use)			472
Fair Value - Equity Method Investments			$ 0

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Change in Benefit Obligations and Fair Value of Plan Assets

An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for our postretirement health and life insurance plans follows:


	Millions of Dollars
	Pension Benefits					Other Benefits
	2023			2022		2023	2022
	U.S.		Int’l.	U.S.	Int’l.
Change in Benefit Obligation
Benefit obligation at January 1	$	1,478	2,776	1,924	4,124	102	137
Service cost	51		38	58	47	1	1
Interest cost	77		113	62	77	5	4
Plan participant contributions	—		—	—	—	14	16
Plan amendments	—		—	—	—	—	9
Actuarial (gain) loss	40		11	(325)	(847)	22	(27)
Benefits paid	(121)		(124)	(241)	(144)	(37)	(38)
Divestiture	—		—	—	(56)	—	—


Foreign currency exchange rate change	—		52	—	(425)	—	—
Benefit obligation at December 31*	$	1,525	2,866	1,478	2,776	107	102
*Accumulated benefit obligation portion of above at December 31:	$	1,414	2,642	1,384	2,542

Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	$	1,179	2,879	1,664	4,812	—	—
Actual return on plan assets	129		199	(319)	(1,372)	—	—
Company contributions	119		58	75	96	23	22
Plan participant contributions	—		—	—	1	14	16
Benefits paid	(121)		(124)	(241)	(144)	(37)	(38)
Divestiture	—		—	—	(46)	—	—
Foreign currency exchange rate change	—		73	—	(468)	—	—
Fair value of plan assets at December 31	$	1,306	3,085	1,179	2,879	—	—
Funded Status	$	(219)	219	(299)	103	(107)	(102)

Amounts Recognized in Balance Sheet and Assumptions


	Millions of Dollars
	Pension Benefits						Other Benefits
	2023				2022		2023	2022
	U.S.			Int’l.	U.S.	Int’l.

Amounts Recognized in the Consolidated Balance Sheet at December 31
Noncurrent assets	$	—		491	—	373	—	—
Current liabilities	(16)			(9)	(28)	(10)	(24)	(32)
Noncurrent liabilities	(203)			(263)	(271)	(260)	(83)	(70)
Total recognized	$	(219)		219	(299)	103	(107)	(102)

Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate	5.35		%	4.10	5.65	4.20	5.30	5.65
Rate of compensation increase	5.00			3.65	5.00	3.65
Interest crediting rate for applicable benefits	4.20				3.55

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount rate	5.65		%	4.20	3.85	2.15	5.65	2.65
Expected return on plan assets	5.30			5.20	3.90	2.85
Rate of compensation increase	5.00			3.65	4.00	3.40
Interest crediting rate for applicable benefits	3.55				2.50

Projected and Accumulated Benefit Obligations in Excess of Fair Value

The following tables summarize information related to the Company's pension plans with projected and accumulated benefit obligations in excess of the fair value of the plans' assets:


	Millions of Dollars
	Pension Benefits
	2023			2022
	U.S.		Int’l.	U.S.	Int’l.

Pension Plans with Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation	$	1,525	279	1,478	277
Fair value of plan assets	1,306		6	1,179	6

Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation	$	165	243	1,384	239
Fair value of plan assets	—		6	1,179	6

Before-Tax Amounts not Recognized in Net Periodic Benefit Cost

Included in accumulated other comprehensive income (loss) at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost:


	Millions of Dollars
	Pension Benefits					Other Benefits
	2023			2022		2023	2022
	U.S.		Int’l.	U.S.	Int’l.

Unrecognized net actuarial loss (gain)	$	123	585	172	681	3	(28)
Unrecognized prior service cost (credit)	—		1	—	1	(60)	(98)

Source of Change in Other Comprehensive Income (Loss)


	Millions of Dollars
	Pension Benefits					Other Benefits
	2023			2022		2023	2022
	U.S.		Int’l.	U.S.	Int’l.

Sources of Change in Other Comprehensive Income (Loss)
Net gain (loss) arising during the period	$	30	29	(44)	(606)	(22)	27
Amortization of actuarial loss included in income (loss)*	18		67	61	11	(3)	—
Net change during the period	$	48	96	17	(595)	(25)	27

Prior service credit (cost) arising during the period	$	—	—	—	(1)	—	(9)
Amortization of prior service (credit) included in income (loss)	—		—	—	(1)	(38)	(38)
Net change during the period	$	—	—	—	(2)	(38)	(47)

*Includes settlement (gains) losses recognized in 2023 and 2022.

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost of all defined benefit plans are presented in the following table:


	Millions of Dollars
	Pension Benefits							Other Benefits
	2023			2022		2021		2023	2022	2021
	U.S.		Int’l.	U.S.	Int’l.	U.S.	Int’l.

Components of Net Periodic Benefit Cost
Service cost	$	51	38	58	47	73	61	1	1	2
Interest cost	77		113	62	77	53	79	5	4	4
Expected return on plan assets	(58)		(148)	(50)	(124)	(80)	(120)	—	—	—
Amortization of prior service credit	—		—	—	(1)	—	(1)	(38)	(38)	(37)
Recognized net actuarial loss (gain)	12		67	24	11	43	33	(3)	—	—
Settlements loss (gain)	6		—	37	—	102	—	—	—	—
Curtailment loss (gain)	—		—	—	—	12	—	—	—	—
Net periodic benefit cost	$	88	70	131	10	203	52	(35)	(33)	(31)

Fair Values of Pension Plan Assets

The fair values of our pension plan assets at December 31, by asset class were as follows:


	Millions of Dollars
	U.S.					International
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
2023
Equity securities
U.S.	$	6	—	—	6	—	—	—	—
International	35		—	—	35	—	—	—	—
Mutual funds	15		—	—	15	244	276	—	520
Debt securities
Corporate	—		1	—	1	—	—	—	—
Mutual funds	—		—	—	—	421	—	—	421
Cash and cash equivalents	—		—	—	—	25	—	—	25
Real estate	—		—	—	—	—	—	126	126
Total in fair value hierarchy	$	56	1	—	57	690	276	126	1,092

Investments measured at net asset value*
Equity securities
Common/collective trusts					300				198
Debt securities
Common/collective trusts					868				1,791
Cash and cash equivalents					6				—
Real estate					28				—
Total**	$	56	1	—	1,259	690	276	126	3,081

*In accordance with FASB ASC Topic 715, “Compensation—Retirement Benefits,” certain investments that are to be measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Change in Fair Value of Plan Assets.

**Excludes the participating interest in the insurance annuity contract with a net asset of $46 million and net receivables related to security transactions of $5 million.

The fair values of our pension plan assets at December 31, by asset class were as follows:


	Millions of Dollars
	U.S.					International
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
2022
Equity securities
U.S.	$	4	—	—	4	—	—	—	—
International	36		—	—	36	—	—	—	—
Mutual funds	14		—	—	14	201	298	—	499
Debt securities
Corporate	—		1	—	1	—	—	—	—
Mutual funds	—		—	—	—	365	—	—	365
Cash and cash equivalents	—		—	—	—	36	—	—	36
Derivatives
Real estate	—		—	—	—	—	—	146	146
Total in fair value hierarchy	$	54	1	—	55	602	298	146	1,046

Investments measured at net asset value*
Equity securities
Common/collective trusts					265				192
Debt securities
Common/collective trusts					759				1,637
Cash and cash equivalents					10				—
Real estate					34				—
Total**	$	54	1	—	1,123	602	298	146	2,875

**Excludes the participating interest in the insurance annuity contract with a net asset of $55 million and net receivables related to security transactions of $5 million.

Benefit Payments

The following benefit payments, which are exclusive of amounts to be paid from the insurance annuity contract and which reflect expected future service, as appropriate, are expected to be paid:


	Millions of Dollars
	Pension Benefits			Other Benefits
	U.S.		Int’l.

2024	$	205	128	16
2025	191		130	14
2026	175		133	14
2027	170		136	12
2028	162		141	11
2029–2033	664		778	45

Severance Accrual

The following table summarizes our severance accrual activity:


	Millions of Dollars
	2023		2022	2021

Balance at January 1	$	31	78	24
Accruals	1		1	170
Benefit payments	(20)		(48)	(116)
Balance at December 31	$	12	31	78

Compensation Expense

Compensation Expense—Total share-based compensation expense recognized in net income (loss) and the associated tax benefit were:


	Millions of Dollars
	2023		2022	2021

Compensation cost	$	334	377	304
Tax benefit	84		95	76

Stock Option Activity

The following summarizes our stock option activity for the year ended December 31, 2023:


				Millions of Dollars
	Options	Weighted-Average Exercise Price		Aggregate Intrinsic Value

Outstanding at December 31, 2022	4,303,575	$	55.28	$	266
Exercised	(1,038,900)	63.87		58
Expired or cancelled	—	—
Outstanding at December 31, 2023	3,264,675	$	52.55	$	209
Vested at December 31, 2023	3,264,675	$	52.55	$	209
Exercisable at December 31, 2023	3,264,675	$	52.55	$	209

Restricted Stock Unit Activity

The following summarizes our stock-settled stock RSU activity for the year ended December 31, 2023:


	Stock Units	Weighted-Average Grant Date Fair Value		Millions of Dollars
				Total Fair Value

Outstanding at December 31, 2022	7,578,193	$	61.20
Granted	2,178,117	110.91
Forfeited	(144,021)	88.54
Issued	(2,518,599)	58.77		$	284
Outstanding at December 31, 2023	7,093,690	$	76.78
Not Vested at December 31, 2023	4,791,110	$	78.20

Performance Share Program Activity

The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2023:


		Weighted-Average Grant Date Fair Value		Millions of Dollars
	Stock Units			Total Fair Value

Outstanding at December 31, 2022	1,231,615	$	50.68
Granted	3,797	112.50
Forfeited	(72)	55.13
Issued	(272,522)	51.15		$	29
Outstanding at December 31, 2023	962,818	$	50.79

The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2023:


		Weighted-Average Grant Date Fair Value		Millions of Dollars
	Stock Units			Total Fair Value

Outstanding at December 31, 2022	109,823	$	117.11
Granted	1,044,251	112.50
Settled	(1,053,204)	104.94		$	111
Outstanding at December 31, 2023	100,870	$	116.68

Restricted Shares and Units Aggregate Activity

The following summarizes the aggregate activity of these restricted shares and units for the year ended December 31, 2023:


		Weighted-Average Grant Date Fair Value		Millions of Dollars
	Stock Units			Total Fair Value

Outstanding at December 31, 2022	1,239,759	$	49.78
Granted	54,141	115.88
Cancelled	(6,904)	45.90
Issued	(392,728)	47.64		$	46
Outstanding at December 31, 2023	894,268	$	54.76
Not Vested at December 31, 2023	149,270	$	45.90

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 16—Employee Benefit Plans

Pension and Postretirement Plans

An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for our postretirement health and life insurance plans follows:


	Millions of Dollars
	Pension Benefits					Other Benefits
	2023			2022		2023	2022
	U.S.		Int’l.	U.S.	Int’l.
Change in Benefit Obligation
Benefit obligation at January 1	$	1,478	2,776	1,924	4,124	102	137
Service cost	51		38	58	47	1	1
Interest cost	77		113	62	77	5	4
Plan participant contributions	—		—	—	—	14	16
Plan amendments	—		—	—	—	—	9
Actuarial (gain) loss	40		11	(325)	(847)	22	(27)
Benefits paid	(121)		(124)	(241)	(144)	(37)	(38)
Divestiture	—		—	—	(56)	—	—


Foreign currency exchange rate change	—		52	—	(425)	—	—
Benefit obligation at December 31*	$	1,525	2,866	1,478	2,776	107	102
*Accumulated benefit obligation portion of above at December 31:	$	1,414	2,642	1,384	2,542

Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	$	1,179	2,879	1,664	4,812	—	—
Actual return on plan assets	129		199	(319)	(1,372)	—	—
Company contributions	119		58	75	96	23	22
Plan participant contributions	—		—	—	1	14	16
Benefits paid	(121)		(124)	(241)	(144)	(37)	(38)
Divestiture	—		—	—	(46)	—	—
Foreign currency exchange rate change	—		73	—	(468)	—	—
Fair value of plan assets at December 31	$	1,306	3,085	1,179	2,879	—	—
Funded Status	$	(219)	219	(299)	103	(107)	(102)


	Millions of Dollars
	Pension Benefits						Other Benefits
	2023				2022		2023	2022
	U.S.			Int’l.	U.S.	Int’l.

Amounts Recognized in the Consolidated Balance Sheet at December 31
Noncurrent assets	$	—		491	—	373	—	—
Current liabilities	(16)			(9)	(28)	(10)	(24)	(32)
Noncurrent liabilities	(203)			(263)	(271)	(260)	(83)	(70)
Total recognized	$	(219)		219	(299)	103	(107)	(102)

Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate	5.35		%	4.10	5.65	4.20	5.30	5.65
Rate of compensation increase	5.00			3.65	5.00	3.65
Interest crediting rate for applicable benefits	4.20				3.55

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount rate	5.65		%	4.20	3.85	2.15	5.65	2.65
Expected return on plan assets	5.30			5.20	3.90	2.85
Rate of compensation increase	5.00			3.65	4.00	3.40
Interest crediting rate for applicable benefits	3.55				2.50

For both U.S. and international pension plans, the overall expected long-term rate of return is developed from the expected future return of each asset class, weighted by the expected allocation of pension assets to that asset class. We rely on a variety of independent market forecasts in developing the expected rate of return for each class of assets.

During 2023, the actuarial losses related to the benefit obligations for U.S. and international plans were primarily related to a decrease in the discount rates. During 2022 and 2021, the actuarial gains related to the benefit obligations for U.S. and international plans were primarily related to an increase in the discount rates.

The following tables summarize information related to the Company's pension plans with projected and accumulated benefit obligations in excess of the fair value of the plans' assets:


	Millions of Dollars
	Pension Benefits
	2023			2022
	U.S.		Int’l.	U.S.	Int’l.

Pension Plans with Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation	$	1,525	279	1,478	277
Fair value of plan assets	1,306		6	1,179	6

Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation	$	165	243	1,384	239
Fair value of plan assets	—		6	1,179	6

Included in accumulated other comprehensive income (loss) at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost:


	Millions of Dollars
	Pension Benefits					Other Benefits
	2023			2022		2023	2022
	U.S.		Int’l.	U.S.	Int’l.

Unrecognized net actuarial loss (gain)	$	123	585	172	681	3	(28)
Unrecognized prior service cost (credit)	—		1	—	1	(60)	(98)


	Millions of Dollars
	Pension Benefits					Other Benefits
	2023			2022		2023	2022
	U.S.		Int’l.	U.S.	Int’l.

Sources of Change in Other Comprehensive Income (Loss)
Net gain (loss) arising during the period	$	30	29	(44)	(606)	(22)	27
Amortization of actuarial loss included in income (loss)*	18		67	61	11	(3)	—
Net change during the period	$	48	96	17	(595)	(25)	27

Prior service credit (cost) arising during the period	$	—	—	—	(1)	—	(9)
Amortization of prior service (credit) included in income (loss)	—		—	—	(1)	(38)	(38)
Net change during the period	$	—	—	—	(2)	(38)	(47)

*Includes settlement (gains) losses recognized in 2023 and 2022.

The components of net periodic benefit cost of all defined benefit plans are presented in the following table:


	Millions of Dollars
	Pension Benefits							Other Benefits
	2023			2022		2021		2023	2022	2021
	U.S.		Int’l.	U.S.	Int’l.	U.S.	Int’l.

Components of Net Periodic Benefit Cost
Service cost	$	51	38	58	47	73	61	1	1	2
Interest cost	77		113	62	77	53	79	5	4	4
Expected return on plan assets	(58)		(148)	(50)	(124)	(80)	(120)	—	—	—
Amortization of prior service credit	—		—	—	(1)	—	(1)	(38)	(38)	(37)
Recognized net actuarial loss (gain)	12		67	24	11	43	33	(3)	—	—
Settlements loss (gain)	6		—	37	—	102	—	—	—	—
Curtailment loss (gain)	—		—	—	—	12	—	—	—	—
Net periodic benefit cost	$	88	70	131	10	203	52	(35)	(33)	(31)

The components of net periodic benefit cost, other than the service cost component, are included in the “Other expenses” line item on our consolidated income statement.

We recognized pension settlement losses of $6 million in 2023, $37 million in 2022, and $102 million in 2021 as lump-sum benefit payments from certain U.S. and international pension plans exceeded the sum of service and interest costs for those plans and led to recognition of settlement losses.

In determining net pension and other postretirement benefit costs, we amortize prior service costs on a straight-line basis over the average remaining service period of employees expected to receive benefits under the plan. For net actuarial gains and losses, we amortize 10 percent of the unamortized balance each year.

We have multiple non-pension postretirement benefit plans for health and life insurance. The health care plans are contributory and subject to various cost sharing features, most with participant and company contributions adjusted annually; the life insurance plans are noncontributory. The measurement of the U.S. pre-65 retiree medical accumulated postretirement benefit obligation assumes a health care cost trend rate of 7 percent in 2024 that declines to 5 percent by 2031. The measurement of the U.S. post-65 retiree medical accumulated postretirement benefit obligation assumes a health care cost trend rate of 4.5 percent in 2024 that increases to 5 percent by 2030.

Plan Assets

We follow a policy of broadly diversifying pension plan assets across asset classes and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include U.S. equities, non-U.S. equities, U.S. fixed income, non-U.S. fixed income, real estate and private equity investments. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets, aggregated across U.S. and international plans, are 24 percent equity securities, 72 percent debt securities, and 4 percent real estate. Generally, the plan investments are publicly traded, therefore minimizing liquidity risk in the portfolio.

The following is a description of the valuation methodologies used for the pension plan assets. There have been no changes in the methodologies used at December 31, 2023 and 2022.

•Fair values of equity securities and government debt securities categorized in Level 1 are primarily based on quoted market prices in active markets for identical assets and liabilities.

•Fair values of corporate debt securities, agency and mortgage-backed securities and government debt securities categorized in Level 2 are estimated using recently executed transactions and quoted market prices for similar assets and liabilities in active markets and for identical assets and liabilities in markets that are not active. If there have been no market transactions in a particular fixed income security, its fair value is calculated by pricing models that benchmark the security against other securities with actual market prices. When observable quoted market prices are not available, fair value is based on pricing models that use something other than actual market prices (e.g., observable inputs such as benchmark yields, reported trades and issuer spreads for similar securities), and these securities are categorized in Level 3 of the fair value hierarchy.

•Fair values of investments in common/collective trusts are determined by the issuer of each fund based on the fair value of the underlying assets.

•Fair values of mutual funds are based on quoted market prices, which represent the net asset value of shares held.

•Time deposits are valued at cost, which approximates fair value.

•Cash is valued at cost, which approximates fair value. Fair values of international cash equivalents categorized in Level 2 are valued using observable yield curves, discounting and interest rates. U.S. cash balances held in the form of short-term fund units that are redeemable at the measurement date are categorized as Level 2.

•Fair values of exchange-traded derivatives classified in Level 1 are based on quoted market prices. For other derivatives classified in Level 2, the values are generally calculated from pricing models with market input parameters from third-party sources.

•Fair values of insurance contracts are valued at the present value of the future benefit payments owed by the insurance company to the plans’ participants.

•Fair values of real estate investments are valued using real estate valuation techniques and other methods that include reference to third-party sources and sales comparables where available.

•A portion of U.S. pension plan assets is held as a participating interest in an insurance annuity contract, which is calculated as the market value of investments held under this contract, less the accumulated benefit obligation covered by the contract. The participating interest is classified as Level 3 in the fair value hierarchy as the fair value is determined via a combination of quoted market prices, recently executed transactions, and an actuarial present value computation for contract obligations. At December 31, 2023, the participating interest in the annuity contract was valued at $46 million and consisted of $130 million in debt securities, less $84 million for the accumulated benefit obligation covered by the contract. At December 31, 2022, the participating interest in the annuity contract was valued at $55 million and consisted of $144 million in debt securities, less $89 million for the accumulated benefit obligation covered by the contract. The participating interest is not available for meeting general pension benefit obligations in the near term. No future company contributions are required and no new benefits are being accrued under this insurance annuity contract.

The fair values of our pension plan assets at December 31, by asset class were as follows:


	Millions of Dollars
	U.S.					International
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
2023
Equity securities
U.S.	$	6	—	—	6	—	—	—	—
International	35		—	—	35	—	—	—	—
Mutual funds	15		—	—	15	244	276	—	520
Debt securities
Corporate	—		1	—	1	—	—	—	—
Mutual funds	—		—	—	—	421	—	—	421
Cash and cash equivalents	—		—	—	—	25	—	—	25
Real estate	—		—	—	—	—	—	126	126
Total in fair value hierarchy	$	56	1	—	57	690	276	126	1,092

Investments measured at net asset value*
Equity securities
Common/collective trusts					300				198
Debt securities
Common/collective trusts					868				1,791
Cash and cash equivalents					6				—
Real estate					28				—
Total**	$	56	1	—	1,259	690	276	126	3,081

**Excludes the participating interest in the insurance annuity contract with a net asset of $46 million and net receivables related to security transactions of $5 million.

