0001163165-24-000023 | 10-Q | XBRL Viewer

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Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 2,551	$ 2,920
Defined benefit plans
Reclassification adjustment for amortization of prior service cost (credit) included in net income (loss)	(9)	(9)
Net change	(9)	(9)
Reclassification adjustment for amortization of net actuarial losses (gains) included in net income (loss)	16	23
Net change	16	23
Income taxes on defined benefit plans	(2)	(3)
Defined benefit plans, net of tax	5	11
Unrealized holding gain (loss) on securities	(4)	6
Reclassification adjustment for (gain) loss included in net income (loss)	0	(1)
Income taxes on unrealized holding gain (loss) on securities	1	(1)
Unrealized holding gain (loss) on securities, net of tax	(3)	4
Foreign currency translation adjustments, net of tax	(230)	(42)
Unrealized gain (loss) on hedging activities	(20)	0
Income taxes on unrealized gain (loss) on hedging activities	4	0
Unrealized gain (loss) on hedging activities, net of tax	(16)	0
Other Comprehensive Income (Loss), Net of Tax	(244)	(27)
Comprehensive Income (Loss)	$ 2,307	$ 2,893

Suspended Wells	3 Months Ended
Suspended Wells	Mar. 31, 2024
Extractive Industries [Abstract]
Suspended Wells	Note 7—Suspended Wells The capitalized cost of suspended wells at March 31, 2024 was $163 million, a decrease of $21 million from December 31, 2023. In the first quarter of 2024, after further evaluation, we recognized dry hole expenses of $18 million for the suspended Busta discovery well on license PL782S in the North Sea.

Derivative and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative [Line Items]
Debt securities, available-for-sale, unrealized loss	$ 5
Debt securities, available-for-sale, unrealized gain			$ 5
Debt securities, available-for-sale, allowance for credit loss	0		0
Proceeds from sales and redemptions of investments in debt securities classified as available for sale	222	$ 300
Derivative, net liability position, aggregate fair value	163		181
Collateral already posted, aggregate fair value	0		$ 0
Interest Rate Swap
Derivative [Line Items]
Unrealized loss	20
In event of downgrade below investment grade
Derivative [Line Items]
Additional collateral, aggregate fair value	$ 139
Minimum
Derivative [Line Items]
Investments and long-term receivables, remaining maturity	1 year
Maximum
Derivative [Line Items]
Investments and long-term receivables, remaining maturity	5 years
Accounts Receivable \| Maximum
Derivative [Line Items]
Credit derivative, term	30 days

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

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

Accumulated Other Comprehensive Income (Loss)

Note 12—Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheet includes:


	Millions of Dollars
	Defined Benefit Plans		Unrealized Holding Gain/(Loss) on Securities	Foreign Currency Translation	Unrealized Gain/(Loss) on Hedging Activities	Accumulated Other Comprehensive Income/(Loss)
December 31, 2023	$	(393)	2	(5,344)	62	(5,673)
Other comprehensive income (loss)	5		(3)	(230)	(16)	(244)
March 31, 2024	$	(388)	(1)	(5,574)	46	(5,917)

The following table summarizes reclassifications out of accumulated other comprehensive income (loss) and into net income (loss):


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Defined benefit plans*	$	5	11

*The above amounts are included in the computation of net periodic benefit cost and are presented net of tax expense of $2 million and $3 million for the three-month periods ended March 31, 2024 and March 31, 2023, respectively. See Note 14.

Fair Value Measurement - Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives	$ 725	$ 724
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	1,437	1,424
Commodity derivatives	725	724
Total assets	2,162	2,148
Commodity derivatives	673	647
Contingent consideration	305	312
Total liabilities	978	959
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	248	278
Commodity derivatives	338	308
Total assets	586	586
Commodity derivatives	371	350
Contingent consideration	0	0
Total liabilities	371	350
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	1,189	1,146
Commodity derivatives	314	301
Total assets	1,503	1,447
Commodity derivatives	280	283
Contingent consideration	0	0
Total liabilities	280	283
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	0	0
Commodity derivatives	73	115
Total assets	73	115
Commodity derivatives	22	14
Contingent consideration	305	312
Total liabilities	$ 327	$ 326