The fair values of our pension plan assets at December 31, by asset class were as follows:


	Millions of Dollars
	U.S.					International
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
2022
Equity securities
U.S.	$	4	—	—	4	—	—	—	—
International	36		—	—	36	—	—	—	—
Mutual funds	14		—	—	14	201	298	—	499
Debt securities
Corporate	—		1	—	1	—	—	—	—
Mutual funds	—		—	—	—	365	—	—	365
Cash and cash equivalents	—		—	—	—	36	—	—	36
Derivatives
Real estate	—		—	—	—	—	—	146	146
Total in fair value hierarchy	$	54	1	—	55	602	298	146	1,046

Investments measured at net asset value*
Equity securities
Common/collective trusts					265				192
Debt securities
Common/collective trusts					759				1,637
Cash and cash equivalents					10				—
Real estate					34				—
Total**	$	54	1	—	1,123	602	298	146	2,875

**Excludes the participating interest in the insurance annuity contract with a net asset of $55 million and net receivables related to security transactions of $5 million.

Level 3 activity was not material for all periods.

Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to foreign plans are dependent upon local laws and tax regulations. In 2024, we expect to contribute approximately $125 million to our domestic qualified and nonqualified pension and postretirement benefit plans and $75 million to our international qualified and nonqualified pension and postretirement benefit plans.

The following benefit payments, which are exclusive of amounts to be paid from the insurance annuity contract and which reflect expected future service, as appropriate, are expected to be paid:


	Millions of Dollars
	Pension Benefits			Other Benefits
	U.S.		Int’l.

2024	$	205	128	16
2025	191		130	14
2026	175		133	14
2027	170		136	12
2028	162		141	11
2029–2033	664		778	45

The following table summarizes our severance accrual activity:


	Millions of Dollars
	2023		2022	2021

Balance at January 1	$	31	78	24
Accruals	1		1	170
Benefit payments	(20)		(48)	(116)
Balance at December 31	$	12	31	78

Accruals include severance costs associated with our company-wide restructuring program. Of the remaining balance at December 31, 2023, $3 million is classified as short-term.

Defined Contribution Plans

Most U.S. employees are eligible to participate in the ConocoPhillips Savings Plan (CPSP). Employees can contribute up to 75 percent of their eligible pay, subject to statutory limits, in the CPSP to a choice of 17 investment options. Employees who participate in the CPSP and contribute 1 percent of their eligible pay receive a 6 percent company cash match with a potential company discretionary cash contribution of up to 6 percent. Effective January 1, 2019, new employees, rehires and employees that elected to opt out of Title II of the ConocoPhillips Retirement Plan are eligible to receive a Company Retirement Contribution (CRC) of 6 percent of eligible pay into their CPSP. After three years of service with the company, the employee is 100 percent vested in any CRC. Company contributions charged to expense for the CPSP and predecessor plans were $151 million in 2023, $140 million in 2022 and $93 million in 2021.

We have several defined contribution plans for our international employees, each with its own terms and eligibility depending on location. Total compensation expense recognized for these international plans was approximately $23 million in 2023, $24 million in 2022 and $26 million in 2021.

Share-Based Compensation Plans

The 2023 Omnibus Stock and Performance Incentive Plan of ConocoPhillips (Omnibus Plan) was approved by shareholders in May 2023, replacing similar prior plans and providing that no new awards shall be granted under the prior plans. Over its 10-year life, the Omnibus Plan allows the issuance of up to 36 million shares of our common stock for compensation to our employees and directors, but the available shares (i) are reduced by awards granted under the prior plan between the board adoption date (February 15, 2023) and the shareholder approval date (May 16, 2023) and (ii) are increased by any shares of common stock represented by awards granted under the Omnibus Plan or the prior plans that are forfeited, expire or are cancelled without delivery of shares of common stock or which result in the forfeiture of shares of common stock back to the company, excluding shares surrendered in payment of the exercise of a stock option or stock appreciation right, shares not issued in connection with the stock settlement of a stock appreciation right, or shares reacquired by the company using cash proceeds from the exercise of a stock option. The Human Resources and Compensation Committee of our Board of Directors is authorized to determine the types, terms, conditions and limitations of awards granted. Awards may be granted in the form of, but not limited to, stock options, restricted stock units and performance share units to employees and non-employee directors who contribute to the company’s continued success and profitability.

Total share-based compensation expense is measured using the grant date fair value for our equity-classified awards and the settlement date fair value for our liability-classified awards. We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or, for awards that provide for retirement-based vesting, the period beginning at the start of the service period and ending upon the later to occur of the date when an employee first becomes eligible for retirement or the date that is six months after the grant date (generally the minimum period of time required for an award to not be subject to forfeiture). Other than certain retention awards, our share-based compensation programs generally provide accelerated vesting (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time of their retirement. Some of our share-based awards vest ratably (i.e., portions of the award vest at different times) while some of our awards cliff vest (i.e., all of the award vests at the same time). We recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting.

Compensation Expense—Total share-based compensation expense recognized in net income (loss) and the associated tax benefit were:


	Millions of Dollars
	2023		2022	2021

Compensation cost	$	334	377	304
Tax benefit	84		95	76

Stock Options—Stock options granted under the provisions of the Omnibus Plan and prior plans permit purchase of our common stock at exercise prices equivalent to the average fair market value of ConocoPhillips common stock on the date the options were granted. The options have terms of 10 years and generally vest ratably, with one-third of the options awarded vesting and becoming exercisable on each anniversary date following the date of grant. Options awarded to certain employees already eligible for retirement vest within six months of the grant date, but those options do not become exercisable until the end of the normal vesting period. Beginning in 2018, stock option grants were discontinued and replaced with three-year, time-vested restricted stock units which generally were cash-settled for 2018 and 2019 awards and will be stock-settled beginning with 2020 awards.

The following summarizes our stock option activity for the year ended December 31, 2023:


				Millions of Dollars
	Options	Weighted-Average Exercise Price		Aggregate Intrinsic Value

Outstanding at December 31, 2022	4,303,575	$	55.28	$	266
Exercised	(1,038,900)	63.87		58
Expired or cancelled	—	—
Outstanding at December 31, 2023	3,264,675	$	52.55	$	209
Vested at December 31, 2023	3,264,675	$	52.55	$	209
Exercisable at December 31, 2023	3,264,675	$	52.55	$	209

The weighted-average remaining contractual term of outstanding options, vested options and exercisable options at December 31, 2023, were all 1.98 years. The aggregate intrinsic value of options exercised was $308 million in 2022 and $68 million in 2021.

During 2023, we received $66 million in cash and realized a tax benefit of $12 million from the exercise of options. At December 31, 2023, all outstanding stock options were fully vested and there was no remaining compensation cost to be recorded.

Stock Unit Programs—Restricted stock units (RSU) granted annually under the provisions of the Omnibus Plan and the general and executive RSU programs vest in one installment on the third anniversary of the grant date. RSUs granted under the Omnibus Plan for a variable long-term incentive retention program vest ratably in three equal annual installments beginning on the first anniversary of the grant date. Restricted stock units are also granted ad hoc to attract or retain key personnel, and the terms and conditions under which these restricted stock units vest vary by award.

Stock-Settled

Upon vesting, these restricted stock units are settled by issuing one share of ConocoPhillips common stock per unit. Units awarded to retirement eligible employees under the general and executive RSU programs vest six months from the grant date; however, those units are not settled through the issuance of common stock until the earlier of separation from the company or the end of the regularly scheduled vesting period. Until issued as stock, most recipients of the RSUs receive a cash payment of a dividend equivalent or an accrued reinvested dividend equivalent that is charged to retained earnings. The grant date fair market value of these RSUs is deemed equal to the average ConocoPhillips stock price on the grant date. The grant date fair market value of RSUs that do not receive a dividend equivalent while unvested is deemed equal to the average ConocoPhillips stock price on the grant date, less the net present value of the estimated dividends that will not be received.

The following summarizes our stock-settled stock RSU activity for the year ended December 31, 2023:


	Stock Units	Weighted-Average Grant Date Fair Value		Millions of Dollars
				Total Fair Value

Outstanding at December 31, 2022	7,578,193	$	61.20
Granted	2,178,117	110.91
Forfeited	(144,021)	88.54
Issued	(2,518,599)	58.77		$	284
Outstanding at December 31, 2023	7,093,690	$	76.78
Not Vested at December 31, 2023	4,791,110	$	78.20

At December 31, 2023, the remaining unrecognized compensation cost from the unvested stock-settled RSUs was $166 million, which will be recognized over a weighted-average period of 1.70 years, the longest period being 2.58 years. The weighted-average grant date fair value of stock-settled RSUs granted during 2022 and 2021 was $90.57 and $46.56, respectively. The total fair value of stock-settled RSUs issued during 2022 and 2021 was $193 million and $144 million, respectively.

Cash-Settled

Cash-settled executive RSUs granted in 2018 and 2019 replaced the stock option program. These RSUs, subject to elections to defer, were settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and are classified as liabilities on the balance sheet. Executive RSUs awarded to retirement eligible employees vest six months from the grant date; however, those units were not settled until the earlier of separation from the company or the end of the regularly scheduled vesting period. Compensation expense was initially measured using the average fair market value of ConocoPhillips common stock and was subsequently adjusted, based on changes in the ConocoPhillips stock price through the end of each subsequent reporting period, through the settlement date. Recipients received an accrued reinvested dividend equivalent that was charged to compensation expense. The accrued reinvested dividend was paid at the time of settlement, subject to the terms and conditions of the award. Beginning with executive RSUs granted in 2020, awards will be settled in stock.

There was no cash-settled stock unit activity and no remaining unrecognized compensation cost to be recorded for the unvested cash-settled units for the year ended December 31, 2023. The total fair value of cash-settled executive RSUs issued during 2022 and 2021 were $21 million and $20 million, respectively.

Performance Share Program—Under the Omnibus Plan, we also annually grant restricted performance share units (PSUs) to senior management. These PSUs are authorized three years prior to their effective grant date (the performance period). Compensation expense is initially measured using the average fair market value of ConocoPhillips common stock and is subsequently adjusted, based on changes in the ConocoPhillips stock price through the end of each subsequent reporting period, through the grant date for stock-settled awards and the settlement date for cash-settled awards.

Stock-Settled

Stock-settled PSUs are settled by issuing one share of ConocoPhillips common stock per unit. For performance periods beginning before 2009, PSUs do not vest until the employee becomes eligible for retirement by reaching age 55 with five years of service, and restrictions do not lapse until the employee separates from the company. With respect to awards for performance periods beginning in 2009 through 2012, PSUs do not vest until the earlier of the date the employee becomes eligible for retirement by reaching age 55 with five years of service or five years after the grant date of the award, and restrictions do not lapse until the earlier of the employee’s separation from the company or five years after the grant date (although recipients can elect to defer the lapsing of restrictions until separation). We recognize compensation expense for these awards beginning on the grant date and ending on the date the PSUs are scheduled to vest. Because these awards are authorized three years prior to the effective grant date, for employees eligible for retirement by or shortly after the grant date, we recognize compensation expense over the period beginning on the date of authorization and ending on the date of grant. Until issued as stock, recipients of the stock-settled PSUs issued prior to 2013 receive a cash payment of a dividend equivalent that is charged to retained earnings. Beginning in 2013, stock-settled PSUs authorized for future grants will vest, absent employee election to defer, upon settlement following the conclusion of the three-year performance period. We recognize compensation expense over the period beginning on the date of authorization and ending on the conclusion of the performance period. Until issued as stock, recipients of these PSUs receive an accrued reinvested dividend equivalent that is charged to compensation expense.

The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2023:


		Weighted-Average Grant Date Fair Value		Millions of Dollars
	Stock Units			Total Fair Value

Outstanding at December 31, 2022	1,231,615	$	50.68
Granted	3,797	112.50
Forfeited	(72)	55.13
Issued	(272,522)	51.15		$	29
Outstanding at December 31, 2023	962,818	$	50.79

At December 31, 2023, there was no remaining unrecognized compensation cost to be recorded on the unvested stock-settled performance shares. The weighted-average grant date fair value of stock-settled PSUs granted during 2022 was $91.58; however, there were no stock-settled PSUs granted during 2021. The total fair value of stock-settled PSUs issued during 2022 and 2021 were $21 million and $18 million, respectively.

Cash-Settled

In connection with and immediately following the separation of our Downstream businesses in 2012, grants of new cash-settled PSUs, subject to a shortened performance period, were authorized. Once granted, these PSUs vest, absent employee election to defer, on the earlier of five years after the grant date of the award or the date the employee becomes eligible for retirement. For employees eligible for retirement by or shortly after the grant date, we recognize compensation expense over the period beginning on the date of authorization and ending on the date of grant. Otherwise, we recognize compensation expense beginning on the grant date and ending on the date the PSUs are scheduled to vest. These PSUs are settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and thus are classified as liabilities on the balance sheet. Until settlement occurs, recipients of the PSUs receive a cash payment of a dividend equivalent that is charged to compensation expense.

Beginning in 2013, cash-settled PSUs authorized for future grants will vest upon settlement following the conclusion of the three-year performance period. We recognize compensation expense over the period beginning on the date of authorization and ending at the conclusion of the performance period. These PSUs will be settled in cash equal to the fair market value of a share of ConocoPhillips common stock per unit on the settlement date and are classified as liabilities on the balance sheet. For performance periods beginning before 2018, during the performance period, recipients of the PSUs do not receive a cash payment of a dividend equivalent, but after the performance period ends, until settlement in cash occurs, recipients of the PSUs receive a cash payment of a dividend equivalent that is charged to compensation expense. For the performance periods beginning in 2018 or later, recipients of the PSUs receive an accrued reinvested dividend equivalent that is charged to compensation expense. The accrued reinvested dividend is paid at the time of settlement, subject to the terms and conditions of the award.

The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2023:


		Weighted-Average Grant Date Fair Value		Millions of Dollars
	Stock Units			Total Fair Value

Outstanding at December 31, 2022	109,823	$	117.11
Granted	1,044,251	112.50
Settled	(1,053,204)	104.94		$	111
Outstanding at December 31, 2023	100,870	$	116.68

At December 31, 2023, all outstanding cash-settled performance awards were fully vested and there was no remaining compensation cost to be recorded. The weighted-average grant date fair value of cash-settled PSUs granted during 2022 and 2021 was $91.58 and $46.65, respectively. The total fair value of cash-settled performance share awards settled during 2022 and 2021 was $88 million and $52 million, respectively.

From inception of the Performance Share Program through 2013, approved PSU awards were granted after the conclusion of performance periods. Beginning in February 2014, initial target PSU awards are issued near the beginning of new performance periods. These initial target PSU awards will terminate at the end of the performance periods and will be settled after the performance periods have ended. Also in 2014, initial target PSU awards were issued for open performance periods that began in prior years. For the open performance period beginning in 2012, the initial target PSU awards terminated at the end of the three-year performance period and were replaced with approved PSU awards. For the open performance period beginning in 2013, the initial target PSU awards terminated at the end of the three-year performance period and were settled after the performance period ended. There is no effect on recognition of compensation expense.

Other—In addition to the above active programs, we have outstanding shares of restricted stock and restricted stock units that were either issued as part of our non-employee director compensation program for current and former members of the company’s Board of Directors or as part of an executive compensation program that has been discontinued or acquired as a result of an acquisition. Generally, the recipients of the restricted shares or units receive a dividend or dividend equivalent.

The following summarizes the aggregate activity of these restricted shares and units for the year ended December 31, 2023:


		Weighted-Average Grant Date Fair Value		Millions of Dollars
	Stock Units			Total Fair Value

Outstanding at December 31, 2022	1,239,759	$	49.78
Granted	54,141	115.88
Cancelled	(6,904)	45.90
Issued	(392,728)	47.64		$	46
Outstanding at December 31, 2023	894,268	$	54.76
Not Vested at December 31, 2023	149,270	$	45.90

At December 31, 2023, the remaining compensation cost from the unvested restricted stock was negligible, which will be recognized over a weighted-average period of 0.01 years. The weighted-average grant date fair value of awards granted during 2022 and 2021 was $96.20 and $46.43, respectively. The total fair value of awards issued during 2022 and 2021 was $40 million and $8 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Asset Retirement Obligations and Accrued Environmental Costs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Site Contingency [Line Items]
Accrued environmental costs	$ 184	$ 182
Maximum number of years accrued environmental liabilities will be paid over	30 years
Expected expenditures for acquired environmental obligations, weighted-average discount factor rate	5.00%
Total environmental accrual included in balance sheet	$ 116
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Asset Retirement Obligations and Accrued Environmental Cost Non Current
Accrued environmental costs discounted	$ 151
Cleanup Remediation Activities
Site Contingency [Line Items]
Accrued environmental costs	112	107
Corporate and Other Environmental Liabilities
Site Contingency [Line Items]
Accrued environmental costs	55	59
Federal Comprehensive Environmental Response Compensation and Liability Act or Similar State Laws
Site Contingency [Line Items]
Accrued environmental costs	$ 17	$ 16

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Changes in Shares of Common Stock

The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were:


	Shares
	2023	2022	2021
Issued
Beginning of year	2,100,885,134	2,091,562,747	1,798,844,267
Acquisition of Concho	—	—	285,928,872
Distributed under benefit plans	2,887,382	9,322,387	6,789,608
End of year	2,103,772,516	2,100,885,134	2,091,562,747

Held in Treasury
Beginning of year	877,029,062	789,319,875	730,802,089
Repurchase of common stock	48,641,899	87,709,187	58,517,786
End of year	925,670,961	877,029,062	789,319,875

Asset Retirement Obligations and Accrued Environmental Costs - Asset Retirement Obligations and Accrued Environmental Costs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	$ 7,227	$ 6,380	$ 5,926
Accrued environmental costs	184	182
Total asset retirement obligations and accrued environmental costs	7,411	6,562
Asset retirement obligations and accrued environmental costs due within one year*	(191)	(161)
Long-term asset retirement obligations and accrued environmental costs	$ 7,220	$ 6,401

Employee Benefit Plans - Before-Tax Amounts not Recognized in Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	$ 3	$ (28)
Unrecognized prior service cost (credit)	(60)	(98)
U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	123	172
Unrecognized prior service cost (credit)	0	0
Int’l. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	585	681
Unrecognized prior service cost (credit)	$ 1	$ 1

Non-Mineral Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Right-of-Use Assets
Gross	$ 2,010	$ 2,043
Finance Leases, Properties, plants and equipment, Accumulated DD&A	(1,185)	(1,022)
Net PPE	$ 825	$ 1,021
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Operating leases, right-of-use assets	$ 691	$ 536
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Finance leases	$ 1,129	$ 1,320
Total lease liabilities	697	545
Proportionately Consolidated
Right-of-Use Assets
Net PPE	134	171
Finance leases, current	175	169
Finance leases, noncurrent	326	399
Other accruals
Right-of-Use Assets
Total lease liabilities	193	155
Other liabilities and deferred credits
Right-of-Use Assets
Total lease liabilities	504	390
Short-term debt
Right-of-Use Assets
Finance leases	291	284
Long-term debt
Right-of-Use Assets
Finance leases	$ 838	$ 1,036

Cash Flow Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information [Abstract]

Cash Flow Information

Note 19—Cash Flow Information


	Millions of Dollars
	2023		2022	2021
Noncash Investing and Financing Activities
Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations	$	727	825	442
Fair value of contingent consideration on acquisition	320

Cash Payments
Interest	$	701	873	924
Income taxes	5,406		7,368	856

Net Sales (Purchases) of Investments
Short-term investments purchased	$	(1,463)	(5,046)	(5,554)
Short-term investments sold	3,574		3,102	8,810
Investments and long-term receivables purchased	(867)		(775)	(279)
Investments and long-term receivables sold	129		90	114
	$	1,373	(2,629)	3,091

Income tax payments increased in 2022 as the company returned to a tax paying position in the U.S. as well as, increased taxes in Norway, and timing of tax payments in Libya.

For additional information on cash and non-cash changes to our consolidated balance sheet, see Note 3 and Note 13 for the Surmont acquisition and see Note 3 and Note 12 for the Concho acquisition.

Acquisitions and Dispositions - Narrative (Details) $ in Billions			1 Months Ended					3 Months Ended		6 Months Ended	12 Months Ended
	Oct. 04, 2023 USD ($)	Oct. 04, 2023 CAD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Feb. 28, 2021 USD ($)	Jan. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) $ / bbl $ / MMBTU	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) a	Dec. 31, 2023 USD ($) $ / bbl $ / MMBTU	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a	Oct. 04, 2023 CAD ($)	Mar. 31, 2023	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]											Gain (Loss) on Disposition of Property Plant Equipment
Foreign currency transaction (gain) loss											$ 92,000,000	$ (100,000,000)	$ (22,000,000)
Operating revenues and other income											58,574,000,000	82,156,000,000	48,349,000,000
Net Income (Loss)											10,957,000,000	18,680,000,000	8,079,000,000
Income tax provision (benefit)											$ 5,331,000,000	9,548,000,000	4,633,000,000
Lower 48
Business Acquisition [Line Items]
Before-tax gain (loss) on disposition										$ 58,000,000
Proceeds from sale of business										250,000,000
Previous Dispositions \| Lower 48
Business Acquisition [Line Items]
Contingent payment calculation, threshold U.S. Henry Hub price \| $ / MMBTU								3.20			3.20
Contingent payment calculation, monthly payment								$ 7,000,000			$ 7,000,000
Previous Dispositions \| Canada and Lower 48
Business Acquisition [Line Items]
Disposal group, including discontinued operation, contingent payment											$ 7,000,000	451,000,000	369,000,000
Previous Dispositions \| Canada
Business Acquisition [Line Items]
Contingent payment calculation, cost per one Canadian dollar								6,000,000			6,000,000
Threshold average crude price per barrel \| $ / bbl								52			52
Barossa Project \| Asia Pacific
Business Acquisition [Line Items]
Before-tax gain (loss) on disposition									$ 200,000,000
Receivable in dispute									200,000,000							$ 200,000,000
Noncore Exploration Interests
Business Acquisition [Line Items]
Before-tax gain (loss) on disposition										$ (179,000,000)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Certain Noncore Assets \| Lower 48
Business Acquisition [Line Items]
Before-tax gain (loss) on disposition												0
Proceeds from sale of business												680,000,000
Net carrying value												680,000,000
Disposal group including discontinued operation, net carrying value, asset												825,000,000
Disposal group including discontinued operation, net carrying value, PP&E												818,000,000
Disposal group, including discontinued operation, liabilities												145,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Subsidiaries Holding Indonesia Assets And Operations
Business Acquisition [Line Items]
Before-tax gain (loss) on disposition				$ 534,000,000
Proceeds from sale of business				731,000,000
Net carrying value				200,000,000
Disposal group including discontinued operation, net carrying value, PP&E				300,000,000
Gain (loss) on disposal, net of tax				462,000,000
Disposal group including discontinued operation, net carrying value, cash and cash equivalents				200,000,000
Disposal group, including discontinued operation, asset retirement obligation				$ 100,000,000
Disposal group, including discontinued operation, income (loss) before taxes												$ 138,000,000	604,000,000
Assets Acquisition In The Lower 48 Segment
Business Acquisition [Line Items]
Asset acquisition, consideration transferred			$ 236,000,000
QatarEnergy LNG NFS(3)
Business Acquisition [Line Items]
Equity interest of ConocoPhillips								25.00%			25.00%	25.00%
North Field South \| QatarEnergy LNG NFS(3)
Business Acquisition [Line Items]
Investment, ownership percentage												25.00%
Port Arthur LNG
Business Acquisition [Line Items]
Equity interest of ConocoPhillips								30.00%			30.00%				30.00%
Port Arthur LNG \| Sempra
Business Acquisition [Line Items]
Investment, ownership percentage								70.00%			70.00%
Australia Pacific APLNG
Business Acquisition [Line Items]
Equity interest of ConocoPhillips					47.50%			47.50%			47.50%
Additional ownership percentage in equity investment acquired					10.00%
Payments to acquire additional interest					$ 1,400,000,000
Australia Pacific APLNG \| Origin Energy
Business Acquisition [Line Items]
Investment, ownership percentage					27.50%
Australia Pacific APLNG \| Sinopec
Business Acquisition [Line Items]
Investment, ownership percentage					25.00%
North Field East LNG Project \| QatarEnergy LNG NFS(3)
Business Acquisition [Line Items]
Investment, ownership percentage								25.00%			25.00%
North Field East LNG Project \| QatarEnergy LNG NFE(4)
Business Acquisition [Line Items]
Investment, ownership percentage								12.50%			12.50%	12.50%
Indonesia Corridor Block Production Sharing Contract \| Subsidiaries Holding Indonesia Assets And Operations
Business Acquisition [Line Items]
Investment, ownership percentage				54.00%
Transasia Pipeline Company \| Subsidiaries Holding Indonesia Assets And Operations
Business Acquisition [Line Items]
Investment, ownership percentage				35.00%
QatarEnergy LNG NFE(4)
Business Acquisition [Line Items]
Equity interest of ConocoPhillips								25.00%			25.00%	25.00%
Surmont
Business Acquisition [Line Items]
Interest acquired	50.00%													50.00%
Interest subsequently acquired	100.00%													100.00%
Total consideration	$ 3,000,000,000	$ 4.1
Business acquisition, maximum payment	$ 320,000,000													$ 0.4
Business acquisition, contingent payment term	5 years	5 years
Business acquisition, cost per every dollar exceeding threshold	$ 2,000,000
Business acquisition, threshold	52
Contingent consideration, outcome, low	$ 0
Contingent consideration, outcome, high	300,000,000
Proved properties	2,900,000,000
Unproved properties	200,000,000
Operating revenues and other income								$ 572,000,000
Net Income (Loss)								$ 119,000,000
Surmont \| Foreign Exchange Forward
Business Acquisition [Line Items]
Foreign currency transaction (gain) loss	$ 112,000,000
Concho Resources Incorporated
Business Acquisition [Line Items]
Total consideration							$ 13,100,000,000
Operating revenues and other income													6,571,000,000
Net Income (Loss)													2,330,000,000
Share exchange ratio							1.46
Transaction Cost									$ 157,000,000				157,000,000
Concho Resources Incorporated \| Commodity
Business Acquisition [Line Items]
Before tax loss													305,000,000
After tax loss													233,000,000
Concho Resources Incorporated \| Concho Resources Inc.
Business Acquisition [Line Items]
Income tax provision (benefit)						$ 75,000,000
Shell Permian Assets
Business Acquisition [Line Items]
Total consideration													8,600,000,000
Transaction Cost													$ 44,000,000
Area of land \| a										225,000			225,000

Derivative and Financial Instruments - Fair Value Amounts of Derivatives, Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent, Prepaid Expense and Other Assets, Current
Commodity \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	$ 611	$ 1,795
Commodity \| Other assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	113	242
Commodity \| Other accruals
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	567	1,800
Commodity \| Other liabilities and deferred credits
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	$ 80	$ 210

Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
Guarantees (Details) - USD ($) $ in Millions	Dec. 31, 2023	Feb. 28, 2022
Australia Pacific APLNG
Guarantor Obligations [Line Items]
Ownership percentage in equity investment	47.50%	47.50%
Finance Reserve Guarantee \| Australia Pacific APLNG
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	7 years
Maximum potential amount of future payments	$ 210
Carrying value of the guarantee to third-party lenders	14
Max Potential Future Payments-Prorata Share \| Australia Pacific APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	730
Max potential Future Payments-Reckless Breach \| Australia Pacific APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	1,200
Continued Development \| Australia Pacific APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	390
Carrying value of the guarantee to third-party lenders	$ 29
Continued Development \| Australia Pacific APLNG \| Minimum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	13 years
Continued Development \| Australia Pacific APLNG \| Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	22 years
Joint Venture Obligation Guarantee \| QatarEnergy LNG Limited Gurantee
Guarantor Obligations [Line Items]
Carrying value of the guarantee to third-party lenders	$ 14
Guarantor obligations, term	30 years
Other Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	$ 620
Carrying value of the guarantee to third-party lenders	$ 0
Other Guarantees \| Minimum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	2 years
Other Guarantees \| Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	5 years
Indemnifications
Guarantor Obligations [Line Items]
Carrying value of the guarantee to third-party lenders	$ 20

Derivative and Financial Instruments - Net Exposures from Outstanding Derivative Contracts (Details) - Short - Commodity - Bcf	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fixed price
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	(12)	(14)
Basis
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	(2)	(8)

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 23—Earnings Per Share

The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS for the years ended December 31, 2023, 2022, and 2021. For each of the periods with net income presented in the table below, diluted EPS calculated under the two-class method was more dilutive.


	Millions of Dollars (except per share amounts)
Years Ended December 31	2023		2022	2021

Basic earnings per share

Net Income (Loss)	$	10,957	18,680	8,079
Less: Dividends and undistributed earnings
allocated to participating securities	35		60	19
Net Income (Loss) available to common shareholders	$	10,922	18,620	8,060
Average common shares outstanding (in Millions)	1,203		1,274	1,324
Net Income (Loss) Per Share of Common Stock	$	9.08	14.62	6.09

Diluted earnings per share

Net Income (Loss) available to common shareholders	$	10,922	18,620	8,060
Average common shares outstanding (in Millions)	1,203		1,274	1,324
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs	3		4	4
Average diluted shares outstanding (in Millions)	1,206		1,278	1,328
Net Income (Loss) Per Share of Common Stock	$	9.06	14.57	6.07

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 17—Income Taxes

Components of income tax provision (benefit) were:


	Millions of Dollars
	2023		2022	2021
Income Taxes
Federal
Current	$	1,054	1,263	32
Deferred	825		1,629	1,161
Foreign
Current	2,931		5,813	3,128
Deferred	254		387	66
State and local
Current	202		386	127
Deferred	65		70	119
Total tax provision (benefit)	$	5,331	9,548	4,633


	Millions of Dollars
	2023		2022
Deferred Tax Liabilities
PP&E and intangibles	$	11,992	11,100
Inventory	46		48
Other	216		190
Total deferred tax liabilities	12,254		11,338

Deferred Tax Assets
Benefit plan accruals	413		450
Asset retirement obligations and accrued environmental costs	2,608		2,333
Investments in joint ventures	2,133		1,917
Other financial accruals and deferrals	448		736
Loss and credit carryforwards	5,629		6,354
Other	121		112
Total deferred tax assets	11,352		11,902
Less: valuation allowance	(7,656)		(8,049)
Total deferred tax assets net of valuation allowance	3,696		3,853
Net deferred tax liabilities	$	8,558	7,485

At December 31, 2023, noncurrent assets and liabilities included deferred taxes of $255 million and $8,813 million, respectively. At December 31, 2022, noncurrent assets and liabilities included deferred taxes of $241 million and $7,726 million, respectively.

At December 31, 2023, the loss and credit carryforward deferred tax assets were primarily related to U.S. foreign tax credit carryforwards of $4.7 billion and various jurisdictions net operating loss and credit carryforwards of $0.9 billion. If not utilized, U.S. foreign tax credits and net operating losses will begin to expire in 2024.

The following table shows a reconciliation of the beginning and ending deferred tax asset valuation allowance for 2023, 2022 and 2021:


	Millions of Dollars
	2023		2022	2021

Balance at January 1	$	8,049	8,342	9,965
Charged to expense (benefit)	(2)		5	(45)
Other*	(391)		(298)	(1,578)
Balance at December 31	$	7,656	8,049	8,342

Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. At December 31, 2023, we have maintained a valuation allowance with respect to substantially all U.S. foreign tax credit carryforwards, basis differences in our APLNG investment, and certain net operating loss carryforwards for various jurisdictions. During 2022, the valuation allowance movement charged to earnings primarily relates to the impact of 2022 changes to Norway’s Petroleum Tax System which is partly offset by the U.S. tax impact of the disposition of our CVE common shares. Other movements are primarily related to valuation allowances on expiring tax attributes. Based on our historical taxable income, expectations for the future, and available tax-planning strategies, management expects deferred tax assets, net of valuation allowances, will primarily be realized as offsets to reversing deferred tax liabilities.

During the second quarter of 2022, Norway enacted changes to the Petroleum Tax System. As a result of the enactment, a valuation allowance of $58 million was recorded during the second quarter to reflect changes to our ability to realize certain deferred tax assets under the new law.

During 2021, the valuation allowance movement charged to earnings primarily relates to the fair value measurement of our CVE common shares that are not expected to be realized, and the expected realization of certain U.S. tax attributes associated with our planned disposition of our Indonesia assets. This is partially offset by Australian tax benefits associated with our impairment of APLNG that we do not expect to be realized. Other movements are primarily related to valuation allowances on expiring tax attributes. For more information on our Indonesia disposition see Note 3.

At December 31, 2023, unremitted income considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures totaled approximately $4,975 million. Deferred income taxes have not been provided on this amount, as we do not plan to initiate any action that would require the payment of income taxes. The estimated amount of additional tax, primarily local withholding tax, that would be payable on this income if distributed is approximately $249 million.

The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2023, 2022 and 2021:


	Millions of Dollars
	2023		2022	2021

Balance at January 1	$	710	1,345	1,206
Additions based on tax positions related to the current year	5		6	15
Additions for tax positions of prior years	1		6	177
Reductions for tax positions of prior years	(9)		(62)	(5)
Settlements	(96)		(510)	—
Lapse of statute	(224)		(75)	(48)
Balance at December 31	$	387	710	1,345

Included in the balance of unrecognized tax benefits for 2023, 2022 and 2021 were $378 million, $701 million and $1,261 million, respectively, which, if recognized, would impact our effective tax rate.

The balance of the unrecognized tax benefits decreased in 2023 due to the lapsing of the statute of limitations on certain of our foreign subsidiaries of $224 million as well as the closing of our 2018 Canadian domestic audit that resulted in a reduction of $92 million.

The balance of the unrecognized tax benefits decreased in 2022 due to the closing of the 2017 audit of our federal income tax return. As a result, we recognized federal and state tax benefits totaling $515 million relating to the recovery of outside tax basis previously offset by a full reserve. The balance of the unrecognized tax benefits increased in 2021 mainly due to U.S. tax credits acquired through our Concho acquisition. See Note 3 and Note 11.

At December 31, 2023, 2022 and 2021, accrued liabilities for interest and penalties totaled $45 million, $35 million and $47 million, respectively, net of accrued income taxes. Interest and penalties resulted in a reduction to earnings of $10 million in 2023, an increase of $12 million in 2022 and a reduction to earnings of $1 million in 2021.

We file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Audits in major jurisdictions are generally complete as follows: Canada (2016), Norway (2022) and U.S. (2019). Issues in dispute for audited years and audits for subsequent years are ongoing and in various stages of completion in the many jurisdictions in which we operate around the world. Consequently, the balance in unrecognized tax benefits can be expected to fluctuate from period to period. Within the next twelve months, we may have audit periods close that could significantly impact our total unrecognized tax benefits. It is reasonably possible such changes could be significant when compared with our total unrecognized tax benefits, but the amount of change is not estimable.

The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate to the provision for income taxes, were:


	Millions of Dollars				Percent of Pre-Tax Income (Loss)
	2023		2022	2021	2023		2022	2021
Income (loss) before income taxes
United States	$	9,472	16,739	8,024	58.2	%	59.3	63.1
Foreign	6,816		11,489	4,688	41.8		40.7	36.9
	$	16,288	28,228	12,712	100.0	%	100.0	100.0

Federal statutory income tax	$	3,421	5,928	2,670	21.0	%	21.0	21.0
Non-U.S. effective tax rates	2,063		3,866	1,915	12.7		13.7	15.1



Recovery of outside basis	(4)		(30)	(55)	—		(0.1)	(0.4)
Adjustment to tax reserves	(317)		(551)	(11)	(1.9)		(2.0)	(0.1)
Adjustment to valuation allowance	(2)		5	(45)	—		—	(0.4)
State income tax	214		405	194	1.3		1.4	1.5

Enhanced oil recovery credit	—		(37)	(99)	—		(0.1)	(0.8)
Other	(44)		(38)	64	(0.3)		(0.1)	0.5
Total	$	5,331	9,548	4,633	32.7	%	33.8	36.4

Our effective tax rate for 2023 was driven by our jurisdictional tax rates for this profit mix with a favorable impact from routine tax credits. The adjustment to tax reserves primarily relates to the lapsing of the statute of limitations on certain of our foreign subsidiaries and the closing of the 2018 Canadian domestic audit.

Our effective tax rate for 2022 was driven by our jurisdictional tax rates for this profit mix with net favorable impacts from routine tax credits and valuation allowance adjustments. The adjustment to tax reserves primarily relates to the closing of the audit of our 2017 U.S. federal tax return and the recognition of the U.S. federal and state tax benefits described above.

Our effective tax rate for 2021 was driven by our jurisdictional tax rates for this profit mix with net favorable impacts from routine tax credits and valuation allowance adjustments. The valuation allowance adjustment is primarily related to the fair value measurement and disposition of our CVE common shares of $218 million and the ability to utilize the U.S. foreign tax credit and capital loss carryforward due to our anticipated disposition of our Indonesia entities of $29 million. This was partially offset by an increase to our valuation allowance related to the tax impact of the impairment of our APLNG investment of $206 million for which we do not expect to receive a tax benefit.

On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which among other things, implements a 15 percent minimum tax on book income of certain large corporations, a 1 percent excise tax on net stock repurchases and several tax incentives to promote lower carbon energy. Based upon our current analysis, these law changes are not expected to have a material impact to our consolidated financial statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
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+ Details

Derivative and Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Financial Instruments

Note 12—Derivative and Financial Instruments

We use futures, forwards, swaps and options in various markets to meet our customer needs, capture market opportunities and manage foreign exchange currency risk.

Commodity Derivative Instruments

Our commodity business primarily consists of natural gas, crude oil, bitumen, NGLs, LNG and power.

Commodity derivative instruments are held at fair value on our consolidated balance sheet. Where these balances have the right of setoff, they are presented on a net basis. Related cash flows are recorded as operating activities on our consolidated statement of cash flows. On our consolidated income statement, gains and losses are recognized either on a gross basis if directly related to our physical business or a net basis if held for trading. Gains and losses related to contracts that meet and are designated with the NPNS exception are recognized upon settlement. We generally apply this exception to eligible crude contracts and certain gas contracts. We do not apply hedge accounting for our commodity derivatives.

The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet:


	Millions of Dollars
	2023		2022
Assets
Prepaid expenses and other current assets	$	611	1,795
Other assets	113		242
Liabilities
Other accruals	567		1,800
Other liabilities and deferred credits	80		210

The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table:


	Millions of Dollars
	2023		2022	2021

Sales and other operating revenues	$	86	(88)	(228)
Other income	(6)		(5)	25
Purchased commodities	(90)		(91)	75

On January 15, 2021, we assumed financial derivative instruments consisting of oil and natural gas swaps in connection with the acquisition of Concho. At the acquisition date, these financial derivative instruments acquired were recognized at fair value as a net liability of $456 million with settlement dates under the contracts through December 31, 2022. During 2021, we recognized a loss on settlement of these derivatives contracts of $305 million. This loss is recorded within the “Sales and other operating revenues” line on our consolidated income statement. In connection with the settlement, we issued a cash payment of $761 million during 2021 which is included within “Cash Flows From Operating Activities” on our consolidated statement of cash flows.

The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:


	Open Position Long/(Short)
	2023	2022
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price	(12)	(14)
Basis	(2)	(8)

Interest Rate Derivative Instruments

During 2023, PALNG executed interest rate swaps that had the effect of converting 60 percent of the projected term loans outstanding to finance the cost of development and construction of Phase 1 from floating to fixed rate. These swaps were designated and qualify for hedge accounting under ASC Topic 815, “Derivatives and Hedging,” as a cash flow hedge with changes in the fair value of the designated hedging instruments reported as a component of other comprehensive income and reclassified into earnings in the same periods that the hedged transactions will affect earnings. We recognize our proportionate share of PALNG’s adjustments for other comprehensive income as a change to our equity method investment with corresponding adjustments in equity. For the year ended December 31, 2023, we recognized an unrealized gain of $78 million in other comprehensive income related to these swaps.

Financial Instruments

We invest in financial instruments with maturities based on our cash forecasts for the various accounts and currency pools we manage. The types of financial instruments in which we currently invest include:

•Time deposits: Interest bearing deposits placed with financial institutions for a predetermined amount of time.

•Demand deposits: Interest bearing deposits placed with financial institutions. Deposited funds can be withdrawn without notice.

•Commercial paper: Unsecured promissory notes issued by a corporation, commercial bank or government agency purchased at a discount to mature at par.

•U.S. government or government agency obligations: Securities issued by the U.S. government or U.S. government agencies.

•Foreign government obligations: Securities issued by foreign governments.

•Corporate bonds: Unsecured debt securities issued by corporations.

•Asset-backed securities: Collateralized debt securities.