Derivative and Financial Instruments - Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives (Details) - Commodity Contract - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	$ 600	$ 611
Other assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	125	113
Other accruals
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	569	567
Other liabilities and deferred credits
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	$ 104	$ 80

Derivative and Financial Instruments - Schedule of Net Carrying Amount of Held to Maturity Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	$ 5,566	$ 5,635
Short-term investments, carried at cost plus accrued interest	124	536
Cash
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	576	474
Demand Deposits
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	1,553	1,424
Time Deposits \| 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	3,399	3,713
Short-term investments, carried at cost plus accrued interest	121	511
Time Deposits \| 91 to 180 days
Schedule of Held-to-maturity Securities [Line Items]
Short-term investments, carried at cost plus accrued interest		22
Time Deposits \| Within one year
Schedule of Held-to-maturity Securities [Line Items]
Short-term investments, carried at cost plus accrued interest	3	3
U.S. Government Obligations \| 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	38	24
Short-term investments, carried at cost plus accrued interest	$ 0	$ 0

Fair Value Measurement - Schedule of Commodity Derivative Balances Subject to Right of Setoff (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Offsetting Derivative Assets [Abstract]
Assets - gross amounts recognized	$ 725	$ 724
Assets - amounts without right of setoff	41	39
Assets - gross amounts	684	685
Assets - gross amounts offset	411	375
Assets - net amounts presented	273	310
Assets - cash collateral	2	4
Assets - net amounts	271	306
Offsetting Derivative Liabilities [Abstract]
Liabilities - gross amounts recognized	673	647
Liabilities - amounts without right of setoff	37	34
Liabilities - gross amounts recognized	636	613
Liabilities - gross amounts offset	411	375
Liabilities - net amounts presented	225	238
Liabilities - cash collateral	39	47
Liabilities - net amounts	$ 186	$ 191

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,551	$ 2,920

- Definition

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

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+ Details

Derivative and Financial Instruments - Schedule of Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	$ 5,574	$ 5,635
Short-Term Investments	487	971
Investments and Long-Term Receivables	9,132	9,130
Within one year \| Reported Value Measurement
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	8	0
Short-Term Investments	363	435
Within one year \| Reported Value Measurement \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	0	0
Short-Term Investments	181	201
Within one year \| Reported Value Measurement \| Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	8	0
Short-Term Investments	98	131
Within one year \| Reported Value Measurement \| U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	0	0
Short-Term Investments	75	89
Within one year \| Reported Value Measurement \| U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	0	5
Within one year \| Reported Value Measurement \| Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	7	7
Within one year \| Reported Value Measurement \| Asset-Backed Securities
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	2	2
Investments and Long-Term Receivables \| Reported Value Measurement
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	1,066	989
Investments and Long-Term Receivables \| Reported Value Measurement \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	670	606
Investments and Long-Term Receivables \| Reported Value Measurement \| U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	172	189
Investments and Long-Term Receivables \| Reported Value Measurement \| U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	7	7
Investments and Long-Term Receivables \| Reported Value Measurement \| Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	4	4
Investments and Long-Term Receivables \| Reported Value Measurement \| Asset-Backed Securities
Debt Securities, Available-for-sale [Line Items]
Investments and Long-Term Receivables	$ 213	$ 183

Derivative and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives

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


	Millions of Dollars
	March 31 2024		December 31 2023
Assets
Prepaid expenses and other current assets	$	600	611
Other assets	125		113
Liabilities
Other accruals	569		567
Other liabilities and deferred credits	104		80

Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives

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


	Millions of Dollars
	Three Months Ended March 31
	2024		2023

Sales and other operating revenues	$	54	28
Other income	—		1
Purchased commodities	(50)		(72)

Schedule of Net Exposures from Outstanding Commodity Derivative Contracts

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


	Open Position Long (Short)
	March 31 2024	December 31 2023
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price	(14)	(12)
Basis	(6)	(2)