The following investments are carried on our consolidated balance sheet at cost, plus accrued interest and the table reflects remaining maturities at December 31, 2023 and 2022:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments
	2023		2022	2023	2022

Cash	$	474	593
Demand Deposits	1,424		1,638
Time Deposits
1 to 90 days	3,713		4,116	511	1,288
91 to 180 days				22	883
Within one year				3	11
U.S. Government Obligations
1 to 90 days	24		14	—	—
	$	5,635	6,361	536	2,182

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at December 31, 2023 and 2022:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments		Investments and Long-Term Receivables
	2023		2022	2023	2022	2023	2022
Major Security Type
Corporate Bonds	$	—	—	201	323	606	309
Commercial Paper	—		97	131	156
U.S. Government Obligations	—		—	89	115	189	63
U.S. Government Agency Obligations				5	8	7	5
Foreign Government Obligations				7	—	4	7
Asset-backed Securities				2	1	183	138
	$	—	97	435	603	989	522

Cash and Cash Equivalents and Short-Term Investments have remaining maturities within one year. Investments and Long-Term Receivables have remaining maturities that vary from greater than one year through five years.

The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale at December 31:


	Millions of Dollars
	Amortized Cost Basis			Fair Value
	2023		2022	2023	2022
Major Security Type
Corporate Bonds	$	806	641	807	632
Commercial Paper	131		253	131	253
U.S. Government Obligations	278		181	278	178
U.S. Government Agency Obligations	12		13	12	13
Foreign Government Obligations	11		7	11	7
Asset-backed Securities	184		139	185	139
	$	1,422	1,234	1,424	1,222

As of December 31, 2023, total unrealized gains for debt securities classified as available for sale with net unrealized gains were $5 million and as of December 31, 2022, total unrealized losses for debt securities classified as available for sale with net unrealized losses were $12 million. No allowance for credit losses has been recorded on investments in debt securities which are in an unrealized loss position.

For the years ended December 31, 2023 and 2022, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $983 million and $644 million, respectively. Gross realized gains and losses included in earnings from those sales and redemptions were negligible. The cost of securities sold and redeemed is determined using the specific identification method.

Credit Risk

Financial instruments potentially exposed to concentrations of credit risk consist primarily of cash equivalents, short-term investments, long-term investments in debt securities, OTC derivative contracts and trade receivables. Our cash equivalents and short-term investments are placed in high-quality commercial paper, government money market funds, U.S. government and government agency obligations, time deposits with major international banks and financial institutions, high-quality corporate bonds, foreign government obligations and asset-backed securities. Our long-term investments in debt securities are placed in high-quality corporate bonds, asset-backed securities, U.S. government and government agency obligations, foreign government obligations, and time deposits with major international banks and financial institutions.

The credit risk from our OTC derivative contracts, such as forwards, swaps and options, derives from the counterparty to the transaction. Individual counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. We also use futures, swaps and option contracts that have a negligible credit risk because these trades are cleared primarily with an exchange clearinghouse and subject to mandatory margin requirements until settled; however, we are exposed to the credit risk of those exchange brokers for receivables arising from daily margin cash calls, as well as for cash deposited to meet initial margin requirements.

Our trade receivables result primarily from our petroleum operations and reflect a broad national and international customer base, which limits our exposure to concentrations of credit risk. The majority of these receivables have payment terms of 30 days or less, and we continually monitor this exposure and the creditworthiness of the counterparties. We may require collateral to limit the exposure to loss including, letters of credit, prepayments and surety bonds, as well as master netting arrangements to mitigate credit risk with counterparties that both buy from and sell to us, as these agreements permit the amounts owed by us or owed to others to be offset against amounts due to us.

Certain of our derivative instruments contain provisions that require us to post collateral if the derivative exposure exceeds a threshold amount. We have contracts with fixed threshold amounts and other contracts with variable threshold amounts that are contingent on our credit rating. The variable threshold amounts typically decline for lower credit ratings, while both the variable and fixed threshold amounts typically revert to zero if we fall below investment grade. Cash is the primary collateral in all contracts; however, many also permit us to post letters of credit as collateral, such as transactions administered through the New York Mercantile Exchange.

The aggregate fair value of all derivative instruments with such credit risk-related contingent features that were in a liability position on December 31, 2023 and December 31, 2022, was $181 million and $333 million, respectively. For these instruments, no collateral was posted as of December 31, 2023 and $42 million collateral was posted as of December 31, 2022. If our credit rating had been downgraded below investment grade on December 31, 2023, we would have been required to post $152 million of additional collateral, either with cash or letters of credit.

Fair Value Measurement - Net Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Carrying Amount
Financial assets
Commodity derivatives	$ 345	$ 824
Investments in debt securities	1,424	1,222
Financial liabilities
Total debt, excluding finance leases	17,808	15,323
Carrying Amount \| Commodity
Financial liabilities
Commodity derivatives	225	782
Fair Value
Financial assets
Commodity derivatives	345	824
Investments in debt securities	1,424	1,222
Financial liabilities
Total debt, excluding finance leases	18,621	15,545
Fair Value \| Commodity
Financial liabilities
Commodity derivatives	$ 225	$ 782

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	May 25, 2023	Dec. 31, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Finance leases	$ 1,129		$ 1,320
Net unamortized premiums, discounts and debt issuance costs	(605)		(532)
Total debt	18,937		16,643
Short-term debt	(1,074)		(417)
Long-term debt	17,863		16,226
Debt at face value	18,413		15,855
Variable Rate Debt Bonds
Debt Instrument [Line Items]
Debt at face value	$ 283		283
7.65% Debentures due 2023 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	7.65%
7.65% Debentures due 2023 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	7.65%
Long-term and short-term, combined amount, gross	$ 0		78
2.125% Notes due 2024 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	2.125%	2.125%		2.125%
Long-term and short-term, combined amount, gross	$ 461		900
Debt at face value		$ 900		$ 900
3.35% Notes due 2024 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	3.35%	3.35%
Long-term and short-term, combined amount, gross	$ 265		426
Debt at face value		$ 426
2.4% Notes due 2025 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	2.40%	2.40%		2.40%
Long-term and short-term, combined amount, gross	$ 366		900
Debt at face value		$ 900		$ 900
8.2% Notes due 2025 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	8.20%
Long-term and short-term, combined amount, gross	$ 134		134
3.35% Debentures due 2025 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	3.35%
Long-term and short-term, combined amount, gross	$ 199		199
6.875% Debentures due 2026 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	6.875%
Long-term and short-term, combined amount, gross	$ 67		67
7.8% Debentures due 2027 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	7.80%
Long-term and short-term, combined amount, gross	$ 203		203
3.75% Notes due 2027 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	3.75%			3.75%
Long-term and short-term, combined amount, gross	$ 196		196
Debt at face value				$ 1,000
4.3% Notes due 2028 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.30%			4.30%
Long-term and short-term, combined amount, gross	$ 223		223
Debt at face value				$ 1,000
7.375% Debentures due 2029 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	7.375%
Long-term and short-term, combined amount, gross	$ 92		92
7.0% Debentures due 2029 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	7.00%			7.00%
Long-term and short-term, combined amount, gross	$ 112		112
Debt at face value				$ 200
6.95% Notes due 2029 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	6.95%			6.95%
Long-term and short-term, combined amount, gross	$ 1,195		1,195
Debt at face value				$ 1,549
8.125% Notes due 2030 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	8.125%
Long-term and short-term, combined amount, gross	$ 390		390
2.4% Notes due 2031 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	2.40%			2.40%
Long-term and short-term, combined amount, gross	$ 227		227
Debt at face value				$ 500
7.2% Notes due 2031 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	7.20%			7.20%
Long-term and short-term, combined amount, gross	$ 447		447
Debt at face value				$ 575
7.25% Notes due 2031 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	7.25%			7.25%
Long-term and short-term, combined amount, gross	$ 400		400
Debt at face value				$ 500
7.4% Notes due 2031 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	7.40%			7.40%
Long-term and short-term, combined amount, gross	$ 382		382
Debt at face value				$ 500
5.9% Notes due 2032 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.90%
Long-term and short-term, combined amount, gross	$ 505		505
5.05% Notes due 2033 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.05%
Long-term and short-term, combined amount, gross	$ 1,000		0
4.15% Notes due 2034 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.15%
Long-term and short-term, combined amount, gross	$ 246		246
5.95% Notes due 2036 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.95%			5.95%
Long-term and short-term, combined amount, gross	$ 326		326
Debt at face value				$ 500
5.951% Notes serially maturing 2022 through 2037 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.951%
Long-term and short-term, combined amount, gross	$ 603		631
5.9% Notes due 2038 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.90%			5.90%
Long-term and short-term, combined amount, gross	$ 350		350
Debt at face value				$ 600
6.5% Notes due 2039 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	6.50%			6.50%
Long-term and short-term, combined amount, gross	$ 1,588		1,588
Debt at face value				$ 2,750
3.758% Notes due 2042 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	3.758%			3.758%
Long-term and short-term, combined amount, gross	$ 785		785
Debt at face value				$ 785
4.3% Notes due 2044 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.30%
Long-term and short-term, combined amount, gross	$ 750		750
5.95% Notes due 2046 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.95%			5.95%
Long-term and short-term, combined amount, gross	$ 329		329
Debt at face value				$ 500
7.9% Debentures due 2047 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	7.90%
Long-term and short-term, combined amount, gross	$ 60		60
4.875% Notes due 2047 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.875%			4.875%
Long-term and short-term, combined amount, gross	$ 319		319
Debt at face value				$ 800
4.85% Notes due 2048 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.85%			4.85%
Long-term and short-term, combined amount, gross	$ 219		219
Debt at face value				$ 600
3.8% Notes due 2052 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	3.80%			3.80%
Long-term and short-term, combined amount, gross	$ 1,100		1,100
Debt at face value				$ 1,100
5.3% Notes due 2053 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.30%
Long-term and short-term, combined amount, gross	$ 1,100		0
5.55% Notes due 2054 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.55%
Long-term and short-term, combined amount, gross	$ 1,000		0
4.025% Notes due 2062 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.025%			4.025%
Long-term and short-term, combined amount, gross	$ 1,770		1,770
Debt at face value				$ 1,770
5.70% Notes due 2063 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.70%
Long-term and short-term, combined amount, gross	$ 700		0
Marine Terminal Revenue Refunding Bonds due 2031 at 1.65% – 4.70% during 2023 and 0.07% – 4.10% during 2022 \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross	$ 265		$ 265
Marine Terminal Revenue Refunding Bonds due 2031 at 1.65% – 4.70% during 2023 and 0.07% – 4.10% during 2022 \| Variable Rate Debt Bonds \| Minimum
Debt Instrument [Line Items]
Stated interest rate	1.65%		0.07%
Marine Terminal Revenue Refunding Bonds due 2031 at 1.65% – 4.70% during 2023 and 0.07% – 4.10% during 2022 \| Variable Rate Debt Bonds \| Maximum
Debt Instrument [Line Items]
Stated interest rate	4.70%		4.10%
Industrial Development Bonds due 2035 at 1.85% – 4.70% during 2023 and 0.07% – 4.10% during 2022 \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross	$ 18		$ 18
Industrial Development Bonds due 2035 at 1.85% – 4.70% during 2023 and 0.07% – 4.10% during 2022 \| Variable Rate Debt Bonds \| Minimum
Debt Instrument [Line Items]
Stated interest rate	1.85%		0.07%
Industrial Development Bonds due 2035 at 1.85% – 4.70% during 2023 and 0.07% – 4.10% during 2022 \| Variable Rate Debt Bonds \| Maximum
Debt Instrument [Line Items]
Stated interest rate	4.70%		4.10%
Other
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross	$ 21		$ 23

Fair Value Measurement - Fair Value Hierarchy for Gross Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives	$ 724	$ 2,037
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	1,424	1,222
Commodity derivatives	724	2,037
Total assets	2,148	3,259
Commodity derivatives	647	2,010
Contingent consideration	312	0
Total liabilities	959	2,010
Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	278	178
Commodity derivatives	308	958
Total assets	586	1,136
Commodity derivatives	350	906
Contingent consideration	0	0
Total liabilities	350	906
Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	1,146	1,044
Commodity derivatives	301	951
Total assets	1,447	1,995
Commodity derivatives	283	843
Contingent consideration	0	0
Total liabilities	283	843
Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	0	0
Commodity derivatives	115	128
Total assets	115	128
Commodity derivatives	14	261
Contingent consideration	312	0
Total liabilities	$ 326	$ 261

Debt - Narrative (Details) $ in Millions		1 Months Ended				12 Months Ended
Debt - Narrative (Details) $ in Millions	May 25, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2022 USD ($)	Mar. 31, 2022 USD ($) transaction	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2023 USD ($)	May 23, 2023 USD ($)
Debt Instrument [Line Items]
Long-term debt, excluding finance lease obligations, 2024		$ 759				$ 759
Long-term debt, excluding finance lease obligations, 2025		735				735
Long-term debt, excluding finance lease obligations, 2026		104				104
Long-term debt, excluding finance lease obligations, 2027		438				438
Long-term debt, excluding finance lease obligations, 2028		265				265
Debt at face value		$ 18,413	$ 15,855			18,413	$ 15,855
Debt instrument, repurchased face amount	$ 1,133				$ 2,716
Incurred debt discount	33
Gain (loss) on repurchase of debt instrument	27				155
Debt repurchase, incurred debt premium					$ 333
Repayments of debt						$ 1,379	$ 6,267	$ 505
Number of debt exchange transactions \| transaction					2
Debt instrument, exchange amount					$ 2,544
Debt exchange, incurred premium					883
Debt premium cash component					872
Expense from exchange of debt					28
Debentures \| 7.65% Debentures due 2023
Debt Instrument [Line Items]
Stated interest rate		7.65%				7.65%
Debentures \| 7.0% Debentures due 2029
Debt Instrument [Line Items]
Debt at face value					$ 200
Stated interest rate		7.00%			7.00%	7.00%
Debt instrument, exchange amount					$ 88
Notes Payable to Banks \| 7.65% Debentures due 2023
Debt Instrument [Line Items]
Retirement of debt		$ 78
Stated interest rate		7.65%				7.65%
Notes Payable to Banks \| 2.4% Notes due 2022
Debt Instrument [Line Items]
Retirement of debt			$ 329
Stated interest rate			2.40%				2.40%
Notes Payable to Banks \| 4.95% Notes due 2026
Debt Instrument [Line Items]
Stated interest rate				4.95%
Debt instrument, repurchased face amount				$ 1,250
Gain (loss) on repurchase of debt instrument				(83)
Debt repurchase, incurred debt premium				79
Notes Payable to Banks \| 3.75% Notes due 2027
Debt Instrument [Line Items]
Debt at face value					$ 1,000
Stated interest rate		3.75%			3.75%	3.75%
Debt instrument, repurchased face amount					$ 804
Notes Payable to Banks \| 4.3% Notes due 2028
Debt Instrument [Line Items]
Debt at face value					$ 1,000
Stated interest rate		4.30%			4.30%	4.30%
Debt instrument, repurchased face amount					$ 777
Notes Payable to Banks \| 2.4% Notes due 2031
Debt Instrument [Line Items]
Debt at face value					$ 500
Stated interest rate		2.40%			2.40%	2.40%
Debt instrument, repurchased face amount					$ 273
Notes Payable to Banks \| 4.875% Notes due 2047
Debt Instrument [Line Items]
Debt at face value					$ 800
Stated interest rate		4.875%			4.875%	4.875%
Debt instrument, repurchased face amount					$ 481
Notes Payable to Banks \| 4.85% Notes due 2048
Debt Instrument [Line Items]
Debt at face value					$ 600
Stated interest rate		4.85%			4.85%	4.85%
Debt instrument, repurchased face amount					$ 381
Notes Payable to Banks \| 6.95% Notes due 2029
Debt Instrument [Line Items]
Debt at face value					$ 1,549
Stated interest rate		6.95%			6.95%	6.95%
Debt instrument, exchange amount					$ 354
Notes Payable to Banks \| 7.4% Notes due 2031
Debt Instrument [Line Items]
Debt at face value					$ 500
Stated interest rate		7.40%			7.40%	7.40%
Debt instrument, exchange amount					$ 118
Notes Payable to Banks \| 7.25% Notes due 2031
Debt Instrument [Line Items]
Debt at face value					$ 500
Stated interest rate		7.25%			7.25%	7.25%
Debt instrument, exchange amount					$ 100
Notes Payable to Banks \| 7.2% Notes due 2031
Debt Instrument [Line Items]
Debt at face value					$ 575
Stated interest rate		7.20%			7.20%	7.20%
Debt instrument, exchange amount					$ 128
Notes Payable to Banks \| 5.95% Notes due 2036
Debt Instrument [Line Items]
Debt at face value					$ 500
Stated interest rate		5.95%			5.95%	5.95%
Debt instrument, exchange amount					$ 174
Notes Payable to Banks \| 5.9% Notes due 2038
Debt Instrument [Line Items]
Debt at face value					$ 600
Stated interest rate		5.90%			5.90%	5.90%
Debt instrument, exchange amount					$ 250
Notes Payable to Banks \| 6.5% Notes due 2039
Debt Instrument [Line Items]
Debt at face value					$ 2,750
Stated interest rate		6.50%			6.50%	6.50%
Debt instrument, exchange amount					$ 1,162
Notes Payable to Banks \| 5.95% Notes due 2046
Debt Instrument [Line Items]
Debt at face value					$ 500
Stated interest rate		5.95%			5.95%	5.95%
Debt instrument, exchange amount					$ 171
Notes Payable to Banks \| 3.758% Notes due 2042
Debt Instrument [Line Items]
Debt at face value					$ 785
Stated interest rate		3.758%			3.758%	3.758%
Notes Payable to Banks \| 4.025% Notes due 2062
Debt Instrument [Line Items]
Debt at face value					$ 1,770
Stated interest rate		4.025%			4.025%	4.025%
Notes Payable to Banks \| 2.125% Notes due 2024
Debt Instrument [Line Items]
Debt at face value	$ 900				$ 900
Stated interest rate	2.125%	2.125%			2.125%	2.125%
Debt instrument, repurchased face amount	$ 439
Notes Payable to Banks \| 2.4% Notes due 2025
Debt Instrument [Line Items]
Debt at face value	$ 900				$ 900
Stated interest rate	2.40%	2.40%			2.40%	2.40%
Debt instrument, repurchased face amount	$ 534
Notes Payable to Banks \| 3.8% Notes due 2052
Debt Instrument [Line Items]
Debt at face value					$ 1,100
Stated interest rate		3.80%			3.80%	3.80%
Notes Payable to Banks \| 10, 30, and 40 Year Senior Notes
Debt Instrument [Line Items]
Debt at face value									$ 2,700
Notes Payable to Banks \| 5.05% Note due 2033
Debt Instrument [Line Items]
Debt at face value									$ 1,000
Stated interest rate									5.05%
Notes Payable to Banks \| 5.55% Note due 2054
Debt Instrument [Line Items]
Debt at face value									$ 1,000
Stated interest rate									5.55%
Notes Payable to Banks \| 5.7% Note due 2063
Debt Instrument [Line Items]
Debt at face value									$ 700
Stated interest rate									5.70%
Notes Payable to Banks \| 5.3% Note due 2053
Debt Instrument [Line Items]
Debt at face value										$ 1,100
Stated interest rate										5.30%
Notes Payable to Banks \| 3.35% Notes due 2024
Debt Instrument [Line Items]
Debt at face value	$ 426
Stated interest rate	3.35%	3.35%				3.35%
Debt instrument, repurchased face amount	$ 160
Variable Rate Debt Bonds
Debt Instrument [Line Items]
Debt at face value		$ 283	$ 283			$ 283	$ 283
Floating Rate Notes \| Floating rate notes due 2022 at 0.00% – 0.00% during 2023 and 1.06% – 1.41% during 2022
Debt Instrument [Line Items]
Repayments of debt				$ 500
Revolving Credit Facility
Debt Instrument [Line Items]
Project finance facility, maximum borrowing capacity			5,500				5,500	$ 6,000
Minimum limit of debt for cross default provision			200				200
Remaining borrowing capacity under revolving credit facility		5,500	5,500			5,500	5,500
Commercial paper program, amount outstanding		$ 0				$ 0
Letter of Credit \| Maximum
Debt Instrument [Line Items]
Line of credit facility, capacity available for specific purpose other than for trade purchases			$ 500				$ 500

Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity

Note 14—Equity

Common Stock

The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were:


	Shares
	2023	2022	2021
Issued
Beginning of year	2,100,885,134	2,091,562,747	1,798,844,267
Acquisition of Concho	—	—	285,928,872
Distributed under benefit plans	2,887,382	9,322,387	6,789,608
End of year	2,103,772,516	2,100,885,134	2,091,562,747

Held in Treasury
Beginning of year	877,029,062	789,319,875	730,802,089
Repurchase of common stock	48,641,899	87,709,187	58,517,786
End of year	925,670,961	877,029,062	789,319,875

Preferred Stock

We have authorized 500 million shares of preferred stock, par value $0.01 per share, none of which was issued or outstanding at December 31, 2023 or 2022.

Repurchase of Common Stock

In late 2016, we initiated our current share repurchase program. In October 2022, our Board of Directors approved an increase to our authorization from $25 billion to $45 billion of our common stock to support our plan for future share repurchases. Share repurchases since inception of our current program totaled 383 million shares at a cost of $29 billion through the end of December 2023.

In May 2021, we began a paced monetization of our CVE common shares, the proceeds of which have been applied to share repurchases. During the first quarter of 2022, we sold our remaining 91 million CVE common shares.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable	$ 3	$ 2
Less: Accumulated depreciation, depletion and amortization	$ 74,361	$ 66,630
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	2,103,772,516	2,100,885,134
Treasury stock, shares (in shares)	925,670,961	877,029,062

Investments, Loans and Long-Term Receivables - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2023	Dec. 31, 2012 USD ($)
Schedule of Equity Method Investments [Line Items]
Retained earnings, undistributed earnings of affiliated companies		$ 60
Dividends from affiliates		2,684	$ 3,045	$ 1,279
Impairments		14	(12)	$ 674
Carrying value of equity method investment		$ 7,905	7,493
APLNG
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment		47.50%
Project finance facility, maximum borrowing capacity						$ 8,500
Line of credit facility, outstanding		$ 4,700
Additional ownership percentage in equity investment acquired	10.00%			10.00%
Payments to acquire additional interest	$ 1,645
Impairments	688
Impairments, after tax	688
Carrying value of equity method investment		5,400
Underlying equity in net assets		5,400
Difference between estimated value and book value of equity method investment		33
Amortizable portion of the basis difference in PPE	$ 39	$ 8	$ 10	$ 39
QatarEnergy LNG N(3) (N3)
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment		30.00%
Port Arthur LNG
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment		30.00%			30.00%
Carrying value of equity method investment		$ 1,100
QatarEnergy LNG NFE(4)
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment		25.00%	25.00%
QatarEnergy LNG NFS(3)
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment		25.00%	25.00%
QatarEnergy
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investment		$ 1,100
Origin Energy \| APLNG
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage		27.50%
Sinopec \| APLNG
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage		25.00%
QatarEnergy \| QatarEnergy LNG N(3) (N3)
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment		68.50%
QatarEnergy \| QatarEnergy LNG NFE(4)
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment		75.00%
QatarEnergy \| QatarEnergy LNG NFS(3)
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment		75.00%
Mitsui & Co., Ltd. \| QatarEnergy LNG N(3) (N3)
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment		1.50%
U S Private Placement Bond \| APLNG
Schedule of Equity Method Investments [Line Items]
Number of note facilities \| facility		2

Consolidated Income Statement - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues and Other Income
Sales and other operating revenues	$ 56,141	$ 78,494	$ 45,828
Equity in earnings of affiliates	1,720	2,081	832
Gain (loss) on dispositions	228	1,077	486
Other income	485	504	1,203
Total Revenues and Other Income	58,574	82,156	48,349
Costs and Expenses
Purchased commodities	21,975	33,971	18,158
Production and operating expenses	7,693	7,006	5,694
Selling, general and administrative expenses	705	623	719
Exploration expenses	398	564	344
Depreciation, depletion and amortization	8,270	7,504	7,208
Impairments	14	(12)	674
Taxes other than income taxes	2,074	3,364	1,634
Accretion on discounted liabilities	283	250	242
Interest and debt expense	780	805	884
Foreign currency transaction (gain) loss	92	(100)	(22)
Other expenses	2	(47)	102
Total Costs and Expenses	42,286	53,928	35,637
Income (loss) before income taxes	16,288	28,228	12,712
Income tax provision (benefit)	5,331	9,548	4,633
Net Income (Loss)	$ 10,957	$ 18,680	$ 8,079
Net Income (Loss) Per Share of Common Stock (dollars)
Basic (in dollars per share)	$ 9.08	$ 14.62	$ 6.09
Diluted (in dollars per share)	$ 9.06	$ 14.57	$ 6.07
Average Common Shares Outstanding (in thousands)
Basic (in shares)	1,202,757	1,274,028	1,324,194
Diluted (in shares)	1,205,675	1,278,163	1,328,151

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Note 9—Debt

Long-term debt at December 31 was:


	Millions of Dollars
	2023		2022
7.65% Debentures due 2023	—		78
2.125% Notes due 2024	461		900
3.35% Notes due 2024	265		426
2.4% Notes due 2025	366		900
8.2% Notes due 2025	134		134
3.35% Debentures due 2025	199		199
6.875% Debentures due 2026	67		67
7.8% Debentures due 2027	203		203
3.75% Notes due 2027	196		196
4.3% Notes due 2028	223		223
7.375% Debentures due 2029	92		92
7.0% Debentures due 2029	112		112
6.95% Notes due 2029	1,195		1,195
8.125% Notes due 2030	390		390
2.4% Notes due 2031	227		227
7.2% Notes due 2031	447		447
7.25% Notes due 2031	400		400
7.4% Notes due 2031	382		382
5.9% Notes due 2032	505		505
5.05% Notes due 2033	1,000		—
4.15% Notes due 2034	246		246
5.95% Notes due 2036	326		326
5.951% Notes serially maturing 2022 through 2037	603		631
5.9% Notes due 2038	350		350
6.5% Notes due 2039	1,588		1,588
3.758% Notes due 2042	785		785
4.3% Notes due 2044	750		750
5.95% Notes due 2046	329		329
7.9% Debentures due 2047	60		60
4.875% Notes due 2047	319		319
4.85% Notes due 2048	219		219
3.8% Notes due 2052	1,100		1,100
5.3% Notes due 2053	1,100		—
5.55% Notes due 2054	1,000		—
4.025% Notes due 2062	1,770		1,770
5.70% Notes due 2063	700		—

Marine Terminal Revenue Refunding Bonds due 2031 at 1.65% – 4.70% during 2023 and 0.07% – 4.10% during 2022	265		265
Industrial Development Bonds due 2035 at 1.85% – 4.70% during 2023 and 0.07% – 4.10% during 2022	18		18

Other	21		23
Debt at face value	18,413		15,855
Finance leases	1,129		1,320
Net unamortized premiums, discounts and debt issuance costs	(605)		(532)
Total debt	18,937		16,643
Short-term debt	(1,074)		(417)
Long-term debt	$	17,863	16,226

The principal amounts of long-term debt, excluding finance lease obligations, maturing in 2024 through 2028 are: $759 million, $735 million, $104 million, $438 million, and $265 million, respectively.

2023

In December 2023, the company retired $78 million principal amount of our 7.65 percent Notes at maturity. In the third quarter of 2023, we issued $2.7 billion in new Notes through our universal shelf registration statement and prospectus supplement. The net proceeds were used to fund the acquisition of the remaining 50 percent working interest in Surmont which closed in October 2023. See Note 3. The following Notes were issued:

•5.05% Notes due 2033 with principal of $1.0 billion

•5.55% Notes due 2054 with principal of $1.0 billion

•5.70% Notes due 2063 with principal of $0.7 billion

In the second quarter of 2023, as described further below, we initiated and completed two concurrent transactions as part of our debt refinancing strategy. We issued $1.1 billion in new Notes through our universal shelf registration statement and prospectus supplement and used the proceeds to repurchase $1.1 billion of existing debt.

Debt Issuance

On May 23, 2023, we issued 5.3% Notes due 2053 with principal of $1.1 billion.

Tender Offers

On May 25, 2023, we repurchased a total of $1,133 million aggregate principal amount of debt as listed below. We paid $33 million below face value to repurchase these debt instruments and recognized a gain on debt extinguishment of $27 million, which is included in the "Other expenses" line on our consolidated income statement.

•2.125% Notes due 2024 with principal of $900 million (partial repurchase of $439 million)

•3.350% Notes due 2024 with principal of $426 million (partial repurchase of $160 million)

•2.400% Notes due 2025 with principal of $900 million (partial repurchase of $534 million)

2022

In December 2022, the company retired $329 million principal amount of our 2.40 percent Notes at maturity. In May 2022, we redeemed $1,250 million principal amount of our 4.95 percent Notes due 2026. We paid premiums above face value of $79 million to redeem the debt and recognized a loss on debt extinguishment of $83 million which is included in the "Other expenses" line on our consolidated income statement. We also paid $500 million to retire the outstanding principal amount of the floating rate notes due 2022 at maturity.

In the first quarter of 2022, we completed a debt refinancing consisting of three concurrent transactions: a tender offer to repurchase existing debt for cash; exchange offers to retire certain debt in exchange for new debt and cash; and a new debt issuance to partially fund the cash paid in the tender and exchange offers.

Tender Offer

In March 2022, we repurchased a total of $2,716 million aggregate principal amount of debt as listed below. We paid premiums above face value of $333 million to repurchase these debt instruments and recognized a gain on debt extinguishment of $155 million, which is included in the "Other expenses" line on our consolidated income statement.

•3.75% Notes due 2027 with principal of $1,000 million (partial repurchase of $804 million)

•4.3% Notes due 2028 with principal of $1,000 million (partial repurchase of $777 million)

•2.4% Notes due 2031 with principal of $500 million (partial repurchase of $273 million)

•4.875% Notes due 2047 with principal of $800 million (partial repurchase of $481 million)

•4.85% Notes due 2048 with principal of $600 million (partial repurchase of $381 million)

Exchange Offers

Also in March 2022, we completed two concurrent debt exchange offers through which $2,544 million of aggregate principal of existing notes was tendered and accepted in exchange for a combination of new notes and cash. The debt exchange offers were treated as debt modifications for accounting purposes resulting in a portion of the unamortized debt discount, premiums and debt issuance costs of the existing notes being allocated to the new notes on the settlement dates of the exchange offers. We paid premiums above face value of $883 million, comprised of $872 million of cash as well as new notes, which were capitalized as additional debt discount. We incurred expenses of $28 million in the exchanges, which are included in the "Other expenses" line on our consolidated income statement.

The notes tendered and accepted in the exchange offers were:

•7.0% Debentures due 2029 with principal amount of $200 million (partial exchange of $88 million)

•6.95% Notes due 2029 with principal amount of $1,549 million (partial exchange of $354 million)

•7.4% Notes due 2031 with principal amount of $500 million (partial exchange of $118 million)

•7.25% Notes due 2031 with principal amount of $500 million (partial exchange of $100 million)

•7.2% Notes due 2031 with principal amount of $575 million (partial exchange of $128 million)

•5.95% Notes due 2036 with principal amount of $500 million (partial exchange of $174 million)

•5.9% Notes due 2038 with principal amount of $600 million (partial exchange of $250 million)

•6.5% Notes due 2039 with principal amount of $2,750 million (partial exchange of $1,162 million)

•5.95% Notes due 2046 with principal amount of $500 million (partial exchange of $171 million)

The notes tendered and accepted were exchanged for the following notes:

•3.758% Notes due 2042 with principal amount of $785 million

•4.025% Notes due 2062 with principal amount of $1,770 million

Debt Issuance

In March 2022, we issued the following notes:

•2.125% Notes due 2024 with principal of $900 million

•2.4% Notes due 2025 with principal of $900 million

•3.8% Notes due 2052 with principal of $1,100 million

Revolving Credit Facility and Credit Rating Information

In 2022, we refinanced our revolving credit facility from a total borrowing capacity of $6.0 billion down to $5.5 billion with an expiration date of February 2027. Our revolving credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $500 million, or as support for our commercial paper program. The revolving credit facility is broadly syndicated among financial institutions and does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or credit ratings. The facility agreement contains a cross-default provision relating to the failure to pay principal or interest on other debt obligations of $200 million or more by ConocoPhillips, or any of its consolidated subsidiaries. The amount of the facility is not subject to redetermination prior to its expiration date.

Credit facility borrowings may bear interest at a margin above the Secured Overnight Financing Rate (SOFR). The facility agreement calls for commitment fees on available, but unused, amounts. The facility agreement also contains early termination rights if our current directors or their approved successors cease to be a majority of the Board of Directors.

The revolving credit facility supports our ability to issue up to $5.5 billion of commercial paper. Commercial paper is generally limited to maturities of 90 days and is included in short-term debt on our consolidated balance sheet. With no commercial paper outstanding and no direct borrowings or letters of credit, we had access to $5.5 billion in available borrowing capacity under our revolving credit facility at December 31, 2023 and December 31, 2022.

For information on Finance Leases, see Note 15.

The current credit ratings on our long-term debt are:

•Fitch: “A” with a “stable” outlook

•S&P: “A-” with a “stable” outlook

•Moody's: "A2" with a "stable" outlook

We do not have any ratings triggers on any of our corporate debt that would cause an automatic default, and thereby impact our access to liquidity upon downgrade of our credit ratings. If our credit ratings are downgraded from their current levels, it could increase the cost of corporate debt available to us and restrict our access to the commercial paper markets. If our credit ratings were to deteriorate to a level prohibiting us from accessing the commercial paper market, we would still be able to access funds under our revolving credit facility.

At both December 31, 2023 and 2022, we had $283 million of certain variable rate demand bonds (VRDBs) outstanding with maturities ranging through 2035. The VRDBs are redeemable at the option of the bondholders on any business day. If they are ever redeemed, we have the ability and intent to refinance on a long-term basis, therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Employee Benefit Plans - Amounts Recognized in Balance Sheet and Assumptions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Noncurrent liabilities	$ (1,009)	$ (1,074)
Pension Benefits \| U.S.
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Noncurrent assets	0	0
Current liabilities	(16)	(28)
Noncurrent liabilities	(203)	(271)
Total recognized	$ (219)	$ (299)
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.35%	5.65%
Rate of compensation increase	5.00%	5.00%
Interest crediting rate for applicable benefits	4.20%	3.55%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.65%	3.85%
Expected return on plan assets	5.30%	3.90%
Rate of compensation increase	5.00%	4.00%
Interest crediting rate for applicable benefits	3.55%	2.50%
Pension Benefits \| Int’l.
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Noncurrent assets	$ 491	$ 373
Current liabilities	(9)	(10)
Noncurrent liabilities	(263)	(260)
Total recognized	$ 219	$ 103
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	4.10%	4.20%
Rate of compensation increase	3.65%	3.65%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	4.20%	2.15%
Expected return on plan assets	5.20%	2.85%
Rate of compensation increase	3.65%	3.40%
Other Benefits
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Noncurrent assets	$ 0	$ 0
Current liabilities	(24)	(32)
Noncurrent liabilities	(83)	(70)
Total recognized	$ (107)	$ (102)
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.30%	5.65%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.65%	2.65%

Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Liabilities
PP&E and intangibles	$ 11,992	$ 11,100
Inventory	46	48
Other	216	190
Total deferred tax liabilities	12,254	11,338
Deferred Tax Assets
Benefit plan accruals	413	450
Asset retirement obligations and accrued environmental costs	2,608	2,333
Investments in joint ventures	2,133	1,917
Other financial accruals and deferrals	448	736
Loss and credit carryforwards	5,629	6,354
Other	121	112
Total deferred tax assets	11,352	11,902
Less: valuation allowance	(7,656)	(8,049)	$ (8,342)	$ (9,965)
Total deferred tax assets net of valuation allowance	3,696	3,853
Net deferred tax liabilities	$ 8,558	$ 7,485

Derivative and Financial Instruments - Financial Instruments, Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	$ 5,635	$ 6,458
Within one year \| Carrying Amount
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	0	97
Short-Term Investments	435	603
Within one year \| Carrying Amount \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	0	0
Short-Term Investments	201	323
Within one year \| Carrying Amount \| Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	0	97
Short-Term Investments	131	156
Within one year \| Carrying Amount \| U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	0	0
Short-Term Investments	89	115
Within one year \| Carrying Amount \| U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	5	8
Within one year \| Carrying Amount \| Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	7	0
Within one year \| Carrying Amount \| Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	2	1
One year through eight years \| Carrying Amount
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	989	522
One year through eight years \| Carrying Amount \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	606	309
One year through eight years \| Carrying Amount \| U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	189	63
One year through eight years \| Carrying Amount \| U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	7	5
One year through eight years \| Carrying Amount \| Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	4	7
One year through eight years \| Carrying Amount \| Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	$ 183	$ 138

Non-Mineral Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average term, operating leases	5 years 9 months 29 days	5 years 7 months 20 days
Weighted-average term, finance leases	5 years 8 months 23 days	6 years 7 months 6 days
Weighted-average discount rate, operating leases	4.13%	2.99%
Weighted-average discount rate, finance leases	3.39%	3.40%

Investment in Cenovus Energy

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investment in Cenovus Energy

Note 5—Investment in Cenovus Energy

In 2022, we sold our remaining 91 million shares of Cenovus Energy (CVE), recognizing proceeds of $1.4 billion and a net gain of $251 million. All gains and losses were recognized within "Other income" on our consolidated income statement. Proceeds related to the sale of our CVE shares were included within "Cash Flows from Investing Activities" on our consolidated statement of cash flows.


	Millions of Dollars
	2023	2022	2021
Total Net gain on equity securities		251	1,040
Less: Net gain on equity securities sold during the period		251	473
Unrealized gain on equity securities still held at the reporting date	$		567

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas
Auditor Firm ID	42

Investment in Cenovus Energy - Narrative (Details) - Common Stock - Cenovus Energy Inc shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) shares
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, shares sold (in shares) \| shares	91
Proceeds received from sale of equity securities \| $	$ 1,400

Non-Mineral Lease (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Right-of-Use Assets and Lease Liabilities

The following table summarizes the right-of-use assets and lease liabilities for both the operating and finance leases on our consolidated balance sheet as of December 31:


	Millions of Dollars
	2023			2022
	Operating Leases		Finance Leases	Operating Leases	Finance Leases
Right-of-Use Assets
Properties, plants and equipment
Gross			2,010		2,043
Accumulated DD&A			(1,185)		(1,022)
Net PP&E*			825		1,021

Other assets	691			536

Lease Liabilities
Short-term debt**			291		284
Other accruals	193			155
Long-term debt***			838		1,036
Other liabilities and deferred credits	504			390
Total lease liabilities	$	697	1,129	545	1,320

* Includes proportionately consolidated finance lease assets of $134 million at December 31, 2023 and $171 million at December 31, 2022.

** Includes proportionately consolidated finance lease liabilities of $175 million at December 31, 2023 and $169 million at December 31, 2022.

*** Includes proportionately consolidated finance lease liabilities of $326 million at December 31, 2023 and $399 million at December 31, 2022.

Lease Cost

The following table summarizes our lease costs:


	Millions of Dollars
	2023		2022	2021
Lease Cost*
Operating lease cost	$	229	212	278
Finance lease cost
Amortization of right-of-use assets	180		189	148
Interest on lease liabilities	35		32	27
Short-term lease cost**	40		94	21
Total lease cost***	$	484	527	474

* The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers.

** Short-term leases are not recorded on our consolidated balance sheet.

*** Variable lease cost and sublease income are immaterial for the periods presented and therefore are not included in the table above.

Lease Term and Discount Rate

The following table summarizes the lease terms and discount rates as of December 31:


	2023	2022
Lease Term and Discount Rate
Weighted-average term (years)
Operating leases	5.83	5.64
Finance leases	5.73	6.60

Weighted-average discount rate (percent)
Operating leases	4.13	2.99
Finance leases	3.39	3.40

Other Information

The following table summarizes other lease information:


	Millions of Dollars
	2023		2022	2021
Other Information*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	173	148	204
Operating cash flows from finance leases	33		30	6
Financing cash flows from finance leases	169		166	73

Right-of-use assets obtained in exchange for operating lease liabilities	$	355	114	174
Right-of-use assets obtained in exchange for finance lease liabilities	9		256	447

Maturity of Lease Liabilities

The following table summarizes future lease payments for operating and finance leases at December 31, 2023:


	Millions of Dollars
	Operating Leases		Finance Leases
Maturity of Lease Liabilities
2024	$	217	358
2025	150		207
2026	113		204
2027	88		161
2028	67		178
Remaining years	153		174
Total*	788		1,282
Less: portion representing imputed interest	(91)		(153)
Total lease liabilities	$	697	$	1,129

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Significant Transactions with Related Parties

Significant transactions with our equity affiliates were:


	Millions of Dollars
	2023		2022	2021

Operating revenues and other income	$	90	88	88
Purchases	—		1	5
Operating expenses and selling, general and administrative expenses	282		189	196
Net interest (income)/loss*	—		(1)	(2)

*We paid interest to, or received interest from, various affiliates. See Note 4, for additional information on loans to affiliated companies.

Employee Benefit Plans - Before-Tax Amounts not Recognized in Net Periodic Benefit Cost and Sources of Change in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Net actuarial gain (loss) arising during the period	$ 37	$ (623)	$ 357
Amortization of actuarial loss included in income (loss)	82	72	178
Prior service credit (cost) arising during the period	0	(10)	0
Amortization of prior service (credit) included in income (loss)	(38)	(39)	$ (38)
Pension Benefits \| U.S.
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Net actuarial gain (loss) arising during the period	30	(44)
Amortization of actuarial loss included in income (loss)	18	61
Net change during the period	48	17
Prior service credit (cost) arising during the period	0	0
Amortization of prior service (credit) included in income (loss)	0	0
Net change during the period	0	0
Pension Benefits \| Int’l.
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Net actuarial gain (loss) arising during the period	29	(606)
Amortization of actuarial loss included in income (loss)	67	11
Net change during the period	96	(595)
Prior service credit (cost) arising during the period	0	(1)
Amortization of prior service (credit) included in income (loss)	0	(1)
Net change during the period	0	(2)
Other Benefits
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Net actuarial gain (loss) arising during the period	(22)	27
Amortization of actuarial loss included in income (loss)	(3)	0
Net change during the period	(25)	27
Prior service credit (cost) arising during the period	0	(9)
Amortization of prior service (credit) included in income (loss)	(38)	(38)
Net change during the period	$ (38)	$ (47)

Impairments - Before Tax Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Impairments		$ 14	$ (12)	$ 674
Corporate and Other
Segment Reporting Information [Line Items]
Impairments		1	0	0
Alaska \| Operating Segments
Segment Reporting Information [Line Items]
Impairments		0	2	5
Lower 48
Segment Reporting Information [Line Items]
Impairments				(89)
Lower 48 \| Operating Segments
Segment Reporting Information [Line Items]
Impairments	$ 84	7	(11)	(8)
Canada \| Operating Segments
Segment Reporting Information [Line Items]
Impairments		6	(2)	6
Europe, Middle East and North Africa \| Operating Segments
Segment Reporting Information [Line Items]
Impairments		0	(1)	(24)
Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Impairments		$ 0	$ 0	$ 695

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt at December 31 was:


	Millions of Dollars
	2023		2022
7.65% Debentures due 2023	—		78
2.125% Notes due 2024	461		900
3.35% Notes due 2024	265		426
2.4% Notes due 2025	366		900
8.2% Notes due 2025	134		134
3.35% Debentures due 2025	199		199
6.875% Debentures due 2026	67		67
7.8% Debentures due 2027	203		203
3.75% Notes due 2027	196		196
4.3% Notes due 2028	223		223
7.375% Debentures due 2029	92		92
7.0% Debentures due 2029	112		112
6.95% Notes due 2029	1,195		1,195
8.125% Notes due 2030	390		390
2.4% Notes due 2031	227		227
7.2% Notes due 2031	447		447
7.25% Notes due 2031	400		400
7.4% Notes due 2031	382		382
5.9% Notes due 2032	505		505
5.05% Notes due 2033	1,000		—
4.15% Notes due 2034	246		246
5.95% Notes due 2036	326		326
5.951% Notes serially maturing 2022 through 2037	603		631
5.9% Notes due 2038	350		350
6.5% Notes due 2039	1,588		1,588
3.758% Notes due 2042	785		785
4.3% Notes due 2044	750		750
5.95% Notes due 2046	329		329
7.9% Debentures due 2047	60		60
4.875% Notes due 2047	319		319
4.85% Notes due 2048	219		219
3.8% Notes due 2052	1,100		1,100
5.3% Notes due 2053	1,100		—
5.55% Notes due 2054	1,000		—
4.025% Notes due 2062	1,770		1,770
5.70% Notes due 2063	700		—

Marine Terminal Revenue Refunding Bonds due 2031 at 1.65% – 4.70% during 2023 and 0.07% – 4.10% during 2022	265		265
Industrial Development Bonds due 2035 at 1.85% – 4.70% during 2023 and 0.07% – 4.10% during 2022	18		18

Other	21		23
Debt at face value	18,413		15,855
Finance leases	1,129		1,320
Net unamortized premiums, discounts and debt issuance costs	(605)		(532)
Total debt	18,937		16,643
Short-term debt	(1,074)		(417)
Long-term debt	$	17,863	16,226

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Note 2—Inventories

Inventories at December 31 were:


	Millions of Dollars
	2023		2022

Crude oil and natural gas	$	676	641
Materials and supplies	722		578
Total inventories	$	1,398	1,219

Inventories valued on the LIFO basis	$	401	396

The estimated excess of current replacement cost over LIFO cost of inventories was approximately $91 million and $149 million at December 31, 2023 and 2022, respectively.

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Par Value	Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance at Dec. 31, 2020	$ 29,849	$ 18	$ 47,133	$ (47,297)	$ (5,218)	$ 35,213
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	8,079					8,079
Other comprehensive income (loss)	268				268
Dividends declared, ordinary	(2,359)					(2,359)
Dividends declared - variable return of cash	(260)					(260)
Repurchase of company common stock	(3,623)			(3,623)
Acquisition of Concho	13,125	3	13,122
Distributed under benefit plans	326		326
Other	1					1
Ending balance at Dec. 31, 2021	45,406	21	60,581	(50,920)	(4,950)	40,674
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	18,680					18,680
Other comprehensive income (loss)	(1,050)				(1,050)
Dividends declared, ordinary	(2,419)					(2,419)
Dividends declared - variable return of cash	(3,908)					(3,908)
Repurchase of company common stock	(9,270)			(9,270)
Distributed under benefit plans	561		561
Other	3			1		2
Ending balance at Dec. 31, 2022	48,003	21	61,142	(60,189)	(6,000)	53,029
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	10,957					10,957
Other comprehensive income (loss)	327				327
Dividends declared, ordinary	(2,550)					(2,550)
Dividends declared - variable return of cash	(2,170)					(2,170)
Repurchase of company common stock	(5,400)			(5,400)
Excise tax on share repurchases	(50)			(50)
Distributed under benefit plans	161		161
Other	1			(1)		2
Ending balance at Dec. 31, 2023	$ 49,279	$ 21	$ 61,303	$ (65,640)	$ (5,673)	$ 59,268

Suspended Wells and Exploration Expenses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs		$ 398	$ 564	$ 344
Norwegian Warka PL1009
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs		37
Alaska Bear-1
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs		$ 31
Canada
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs	$ 129
Europe, Middle East and North Africa
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs			$ 102

Contingencies and Commitments	12 Months Ended
Contingencies and Commitments	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Note 11—Contingencies and Commitments A number of lawsuits involving a variety of claims arising in the ordinary course of business have been filed against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the low end of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. We accrue receivables for insurance or other third-party recoveries when applicable. With respect to income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. See Note 17, for additional information about income tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations and record accruals for environmental liabilities based on management’s best estimates. These estimates are based on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. EPA or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the agency concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, and some of the indemnifications are subject to dollar limits and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and comparable state and international sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note 8 for a summary of our accrued environmental liabilities. Litigation and Other Contingencies We are subject to various lawsuits and claims including but not limited to matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, climate change, personal injury, and property damage. Our primary exposures for such matters relate to alleged royalty and tax underpayments on certain federal, state and privately owned properties, claims of alleged environmental contamination and damages from historic operations, and climate change. We will continue to defend ourselves vigorously in these matters. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. In addition, at December 31, 2023, we had performance obligations secured by letters of credit of $340 million (issued as direct bank letters of credit) related to various purchase commitments for materials, supplies, commercial activities and services incident to the ordinary conduct of business. In 2007, ConocoPhillips was unable to reach agreement with respect to the empresa mixta structure mandated by the Venezuelan government’s Nationalization Decree. As a result, Venezuela’s national oil company, Petróleos de Venezuela, S.A. (PDVSA), or its affiliates, directly assumed control over ConocoPhillips’ interests in the Petrozuata and Hamaca heavy oil ventures and the offshore Corocoro development project. In response to this expropriation, ConocoPhillips initiated international arbitration on November 2, 2007, with the ICSID. On September 3, 2013, an ICSID arbitration tribunal held that Venezuela unlawfully expropriated ConocoPhillips’ significant oil investments in June 2007. On January 17, 2017, the Tribunal reconfirmed the decision that the expropriation was unlawful. In March 2019, the Tribunal unanimously ordered the government of Venezuela to pay ConocoPhillips approximately $8.7 billion in compensation for the government’s unlawful expropriation of the company’s investments in Venezuela in 2007. On August 29, 2019, the ICSID Tribunal issued a decision rectifying the award and reducing it by approximately $227 million. The award now stands at $8.5 billion plus interest. The government of Venezuela sought annulment of the award, which automatically stayed enforcement of the award. On September 29, 2021, the ICSID annulment committee lifted the stay of enforcement of the award. The annulment proceedings are underway. In 2014, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Petrozuata and Hamaca projects. The ICC Tribunal issued an award in April 2018, finding that PDVSA owed ConocoPhillips approximately $2 billion under their agreements in connection with the expropriation of the projects and other pre-expropriation fiscal measures. In August 2018, ConocoPhillips entered into a settlement with PDVSA to recover the full amount of this ICC award, plus interest through the payment period, including initial payments totaling approximately $500 million within a period of 90 days from the time of signing of the settlement agreement. The balance of the settlement is to be paid quarterly over a period of four and a half years. Per the settlement, PDVSA recognized the ICC award as a judgment in various jurisdictions, and ConocoPhillips agreed to suspend its legal enforcement actions. ConocoPhillips sent notices of default to PDVSA on October 14 and November 12, 2019, and to date PDVSA has failed to cure its breach. As a result, ConocoPhillips has resumed legal enforcement actions. To date, ConocoPhillips has received approximately $777 million in connection with the ICC award. ConocoPhillips has ensured that the settlement and any actions taken in enforcement thereof meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela. In 2016, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Corocoro Project. On August 2, 2019, the ICC Tribunal awarded ConocoPhillips approximately $33 million plus interest under the Corocoro contracts. ConocoPhillips is seeking recognition and enforcement of the award in various jurisdictions. ConocoPhillips has ensured that all the actions related to the award meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela. Beginning in 2017, governmental and other entities in several states/territories in the U.S. have filed lawsuits against oil and gas companies, including ConocoPhillips, seeking compensatory damages and equitable relief to abate alleged climate change impacts. Additional lawsuits with similar allegations are expected to be filed. The amounts claimed by plaintiffs are unspecified and the legal and factual issues are unprecedented, therefore, there is significant uncertainty about the scope of the claims and alleged damages and any potential impact on the Company’s financial condition. ConocoPhillips believes these lawsuits are factually and legally meritless and are an inappropriate vehicle to address the challenges associated with climate change and will vigorously defend against such lawsuits. Several Louisiana parishes and the State of Louisiana have filed numerous lawsuits under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA) against oil and gas companies, including ConocoPhillips, seeking compensatory damages for contamination and erosion of the Louisiana coastline allegedly caused by historical oil and gas operations. ConocoPhillips entities are defendants in 22 of the lawsuits and will vigorously defend against them. On October 17, 2022, the Fifth Circuit affirmed remand of the lead case to state court and the subsequent request for rehearing was denied. Accordingly, the federal district courts have issued remands to state court. Because Plaintiffs’ SLCRMA theories are unprecedented, there is uncertainty about these claims (both as to scope and damages) and we continue to evaluate our exposure in these lawsuits. In October 2020, the Bureau of Safety and Environmental Enforcement (BSEE) ordered the prior owners of Outer Continental Shelf (OCS) Lease P-0166, including ConocoPhillips, to decommission the lease facilities, including two offshore platforms located near Carpinteria, California. This order was sent after the current owner of OCS Lease P-0166 relinquished the lease and abandoned the lease platforms and facilities. BSEE’s order to ConocoPhillips is premised on its connection to Phillips Petroleum Company, a legacy company of ConocoPhillips, which held a historical 25 percent interest in this lease and operated these facilities, but sold its interest approximately 30 years ago. ConocoPhillips continues to evaluate its exposure in this matter. On May 10, 2021, ConocoPhillips filed arbitration under the rules of the Singapore International Arbitration Centre (SIAC) against Santos KOTN Pty Ltd. and Santos Limited for their failure to timely pay the $200 million bonus due upon final investment decision of the Barossa development project under the sale and purchase agreement for the sale of our Australia-West asset and operations. The matter was resolved in April 2023 to our satisfaction. In July 2021, a federal securities class action was filed against Concho, certain of Concho’s officers, and ConocoPhillips as Concho’s successor in the United States District Court for the Southern District of Texas. On October 21, 2021, the court issued an order appointing Utah Retirement Systems and the Construction Laborers Pension Trust for Southern California as lead plaintiffs (Lead Plaintiffs). On January 7, 2022, the Lead Plaintiffs filed their consolidated complaint alleging that Concho made materially false and misleading statements regarding its business and operations in violation of the federal securities laws and seeking unspecified damages, attorneys’ fees, costs, equitable/injunctive relief, and such other relief that may be deemed appropriate. The defendants filed a motion to dismiss the consolidated complaint on March 8, 2022. On June 23, 2023, the court denied defendants’ motion as to most defendants including Concho/ConocoPhillips. We believe the allegations in the action are without merit and are vigorously defending this litigation. ConocoPhillips is involved in pending disputes with commercial counterparties relating to the propriety of its force majeure notices following Winter Storm Uri in 2021. We believe these claims are without merit and are vigorously defending them. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements We have certain throughput agreements and take-or-pay agreements in support of financing arrangements. The agreements typically provide for natural gas or crude oil transportation and LNG purchase commitments. The fixed and determinable portion of the remaining estimated payments under these various agreements as of December 31, 2023 are: 2024—$7 million; 2025—$7 million; 2026—$7 million; 2027—$7 million; 2028—$283 million; and 2029 and after—$11 billion. Generally, variable components of these obligations include commodity futures prices and inflation rates. Purchases of LNG under these commitments are expected to be offset in the same or approximately same periods by cash received from the related sales transactions. Total payments under the agreements were $26 million in 2023, $26 million in 2022 and $27 million in 2021.

Impairments (Tables)

12 Months Ended

Dec. 31, 2023

Asset Impairment Charges [Abstract]

Schedule of Before-tax Impairment Charges

During 2023, 2022 and 2021, we recognized the following before-tax impairment charges:


	Millions of Dollars
	2023		2022	2021

Alaska	$	—	2	5
Lower 48	7		(11)	(8)
Canada	6		(2)	6
Europe, Middle East and North Africa	—		(1)	(24)
Asia Pacific	—		—	695
Corporate and Other	1		—	—
	$	14	(12)	674

Derivative and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Balance Sheet Location - Fair Value Amounts of Derivatives, Balance Sheet Location

The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet:


	Millions of Dollars
	2023		2022
Assets
Prepaid expenses and other current assets	$	611	1,795
Other assets	113		242
Liabilities
Other accruals	567		1,800
Other liabilities and deferred credits	80		210

Gain (Loss) Amounts of Derivatives, Income Statement Location

The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table:


	Millions of Dollars
	2023		2022	2021

Sales and other operating revenues	$	86	(88)	(228)
Other income	(6)		(5)	25
Purchased commodities	(90)		(91)	75

Net Exposures from Outstanding Derivative Contracts

The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:


	Open Position Long/(Short)
	2023	2022
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price	(12)	(14)
Basis	(2)	(8)

Net Carrying Amount of Investments and Long-term Receivables Carried at Cost plus Accrued Interest

The following investments are carried on our consolidated balance sheet at cost, plus accrued interest and the table reflects remaining maturities at December 31, 2023 and 2022:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments
	2023		2022	2023	2022

Cash	$	474	593
Demand Deposits	1,424		1,638
Time Deposits
1 to 90 days	3,713		4,116	511	1,288
91 to 180 days				22	883
Within one year				3	11
U.S. Government Obligations
1 to 90 days	24		14	—	—
	$	5,635	6,361	536	2,182

Debt Securities, Available-for-Sale

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at December 31, 2023 and 2022:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments		Investments and Long-Term Receivables
	2023		2022	2023	2022	2023	2022
Major Security Type
Corporate Bonds	$	—	—	201	323	606	309
Commercial Paper	—		97	131	156
U.S. Government Obligations	—		—	89	115	189	63
U.S. Government Agency Obligations				5	8	7	5
Foreign Government Obligations				7	—	4	7
Asset-backed Securities				2	1	183	138
	$	—	97	435	603	989	522

The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale at December 31:


	Millions of Dollars
	Amortized Cost Basis			Fair Value
	2023		2022	2023	2022
Major Security Type
Corporate Bonds	$	806	641	807	632
Commercial Paper	131		253	131	253
U.S. Government Obligations	278		181	278	178
U.S. Government Agency Obligations	12		13	12	13
Foreign Government Obligations	11		7	11	7
Asset-backed Securities	184		139	185	139
	$	1,422	1,234	1,424	1,222

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

+ Details

Investment in Cenovus Energy - Gains and Losses Recorded in Other Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Total Net gain on equity securities	$ 0	$ 251	$ 1,040
Cenovus Energy Inc
Debt and Equity Securities, FV-NI [Line Items]
Total Net gain on equity securities		251	1,040
Less: Net gain on equity securities sold during the period		251	473
Unrealized gain on equity securities still held at the reporting date			$ 567

Fair Value Measurement - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / Boe MBoe / D	Dec. 31, 2023 USD ($) $ / Boe	Dec. 31, 2022 USD ($)
Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration \| $		$ 312	$ 0
Fair Value \| $		2,148	3,259
Level 3 Inputs \| Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration \| $		312	0
Fair Value \| $		$ 115	$ 128
Level 3 Inputs \| Fair Value, Recurring \| Minimum \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurment input		45.48
Level 3 Inputs \| Fair Value, Recurring \| Maximum \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurment input		63.04
Level 3 Inputs \| Fair Value, Recurring \| Arithmetic Average \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurment input		57.45
Level 3 Inputs \| Fair Value, Nonrecurring \| Lower 48 \| Lower 48 Gulf Coast and Rockies noncore field
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value \| $	$ 472
Level 3 Inputs \| Fair Value, Nonrecurring \| Measurement Input, Commodity Future Price \| Valuation Technique, Discounted Cash Flow \| Lower 48 \| Lower 48 Gulf Coast and Rockies noncore field
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Future prices annual increase (decrease), percentage	2.00%
Level 3 Inputs \| Fair Value, Nonrecurring \| Minimum \| Measurement Input, Commodity Production \| Valuation Technique, Discounted Cash Flow \| Lower 48 \| Lower 48 Gulf Coast and Rockies noncore field
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-core assets, measurement input \| MBoe / D	0.2
Level 3 Inputs \| Fair Value, Nonrecurring \| Minimum \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow \| Lower 48 \| Lower 48 Gulf Coast and Rockies noncore field
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-core assets, measurement input	41.45
Level 3 Inputs \| Fair Value, Nonrecurring \| Minimum \| Measurement Input, Discount Rate \| Valuation Technique, Discounted Cash Flow \| Lower 48 \| Lower 48 Gulf Coast and Rockies noncore field
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-core assets, measurement input	0.073
Level 3 Inputs \| Fair Value, Nonrecurring \| Maximum \| Measurement Input, Commodity Production \| Valuation Technique, Discounted Cash Flow \| Lower 48 \| Lower 48 Gulf Coast and Rockies noncore field
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-core assets, measurement input \| MBoe / D	17
Level 3 Inputs \| Fair Value, Nonrecurring \| Maximum \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow \| Lower 48 \| Lower 48 Gulf Coast and Rockies noncore field
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-core assets, measurement input	93.68
Level 3 Inputs \| Fair Value, Nonrecurring \| Maximum \| Measurement Input, Discount Rate \| Valuation Technique, Discounted Cash Flow \| Lower 48 \| Lower 48 Gulf Coast and Rockies noncore field
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-core assets, measurement input	0.097
Level 3 Inputs \| Fair Value, Nonrecurring \| Arithmetic Average \| Measurement Input, Commodity Production \| Valuation Technique, Discounted Cash Flow \| Lower 48 \| Lower 48 Gulf Coast and Rockies noncore field
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-core assets, measurement input \| MBoe / D	5.4
Level 3 Inputs \| Fair Value, Nonrecurring \| Arithmetic Average \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow \| Lower 48 \| Lower 48 Gulf Coast and Rockies noncore field
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-core assets, measurement input	64.39
Level 3 Inputs \| Fair Value, Nonrecurring \| Arithmetic Average \| Measurement Input, Discount Rate \| Valuation Technique, Discounted Cash Flow \| Lower 48 \| Lower 48 Gulf Coast and Rockies noncore field
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non-core assets, measurement input	0.087

Consolidated Statement of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash Flows From Operating Activities

Net Income (Loss)

$ 10,957

$ 18,680

$ 8,079

Adjustments to reconcile net income (loss) to net cash provided by operating activities

Depreciation, depletion and amortization

8,270

7,504

7,208

Impairments

(12)

674

Dry hole costs and leasehold impairments

162

340

Accretion on discounted liabilities

283

250

242

Deferred taxes

1,145

2,086

1,346

Distributions more (less) than income from equity affiliates

964

942

446

(Gain) loss on dispositions

(228)

(1,077)

(486)

(Gain) loss on investment in Cenovus Energy

(251)

(1,040)

Other

(220)

(788)

Working capital adjustments

Decrease (increase) in accounts and notes receivable

1,333

(963)

(2,500)

Decrease (increase) in inventories

(103)

(38)

(160)

Decrease (increase) in prepaid expenses and other current assets

337

(173)

(649)

Increase (decrease) in accounts payable

(1,118)

901

1,399

Increase (decrease) in taxes and other accruals

(1,831)

3,181

Net Cash Provided by Operating Activities

19,965

28,314

16,996

Cash Flows From Investing Activities

Capital expenditures and investments

(11,248)

(10,159)

(5,324)

Working capital changes associated with investing activities

520

134

Acquisition of businesses, net of cash acquired

(2,724)

(60)

(8,290)

Proceeds from asset dispositions

632

3,471

1,653

Net sales (purchases) of investments

1,373

(2,629)

3,091

Collection of advances/loans—related parties

114

105

Other

(63)

Net Cash Used in Investing Activities

(12,000)

(8,741)

(8,544)

Cash Flows From Financing Activities

Issuance of debt

3,787

2,897

Repayment of debt

(1,379)

(6,267)

(505)

Issuance of company common stock

(52)

362

145

Repurchase of company common stock

(5,400)

(9,270)

(3,623)

Dividends paid

(5,583)

(5,726)

(2,359)

Other

(34)

(49)

Net Cash Used in Financing Activities

(8,661)

(18,053)

(6,335)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash

(99)

(224)

(34)

Net Change in Cash, Cash Equivalents and Restricted Cash

(795)

1,296

2,083

Cash, cash equivalents and restricted cash at beginning of period

6,694

^[1]

5,398

3,315

Cash, Cash Equivalents and Restricted Cash at End of Period

$ 5,899

^[2]

$ 6,694

^[1]

$ 5,398

[1]	and $236 million is included in the “Other assets” line of our Consolidated Balance Sheet as of December 31, 2023 and December 31, 2022, respectively.
[2]	Restricted cash of $264 million

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			84 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Oct. 31, 2022	Sep. 30, 2022
Equity [Abstract]
Preferred stock, authorized (in shares)	500,000,000	500,000,000		500,000,000
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)	0	0		0
Preferred stock, share outstanding (in shares)	0	0		0
Stock repurchase program authorized					$ 45,000	$ 25,000
Treasury stock, shares acquired (in shares)				383,000,000
Repurchase of company common stock	$ 5,400	$ 9,270	$ 3,623	$ 29,000

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Note 21—Related Party Transactions

Our related parties primarily include equity method investments and certain trusts for the benefit of employees. For disclosures on trusts for the benefit of employees, see Note 16.

Significant transactions with our equity affiliates were:


	Millions of Dollars
	2023		2022	2021

Operating revenues and other income	$	90	88	88
Purchases	—		1	5
Operating expenses and selling, general and administrative expenses	282		189	196
Net interest (income)/loss*	—		(1)	(2)

*We paid interest to, or received interest from, various affiliates. See Note 4, for additional information on loans to affiliated companies.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Sales and Other Operating Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from contracts with customers	$ 48,522	$ 61,049	$ 34,590
Total Revenues and Other Income	56,141	78,494	45,828
Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	8,203	17,150	11,500
Financial derivative contracts
Revenue from contracts outside the scope of ASC Topic 606	(584)	295	(262)
Crude oil
Revenue from contracts outside the scope of ASC Topic 606	143	495	757
Natural gas
Revenue from contracts outside the scope of ASC Topic 606	6,622	15,368	10,034
Other
Revenue from contracts outside the scope of ASC Topic 606	1,438	1,287	709
Lower 48 \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	6,607	13,919	9,050
Canada \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	1,248	2,717	1,457
Europe, Middle East and North Africa
Total Revenues and Other Income	5,854	11,271	5,902
Europe, Middle East and North Africa \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	$ 348	$ 514	$ 993

Employee Benefit Plans - Narrative (Details) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) investment_option installment $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2013	Dec. 31, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Settlements (loss) gain	$ 6,000,000	$ 37,000,000	$ 102,000,000
Percent amortized for net actuarial gains and losses	10.00%	10.00%	10.00%
Aggregate Intrinsic Value, Exercised	$ (58,000,000)
Minimum period required for award to not be subject to forfeiture	6 months
Share-based Payment Arrangement, Option
Defined Benefit Plan Disclosure [Line Items]
Vesting period	6 months
Expiration period	10 years
Restricted Stock Units (RSUs)
Defined Benefit Plan Disclosure [Line Items]
Vesting period	3 years
Restricted Stock Units (RSUs) \| Discontinued Operations
Defined Benefit Plan Disclosure [Line Items]
Weighted average period of recognition of unvested options	3 days
Weighted-average grant date fair value, granted (in dollars per share) \| $ / shares	$ 115.88	$ 96.20	$ 46.43
Total fair value, issued	$ 46,000,000	$ 40,000,000	$ 8,000,000
RSU Stock Settled
Defined Benefit Plan Disclosure [Line Items]
Unrecognized compensation cost from stock options	$ 166,000,000
Weighted average period of recognition of unvested options	1 year 8 months 12 days
Longest weighted-average period of recognition of unvested options	2 years 6 months 29 days
Weighted-average grant date fair value, granted (in dollars per share) \| $ / shares	$ 110.91	$ 90.57	$ 46.56
Total fair value, issued	$ 284,000,000	$ 193,000,000	$ 144,000,000
Vesting period	6 months
RSU Cash Settled
Defined Benefit Plan Disclosure [Line Items]
Total fair value, issued		$ 21,000,000	$ 20,000,000
Vesting period	6 months
PSU Cash Settled and Stock Settled
Defined Benefit Plan Disclosure [Line Items]
PSUs, authorization period	3 years
PSU Cash Settled Program
Defined Benefit Plan Disclosure [Line Items]
Unrecognized compensation cost from stock options	$ 0
Weighted-average grant date fair value, granted (in dollars per share) \| $ / shares	$ 112.50	$ 91.58	$ 46.65
Total fair value, issued	$ 111,000,000	$ 88,000,000	$ 52,000,000
Vesting period	5 years
PSUs, authorization period	3 years			3 years
PSU Stock Settled
Defined Benefit Plan Disclosure [Line Items]
Unrecognized compensation cost from stock options	$ 0
Weighted-average grant date fair value, granted (in dollars per share) \| $ / shares	$ 112.50	$ 91.58
Total fair value, issued	$ 29,000,000	$ 21,000,000	18,000,000
Vesting period	5 years
PSUs, authorization period	3 years
PSUs, requisite period	5 years
Twenty Fourteen Omnibus Stock and Performance Incentive Plan Of Conoco Phillips
Defined Benefit Plan Disclosure [Line Items]
Share based compensation plan, number of shares authorized \| shares	36
Twenty Fourteen Omnibus Stock and Performance Incentive Plan Of Conoco Phillips \| Share-based Payment Arrangement, Option
Defined Benefit Plan Disclosure [Line Items]
Weighted-average remaining contractual term of outstanding options	1 year 11 months 23 days
Aggregate Intrinsic Value, Exercised		(308,000,000)	(68,000,000)
Cash received from exercise of stock options	$ 66,000,000
Tax benefit from exercise of options	$ 12,000,000
Omnibus Plan, General And Executive RSU Program \| Restricted Stock Units (RSUs)
Defined Benefit Plan Disclosure [Line Items]
Number of vesting installments \| installment	1
Omnibus Plan, Variable Long-Term Incentive Retention Program \| Restricted Stock Units (RSUs)
Defined Benefit Plan Disclosure [Line Items]
Number of vesting installments \| installment	3
Employee Severance
Defined Benefit Plan Disclosure [Line Items]
Restructuring reserve	$ 12,000,000	31,000,000	78,000,000		$ 24,000,000
Insurance Contract, Rights and Obligations
Defined Benefit Plan Disclosure [Line Items]
Participating interest in annuity contract, fair value	$ 46,000,000	55,000,000
Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets, percentage	24.00%
Corporate
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets, percentage	72.00%
Real estate
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets, percentage	4.00%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Settlements (loss) gain	$ 0	0	0
Other Benefits \| Twenty Fourteen Omnibus Stock and Performance Incentive Plan Of Conoco Phillips
Defined Benefit Plan Disclosure [Line Items]
Omnibus stock and performance incentive plan life	10 years
U.S.
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions, next fiscal year	$ 125,000,000
Maximum annual contributions per employee, percentage	75.00%
Number of investment options \| investment_option	17
Employer matching contribution, percent of employee's gross pay	1.00%
Employer matching contribution, percent of match	6.00%
Company discretionary cash contribution, percentage	6.00%
Company contributions in savings plan and predecessor plans except leveraged employee stock ownership plan charged to expense	$ 151,000,000	140,000,000	93,000,000
U.S. \| Defined Contribution Plan Company Retirement Contribution
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match	6.00%
Defined contribution plan, employers vesting period	3 years
Defined contribution plan, vesting percent	100.00%
U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Settlements (loss) gain	$ 6,000,000	37,000,000	102,000,000
Accumulated benefit obligation	1,414,000,000	1,384,000,000
U.S. \| Pension Benefits \| Level 3 Inputs \| Insurance Contract, Rights and Obligations
Defined Benefit Plan Disclosure [Line Items]
Participating interest in annuity contract, fair value	46,000,000	55,000,000
Accumulated benefit obligation	84,000,000	89,000,000
U.S. \| Pension Benefits \| Corporate \| Level 3 Inputs \| Insurance Contract, Rights and Obligations
Defined Benefit Plan Disclosure [Line Items]
Participating interest in annuity contract, fair value	130,000,000	144,000,000
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions, next fiscal year	75,000,000
Company contributions in savings plan and predecessor plans except leveraged employee stock ownership plan charged to expense	23,000,000	24,000,000	26,000,000
Int’l. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Settlements (loss) gain	0	0	$ 0
Accumulated benefit obligation	$ 2,642,000,000	$ 2,542,000,000
COP Pre Sixty Five Retiree \| U.S. \| Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate, next fiscal year	7.00%
Ultimate health care cost trend rate	5.00%
Post Sixty Five Retiree \| U.S. \| Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate, next fiscal year	4.50%
Ultimate health care cost trend rate	5.00%
Short term supplemental unemployment benefits \| Employee Severance
Defined Benefit Plan Disclosure [Line Items]
Restructuring reserve	$ 3,000,000

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Crude oil and natural gas	$ 676	$ 641
Materials and supplies	722	578
Total inventories	1,398	1,219
Inventories valued on the LIFO basis	$ 401	$ 396

Non-Mineral Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 229	$ 212	$ 278
Finance lease cost, amortization of right-of-use-assets	180	189	148
Finance lease cost, interest on lease liabilities	35	32	27
Short-term lease cost	40	94	21
Total lease cost	$ 484	$ 527	$ 474

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share, Basic and Diluted


	Millions of Dollars (except per share amounts)
Years Ended December 31	2023		2022	2021

Basic earnings per share

Net Income (Loss)	$	10,957	18,680	8,079
Less: Dividends and undistributed earnings
allocated to participating securities	35		60	19
Net Income (Loss) available to common shareholders	$	10,922	18,620	8,060
Average common shares outstanding (in Millions)	1,203		1,274	1,324
Net Income (Loss) Per Share of Common Stock	$	9.08	14.62	6.09

Diluted earnings per share

Net Income (Loss) available to common shareholders	$	10,922	18,620	8,060
Average common shares outstanding (in Millions)	1,203		1,274	1,324
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs	3		4	4
Average diluted shares outstanding (in Millions)	1,206		1,278	1,328
Net Income (Loss) Per Share of Common Stock	$	9.06	14.57	6.07

Guarantees	12 Months Ended
Guarantees	Dec. 31, 2023
Guarantees [Abstract]
Guarantees	Note 10—Guarantees At December 31, 2023, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. APLNG Guarantees At December 31, 2023, we had outstanding multiple guarantees in connection with our 47.5 percent ownership interest in APLNG. The following is a description of the guarantees with values calculated utilizing December 2023 exchange rates: •During the third quarter of 2016, we issued a guarantee to facilitate the withdrawal of our pro-rata portion of the funds in a project finance reserve account. We estimate the remaining term of this guarantee to be seven years. Our maximum exposure under this guarantee is approximately $210 million and may become payable if an enforcement action is commenced by the project finance lenders against APLNG. At December 31, 2023, the carrying value of this guarantee was approximately $14 million. •In conjunction with our original purchase of an ownership interest in APLNG from Origin Energy Limited in October 2008, we agreed to reimburse Origin Energy Limited for our share of the existing contingent liability arising under guarantees of an existing obligation of APLNG to deliver natural gas under several sales agreements. The final guarantee expires in the fourth quarter of 2041. Our maximum potential liability for future payments, or cost of volume delivery, under these guarantees is estimated to be $730 million ($1.2 billion in the event of intentional or reckless breach) and would become payable if APLNG fails to meet its obligations under these agreements and the obligations cannot otherwise be mitigated. Future payments are considered unlikely, as the payments, or cost of volume delivery, would only be triggered if APLNG does not have enough natural gas to meet these sales commitments and if the co-venturers do not make necessary equity contributions into APLNG. •We have guaranteed the performance of APLNG with regard to certain other contracts executed in connection with the project’s continued development. The guarantees have remaining terms of 13 to 22 years or the life of the venture. Our maximum potential amount of future payments related to these guarantees is approximately $390 million and would become payable if APLNG does not perform. At December 31, 2023, the carrying value of these guarantees was approximately $29 million. QatarEnergy LNG Limited Guarantee We have guaranteed our portion of certain fiscal and other joint venture obligations as a shareholder in NFE4 and NFS3. This guarantee has an approximate 30-year term with no maximum limit. At December 31, 2023, the carrying value of this guarantee was approximately $14 million. Other Guarantees We have other guarantees with maximum future potential payment amounts totaling approximately $620 million, which consist primarily of guarantees of the residual value of leased office buildings and guarantees of the residual value of corporate aircraft. These guarantees have remaining terms of two to five years and would become payable if certain asset values are lower than guaranteed amounts at the end of the lease or contract term, business conditions decline at guaranteed entities, or as a result of nonperformance of contractual terms by guaranteed parties. At December 31, 2023, there was no carrying value associated with these guarantees. Indemnifications Over the years, we have entered into agreements to sell ownership interests in certain legal entities, joint ventures and assets that gave rise to qualifying indemnifications. These agreements include indemnifications for taxes and environmental liabilities. The carrying amount recorded for these indemnifications at December 31, 2023, was approximately $20 million. Those related to environmental issues have terms that are generally indefinite and the maximum amounts of future payments are generally unlimited. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. See Note 11 for additional information about environmental liabilities.

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References + Details

Sales and Other Operating Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenue from Contracts with Customers

The following table provides further disaggregation of our consolidated sales and other operating revenues:


	Millions of Dollars
	2023		2022	2021

Revenue from contracts with customers	$	48,522	61,049	34,590
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative	8,203		17,150	11,500
Financial derivative contracts	(584)		295	(262)
Consolidated sales and other operating revenues	$	56,141	78,494	45,828


	Millions of Dollars
	2023		2022	2021
Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment
Lower 48	$	6,607	13,919	9,050
Canada	1,248		2,717	1,457
Europe, Middle East and North Africa	348		514	993
Physical contracts meeting the definition of a derivative	$	8,203	17,150	11,500


	Millions of Dollars
	2023		2022	2021
Revenue from Contracts Outside the Scope of ASC Topic 606 by Product

Crude oil	$	143	495	757
Natural gas	6,622		15,368	10,034
Other	1,438		1,287	709
Physical contracts meeting the definition of a derivative	$	8,203	17,150	11,500

Accounting Policies (Policy)	12 Months Ended
Accounting Policies (Policy)	Dec. 31, 2023
Accounting Policies [Abstract]
Consolidation Principles and Investments	Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and, if applicable, variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is measured at fair value except when the investment does not have a readily determinable fair value. For those exceptions, it will be measured at cost minus impairment, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. Undivided interests in oil and gas joint ventures, pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments are generally carried at cost. We manage our operations through six operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.
Foreign Currency Translation	Foreign Currency Translation—Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income (loss) in common stockholders’ equity. Foreign currency transaction gains and losses are included in current earnings. Some of our foreign operations use their local currency as the functional currency.
Use of Estimates	Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition—Revenues associated with the sales of crude oil, bitumen, natural gas, NGLs, LNG and other items are recognized at the point in time when the customer obtains control of the asset. In evaluating when a customer has control of the asset, we primarily consider whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership and whether the customer has accepted delivery and a right to payment exists. These products are typically sold at prevailing market prices. We allocate variable market-based consideration to deliveries (performance obligations) in the current period as that consideration relates specifically to our efforts to transfer control of current period deliveries to the customer and represents the amount we expect to be entitled to in exchange for the related products. Payment is typically due within 30 days or less. Transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into “in contemplation” of one another, are combined and reported net (i.e., on the same income statement line).
Shipping and Handling Costs	Shipping and Handling Costs—We typically incur shipping and handling costs prior to control transferring to the customer and account for these activities as fulfillment costs. Accordingly, we include shipping and handling costs in production and operating expenses for production activities. Transportation costs related to marketing activities are recorded in purchased commodities. Freight costs billed to customers are treated as a component of the transaction price and recorded as a component of revenue when the customer obtains control.
Cash Equivalents	Cash Equivalents—Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value.
Short-Term Investments	Short-Term Investments—Short-term investments include investments in bank time deposits and marketable securities (commercial paper and government obligations) which are carried at cost plus accrued interest and have original maturities of greater than 90 days but within one year or when the remaining maturities are within one year. We also invest in financial instruments classified as available for sale debt securities which are carried at fair value. Those instruments are included in short-term investments when they have remaining maturities of one year or less, as of the balance sheet date.
Long-Term Investments in Debt Securities	Long-Term Investments in Debt Securities—Long-term investments in debt securities includes financial instruments classified as available for sale debt securities with remaining maturities greater than one year as of the balance sheet date. They are carried at fair value and presented within the “Investments and long-term receivables” line of our consolidated balance sheet.
Inventories	Inventories—We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. The majority of our commodity-related inventories are recorded at cost using the LIFO basis. We measure these inventories at the lower-of-cost-or-market in the aggregate. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual/nonrecurring costs or research and development costs. Materials, supplies and other miscellaneous inventories, such as tubular goods and well equipment, are valued using various methods, including the weighted-average-cost method and the FIFO method, consistent with industry practice.
Fair Value Measurements	Fair Value Measurements—Assets and liabilities measured at fair value and required to be categorized within the fair value hierarchy are categorized into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants.
Derivative Instruments	Derivative Instruments—Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the balance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. We do not apply hedge accounting to our derivative instruments.
Oil and Gas Exploration and Development	Oil and Gas Exploration and Development—Oil and gas exploration and development costs are accounted for using the successful efforts method of accounting. Property Acquisition Costs—Oil and gas leasehold acquisition costs are capitalized and included in the balance sheet caption PP&E. Leasehold impairment is recognized based on exploratory experience and management’s judgment. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated leasehold costs are reclassified to proved properties. Exploratory Costs—Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. Exploratory well costs are capitalized, or “suspended,” on the balance sheet pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. If exploratory wells encounter potentially economic quantities of oil and gas, the well costs remain capitalized on the balance sheet as long as sufficient progress assessing the reserves and the economic and operating viability of the project is being made. For complex exploratory discoveries, it is not unusual to have exploratory wells remain suspended on the balance sheet for several years while we perform additional appraisal drilling and seismic work on the potential oil and gas field or while we seek government or coventurer approval of development plans or seek environmental permitting. Once all required approvals and permits have been obtained, the projects are moved into the development phase, and the oil and gas resources are designated as proved reserves. Management reviews suspended well balances quarterly, continuously monitors the results of the additional appraisal drilling and seismic work, and expenses the suspended well costs as dry holes when it judges the potential field does not warrant further investment in the near term. See Note 6. Development Costs—Costs incurred to drill and equip development wells, including unsuccessful development wells, are capitalized. Depletion and Amortization—Leasehold costs of producing properties are depleted using the unit-of-production method based on estimated proved oil and gas reserves. Amortization of development costs is based on the unit-of-production method using estimated proved developed oil and gas reserves.
Capitalized Interest	Capitalized Interest—Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets.
Depreciation and Amortization	Depreciation and Amortization—Depreciation and amortization of PP&E on producing hydrocarbon properties and SAGD facilities and certain pipeline and LNG assets (those which are expected to have a declining utilization pattern), are determined by the unit-of-production method. Depreciation and amortization of all other PP&E are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).
Impairment of Properties, Plants and Equipment	Impairment of Properties, Plants and Equipment—Long-lived assets used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If there is an indication the carrying amount of an asset may not be recovered, a recoverability test is performed using management’s assumptions for prices, volumes and future development plans. If the sum of the undiscounted cash flows before income-taxes is less than the carrying value of the asset group, the carrying value is written down to estimated fair value and reported as an impairment in the period in which the determination is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets—generally on a field-by-field basis for E&P assets. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future production volumes, commodity prices, operating costs and capital decisions, considering all available evidence at the date of review. The impairment review includes cash flows from proved developed and undeveloped reserves, including any development expenditures necessary to achieve that production. Additionally, when probable and possible reserves exist, an appropriate risk-adjusted amount of these reserves may be included in the impairment calculation. Long-lived assets committed by management for disposal within one year are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described.
Maintenace and Repairs	Maintenance and Repairs—Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred.
Property Dispositions	Property Dispositions—When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Gain (loss) on dispositions” line of our consolidated income statement. When partial units of depreciable property are sold or retired which do not significantly alter the DD&A rate, the asset cost and accumulated depreciation are eliminated such that no gain or loss is recorded.
Asset Retirement Obligations and Environmental Costs	Asset Retirement Obligations and Environmental Costs—The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred (typically when the asset is installed at the production location). Fair value is estimated using a present value approach, incorporating assumptions about estimated amounts and timing of settlements and impacts of the use of technologies. See Note 8. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired through a business combination, which we record on a discounted basis) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is probable and estimable.
Impairment of Investments in Nonconsolidated Entities	Impairment of Investments in Nonconsolidated Entities—Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When such a condition is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate.
Guarantees	Guarantees—The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable that we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee.
Share-Based Compensation	Share-Based Compensation—We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting.
Income Taxes	Income Taxes—Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial reporting basis and the tax basis of our assets and liabilities, except for deferred taxes on income and temporary differences related to the cumulative translation adjustment considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures. Allowable tax credits are applied currently as reductions of the provision for income taxes. Interest related to unrecognized tax benefits is reflected in interest and debt expense, and penalties related to unrecognized tax benefits are reflected in production and operating expenses.
Taxes Collected from Customers and Remitted to Governmental Authorities	Taxes Collected from Customers and Remitted to Governmental Authorities—Sales and value-added taxes are recorded net.
Net Income (Loss) Per Share of Common Stock	Net Income (Loss) Per Share of Common Stock—Basic net income (loss) per share (EPS) is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock (including fully vested stock and unit awards that have not yet been issued as common stock) and participating securities. ConocoPhillips grants RSUs under its share-based compensation programs, the majority of which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Company’s common stock. See Note 16. These unvested RSUs meet the definition of participating securities based on their respective rights to receive non-forfeitable dividends and are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS. Diluted EPS includes the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Diluted net loss per share does not assume conversion or exercise of securities that would have an antidilutive effect. Treasury stock is excluded from the daily weighted-average number of common shares outstanding in both calculations.
New Accounting Standards	In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures” which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting”. The amendments do not change how we identify our operating segments. On adoption, the disclosure improvements will be applied retrospectively to prior periods presented. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures” which enhances the disclosure requirements within Topic 740 “Income Taxes”. The enhancements will impact our financial statement disclosures only and will be applied prospectively with retrospective application permitted. The ASU is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU.

Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Excess of replacement or current costs over stated LIFO value	$ 91	$ 149

Acquisitions and Dispositions - Schedule of Non-Recurring Restructuring and Transition-Related Costs (Details) - Concho Resources Incorporated - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Transaction Cost	$ 157	$ 157
Restructuring Cost		234
Total Cost		391
Production and operating expenses
Business Acquisition [Line Items]
Transaction Cost
Restructuring Cost		128
Total Cost		128
Selling, general and administration expenses
Business Acquisition [Line Items]
Transaction Cost		135
Restructuring Cost		67
Total Cost		202
Exploration expenses
Business Acquisition [Line Items]
Transaction Cost		18
Restructuring Cost		8
Total Cost		26
Taxes other than income taxes
Business Acquisition [Line Items]
Transaction Cost		4
Restructuring Cost		2
Total Cost		6
Other expenses
Business Acquisition [Line Items]
Transaction Cost		0
Restructuring Cost		29
Total Cost		$ 29

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 10,957	$ 18,680	$ 8,079

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
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+ Details

Fair Value Measurement - Narrative (Details) $ in Billions		12 Months Ended
Fair Value Measurement - Narrative (Details) $ in Billions	Oct. 04, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 04, 2023 CAD ($)
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investment		$ 7,905,000,000	$ 7,493,000,000
Impairments		$ 14,000,000	$ (12,000,000)	$ 674,000,000
Surmont
Schedule of Equity Method Investments [Line Items]
Interest acquired	50.00%				50.00%
Business acquisition, maximum payment	$ 320,000,000				$ 0.4
Business acquisition, term	5 years				5 years
Business acquisition, cost per every dollar exceeding threshold	$ 2,000,000
Business acquisition, threshold	52
APLNG
Schedule of Equity Method Investments [Line Items]
Equity interest of ConocoPhillips				10.00%
Carrying value of equity method investment				$ 1,645,000,000
APLNG \| Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Fair value, equity method investments				5,574,000,000
Impairments				$ 688,000,000

Investments, Loans and Long-Term Receivables - Summarized Financial Information for Equity Method Investments in Affiliated Companies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Revenues	$ 56,141	$ 78,494	$ 45,828
Net income (loss)	10,957	18,680	8,079
Current assets	14,330	18,749
Current liabilities	10,005	12,847
Affiliated Companies
Schedule of Equity Method Investments [Line Items]
Revenues	15,314	18,356	11,824
Income (loss) before income taxes	6,301	8,234	3,946
Net income (loss)	4,214	5,507	$ 2,557
Current assets	3,827	5,001
Noncurrent assets	39,299	37,789
Current liabilities	3,462	4,169
Noncurrent liabilities	$ 16,665	$ 17,244

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Segment Disclosures and Related Information - Depreciation, Depletion, Amortization and Impairments, Equity in Earnings of Affiliates and Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Consolidated depreciation, depletion, amortization and impairments	$ 8,284	$ 7,492	$ 7,882
Consolidated equity in earnings of affiliates	1,720	2,081	832
Consolidated income tax provision (benefit)	5,331	9,548	4,633
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated depreciation, depletion, amortization and impairments	27	44	76
Consolidated equity in earnings of affiliates	(3)	0	0
Consolidated income tax provision (benefit)	(207)	(609)	(282)
Alaska \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated depreciation, depletion, amortization and impairments	1,061	941	1,002
Consolidated equity in earnings of affiliates	1	4	5
Consolidated income tax provision (benefit)	642	885	402
Lower 48 \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated depreciation, depletion, amortization and impairments	5,729	4,854	4,067
Consolidated equity in earnings of affiliates	(9)	(14)	(18)
Consolidated income tax provision (benefit)	1,763	3,088	1,390
Canada \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated depreciation, depletion, amortization and impairments	425	400	392
Consolidated equity in earnings of affiliates	0	0	0
Consolidated income tax provision (benefit)	26	206	150
Europe, Middle East and North Africa \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated depreciation, depletion, amortization and impairments	587	735	862
Consolidated equity in earnings of affiliates	580	780	502
Consolidated income tax provision (benefit)	3,065	5,445	2,543
Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated depreciation, depletion, amortization and impairments	455	518	1,483
Consolidated equity in earnings of affiliates	1,151	1,310	343
Consolidated income tax provision (benefit)	42	480	483
Other International \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated depreciation, depletion, amortization and impairments	0	0	0
Consolidated equity in earnings of affiliates	0	1	0
Consolidated income tax provision (benefit)	$ 0	$ 53	$ (53)

Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
Cash Flow Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations	$ 727	$ 825	$ 442
Fair value of contingent consideration on acquisition	320
Interest	701	873	924
Income taxes	5,406	7,368	856
Short-term investments purchased	(1,463)	(5,046)	(5,554)
Short-term investments sold	3,574	3,102	8,810
Investments and long-term receivables purchased	(867)	(775)	(279)
Investments and long-term receivables sold	129	90	114
Net Sales (Purchases) of Investments	$ 1,373	$ (2,629)	$ 3,091

Employee Benefit Plans - Projected and Accumulated Benefit Obligations in Excess of Fair Value (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
U.S.
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 1,525	$ 1,478
Fair value of plan assets	1,306	1,179
Accumulated benefit obligation	165	1,384
Fair value of plan assets	0	1,179
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	279	277
Fair value of plan assets	6	6
Accumulated benefit obligation	243	239
Fair value of plan assets	$ 6	$ 6

Accumulated Other Comprehensive (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet

Accumulated other comprehensive income (loss) in the equity section of the balance sheet included:


	Millions of Dollars
	Defined Benefit Plans		Net Unrealized Holding Gain/(Loss) on Securities	Foreign Currency Translation	Unrealized Gain/(Loss) on Hedging Activities	Accumulated Other Comprehensive Income/(Loss)

December 31, 2020	$	(425)	2	(4,795)	—	(5,218)
Other comprehensive income (loss)	394		(2)	(124)	—	268
December 31, 2021	(31)		—	(4,919)	—	(4,950)
Other comprehensive income (loss)	(417)		(11)	(622)	—	(1,050)
December 31, 2022	(448)		(11)	(5,541)	—	(6,000)
Other comprehensive income (loss)	55		13	197	62	327
December 31, 2023	$	(393)	2	(5,344)	62	(5,673)

Items Reclassified out of Accumulated Other Comprehensive Income (Loss)

The following table summarizes reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31:


	Millions of Dollars
	2023		2022

Defined Benefit Plans*	$	33	26
*Included in the computation of net periodic benefit cost and are presented net of tax expense of:	$	11	7
See Note 16.

Segment Disclosures and Related Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Disclosures and Related Information

Note 24—Segment Disclosures and Related Information

We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. We manage our operations through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.

Corporate and Other represents income and costs not directly associated with an operating segment, such as most interest expense, premiums on early retirement of debt, corporate overhead and certain technology activities, including licensing revenues. Corporate assets include all cash and cash equivalents and short-term investments.

We evaluate performance and allocate resources based on net income (loss). Segment accounting policies are the same as those in Note 1. Intersegment sales are at prices that approximate market.

Analysis of Results by Operating Segment


	Millions of Dollars
	2023		2022	2021
Sales and Other Operating Revenues


Alaska	7,098		7,905	5,480
Lower 48	38,244		52,921	29,306
Intersegment eliminations	(7)		(18)	(12)
Lower 48	38,237		52,903	29,294
Canada	4,873		6,159	4,077
Intersegment eliminations	(1,867)		(2,445)	(1,583)
Canada	3,006		3,714	2,494
Europe, Middle East and North Africa	5,854		11,271	5,902
Intersegment eliminations	—		(1)	—
Europe, Middle East and North Africa	5,854		11,270	5,902
Asia Pacific	1,913		2,606	2,579
Other International	—		—	4
Corporate and Other	33		96	75
Consolidated sales and other operating revenues	$	56,141	78,494	45,828

In 2023, sales by our Lower 48 segment to a certain pipeline company accounted for approximately $5.8 billion or approximately 10 percent of our total consolidated sales and other operating revenues.


	Millions of Dollars
	2023		2022	2021
Depreciation, Depletion, Amortization and Impairments
Alaska	$	1,061	941	1,002
Lower 48	5,729		4,854	4,067
Canada	425		400	392
Europe, Middle East and North Africa	587		735	862
Asia Pacific	455		518	1,483
Other International	—		—	—
Corporate and Other	27		44	76
Consolidated depreciation, depletion, amortization and impairments	$	8,284	7,492	7,882


	Millions of Dollars
	2023		2022	2021
Equity in Earnings of Affiliates
Alaska	$	1	4	5
Lower 48	(9)		(14)	(18)
Canada	—		—	—
Europe, Middle East and North Africa	580		780	502
Asia Pacific	1,151		1,310	343
Other International	—		1	—
Corporate and Other	(3)		—	—
Consolidated equity in earnings of affiliates	$	1,720	2,081	832




Income Tax Provision (Benefit)
Alaska	$	642	885	402
Lower 48	1,763		3,088	1,390
Canada	26		206	150
Europe, Middle East and North Africa	3,065		5,445	2,543
Asia Pacific	42		480	483
Other International	—		53	(53)
Corporate and Other	(207)		(609)	(282)
Consolidated income tax provision (benefit)	$	5,331	9,548	4,633


Net Income (Loss)
Alaska	$	1,778	2,352	1,386
Lower 48	6,461		11,015	4,932
Canada	402		714	458
Europe, Middle East and North Africa	1,189		2,244	1,167
Asia Pacific	1,961		2,736	453
Other International	(13)		(51)	(107)
Corporate and Other	(821)		(330)	(210)
Consolidated net income (loss)	$	10,957	18,680	8,079




Investments in and Advances to Affiliates
Alaska	$	32	55	58
Lower 48	118		235	242
Canada	—		—	—
Europe, Middle East and North Africa	1,191		1,049	797
Asia Pacific	5,419		6,154	5,603
Other International	—		—	1
Corporate and Other	1,145		—	—
Consolidated investments in and advances to affiliates	$	7,905	7,493	6,701


	Millions of Dollars
	2023		2022	2021
Total Assets
Alaska	$	16,174	15,126	14,812
Lower 48	42,415		42,950	41,699
Canada	10,277		6,971	7,439
Europe, Middle East and North Africa	8,396		8,263	9,125
Asia Pacific	8,903		9,511	9,840
Other International	—		—	1
Corporate and Other	9,759		11,008	7,745
Consolidated total assets	$	95,924	93,829	90,661




Capital Expenditures and Investments
Alaska	$	1,705	1,091	982
Lower 48	6,487		5,630	3,129
Canada	456		530	203
Europe, Middle East and North Africa	1,111		998	534
Asia Pacific	354		1,880	390
Other International	—		—	33
Corporate and Other	1,135		30	53
Consolidated capital expenditures and investments	$	11,248	10,159	5,324


Interest Income and Expense
Interest income
Alaska	$	—	—	—
Lower 48	—		—	—
Canada	—		—	—
Europe, Middle East and North Africa	1		1	2
Asia Pacific	8		9	9
Other International	—		—	—
Corporate and Other	403		185	22
Interest and debt expense
Corporate and Other	$	780	805	884


Sales and Other Operating Revenues by Product
Crude oil	$	37,833	41,492	23,648
Natural gas	10,725		26,941	16,904
Natural gas liquids	2,609		3,650	1,668
Other*	4,974		6,411	3,608
Consolidated sales and other operating revenues by product	$	56,141	78,494	45,828

*Includes bitumen and power.

Geographic Information


	Millions of Dollars
	Sales and Other Operating Revenues(1)				Long-Lived Assets(2)
	2023		2022	2021	2023	2022	2021

U.S.	$	45,101	60,899	34,847	53,955	51,200	50,580
Australia	—		—	—	5,426	6,158	5,579
Canada	3,006		3,714	2,494	9,666	6,269	6,608
China	952		1,135	724	1,635	1,538	1,476
Indonesia(3)	—		159	879	—	—	28
Libya	1,730		1,582	1,102	703	714	659
Malaysia	961		1,312	975	939	1,107	1,252
Norway	2,408		3,415	2,563	4,489	4,369	4,681
U.K.	1,978		6,273	2,236	2	1	1
Other foreign countries	5		5	8	1,134	1,003	748
Worldwide consolidated	$	56,141	78,494	45,828	77,949	72,359	71,612

(1)Sales and other operating revenues are attributable to countries based on the location of the selling operation.

(2)Defined as net PP&E plus equity investments and advances to affiliated companies.

(3)Assets divested in 2022. See Note 3.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Asset Retirement Obligations and Accrued Environmental Costs (Tables)

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations and Accrued Environmental Costs

Asset retirement obligations and accrued environmental costs at December 31 were:


	Millions of Dollars
	2023		2022

Asset retirement obligations	$	7,227	6,380
Accrued environmental costs	184		182
Total asset retirement obligations and accrued environmental costs	7,411		6,562
Asset retirement obligations and accrued environmental costs due within one year*	(191)		(161)
Long-term asset retirement obligations and accrued environmental costs	$	7,220	6,401

Changes in Asset Retirement Obligation

During 2023 and 2022, our overall ARO changed as follows:


	Millions of Dollars
	2023		2022

Balance at January 1	$	6,380	5,926
Accretion of discount	278		245
New obligations	257		144
Changes in estimates of existing obligations	484		681
Spending on existing obligations	(119)		(231)
Property dispositions	(27)		(203)
Foreign currency translation	(26)		(182)

Balance at December 31	$	7,227	6,380

Employee Benefit Plans - Fair Values of Pension Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Net receivables related to security transactions	$ 5	$ 5
U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	57	55
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1,092	1,046
Insurance Contract, Rights and Obligations
Defined Benefit Plan Disclosure [Line Items]
Participating interest in annuity contract, fair value	46	55
Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1,259	1,123
Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	3,081	2,875
U.S. \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	6	4
U.S. \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
International \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	35	36
International \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	15	14
Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	520	499
Corporate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	1
Corporate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	421	365
Cash and cash equivalents \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Cash and cash equivalents \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	25	36
Cash and cash equivalents \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	6	10
Cash and cash equivalents \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Derivatives \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Derivatives \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Real estate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Real estate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	126	146
Real estate \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	28	34
Real estate \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Equity securities, Common/collective trusts \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	300	265
Equity securities, Common/collective trusts \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	198	192
Debt securities, Common/collective trusts \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	868	759
Debt securities, Common/collective trusts \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1,791	1,637
Level 1 \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	56	54
Level 1 \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	690	602
Level 1 \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	56	54
Level 1 \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	690	602
Level 1 \| U.S. \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	6	4
Level 1 \| U.S. \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 1 \| International \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	35	36
Level 1 \| International \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 1 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	15	14
Level 1 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	244	201
Level 1 \| Corporate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 1 \| Corporate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 1 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 1 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	421	365
Level 1 \| Cash and cash equivalents \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 1 \| Cash and cash equivalents \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	25	36
Level 1 \| Derivatives \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 1 \| Derivatives \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 1 \| Real estate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 1 \| Real estate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	1
Level 2 \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	276	298
Level 2 \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	1
Level 2 \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	276	298
Level 2 \| U.S. \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| U.S. \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| International \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| International \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	276	298
Level 2 \| Corporate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	1
Level 2 \| Corporate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Cash and cash equivalents \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Cash and cash equivalents \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Derivatives \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 2 \| Derivatives \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 2 \| Real estate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Real estate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	126	146
Level 3 \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	126	146
Level 3 \| U.S. \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| U.S. \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| International \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| International \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Corporate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Corporate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Cash and cash equivalents \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Cash and cash equivalents \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Derivatives \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 3 \| Derivatives \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 3 \| Real estate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Real estate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	$ 126	$ 146

Suspended Wells and Exploration Expenses - Aging of Exploratory Well Cost, Capitalized for More than One Year (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	$ 184	$ 512	$ 656
2020-2022
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	57
2017-2019
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	102
2006-2016
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	25
WL4-00 - Malaysia
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	36
WL4-00 - Malaysia \| 2020-2022
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	19
WL4-00 - Malaysia \| 2017-2019
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	17
WL4-00 - Malaysia \| 2006-2016
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
PL 891 - Norway
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	30
PL 891 - Norway \| 2020-2022
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	30
PL 891 - Norway \| 2017-2019
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
PL 891 - Norway \| 2006-2016
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
West Willow - Alaska
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	29
West Willow - Alaska \| 2020-2022
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
West Willow - Alaska \| 2017-2019
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	29
West Willow - Alaska \| 2006-2016
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
Narwhal Trend - Alaska
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	25
Narwhal Trend - Alaska \| 2020-2022
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
Narwhal Trend - Alaska \| 2017-2019
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	25
Narwhal Trend - Alaska \| 2006-2016
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
PL782S - Norway
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	19
PL782S - Norway \| 2020-2022
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
PL782S - Norway \| 2017-2019
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	19
PL782S - Norway \| 2006-2016
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
Montney - Canada
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	16
Montney - Canada \| 2020-2022
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	8
Montney - Canada \| 2017-2019
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	8
Montney - Canada \| 2006-2016
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
Other of $10 Million or less each
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	29
Other of $10 Million or less each \| 2020-2022
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
Other of $10 Million or less each \| 2017-2019
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	4
Other of $10 Million or less each \| 2006-2016
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	$ 25