Schedule of Net Carrying Amount of Held to Maturity Investments

The following investments are carried on our consolidated balance sheet at cost, plus accrued interest, and the table reflects remaining maturities at March 31, 2024, and December 31, 2023:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments
	March 31 2024		December 31 2023	March 31 2024	December 31 2023
Cash	$	576	474
Demand Deposits	1,553		1,424
Time Deposits
1 to 90 days	3,399		3,713	121	511
91 to 180 days					22
Within one year				3	3
U.S. Government Obligations
1 to 90 days	38		24	—	—
	$	5,566	5,635	124	536

Schedule of Debt Securities Carried at Fair Value

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at March 31, 2024, and December 31, 2023:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments		Investments and Long-Term Receivables
	March 31 2024		December 31 2023	March 31 2024	December 31 2023	March 31 2024	December 31 2023
Major Security Type
Corporate Bonds	$	—	—	181	201	670	606
Commercial Paper	8		—	98	131
U.S. Government Obligations	—		—	75	89	172	189
U.S. Government Agency Obligations				—	5	7	7
Foreign Government Obligations				7	7	4	4
Asset-Backed Securities				2	2	213	183
	$	8	—	363	435	1,066	989

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


	Millions of Dollars
	Amortized Cost Basis			Fair Value
	March 31 2024		December 31 2023	March 31 2024	December 31 2023
Major Security Type
Corporate Bonds	$	852	806	851	807
Commercial Paper	106		131	106	131
U.S. Government Obligations	249		278	247	278
U.S. Government Agency Obligations	7		12	7	12
Foreign Government Obligations	11		11	11	11
Asset-Backed Securities	215		184	215	185
	$	1,440	1,422	1,437	1,424

- 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).

+ References

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+ Details

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination, Asset Acquisition And Dispositions [Abstract]

Schedule of Business Acquisition

The final consideration for the all-cash transaction was $3.0 billion after customary adjustments (CAD $4.1 billion):


Fair value of consideration	Millions of Dollars
Cash paid	$	2,635
Contingent consideration	320
Final Consideration	$	2,955

Schedule of Assets Acquired and Liabilities Assumed


Recognized amounts of identifiable assets acquired and liabilities assumed	Millions of Dollars
Oil and gas properties	$	3,082
Asset retirement obligations	(112)
Other	(15)
Total identifiable net assets	$	2,955

Schedule of Supplemental Pro Forma Financial Information

The following table summarizes the unaudited supplemental pro forma financial information for the three-month period ending March 31, 2023, as if we had completed the acquisition on January 1, 2022.


	Millions of Dollars
	Three Months Ended March 31, 2023
Supplemental Pro Forma (unaudited)	As Reported		Pro Forma Surmont	Pro Forma Combined
Total Revenues and Other Income	$	15,517	603	16,120
Income (loss) before income taxes	4,562		70	4,632
Net Income (Loss)	2,920		53	2,973

Earnings per share ($ per share):
Basic net income (loss)	$	2.38		2.43
Diluted net income (loss)	2.38			2.42

Sales and Other Operating Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Revenue from contracts with customers	$	12,307	11,964
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative	1,565		3,127
Financial derivative contracts	(24)		(280)
Consolidated sales and other operating revenues	$	13,848	14,811

The following disaggregation of revenues is provided in conjunction with Note 18—Segment Disclosures and Related Information:


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment
Lower 48	$	1,259	2,508
Canada	217		567
Europe, Middle East and North Africa	89		52
Physical contracts meeting the definition of a derivative	$	1,565	3,127


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Revenue from Contracts Outside the Scope of ASC Topic 606 by Product
Crude oil	$	—	47
Natural gas	1,199		2,725
Other	366		355
Physical contracts meeting the definition of a derivative	$	1,565	3,127

Fair Value Measurement

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 11—Fair Value Measurement

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

The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. There were no material transfers into or out of Level 3 during the three-month period ended March 31, 2024, nor during the year ended December 31, 2023.

Recurring Fair Value Measurement

Financial assets and liabilities reported at fair value on a recurring basis include our investments in debt securities classified as available for sale, commodity derivatives and our contingent consideration arrangement related to the Surmont acquisition. See Note 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 TotalEnergies EP Canada Ltd. in connection with the acquisition of the remaining 50 percent working interest in Surmont completed in 2023. Contingent consideration consists of total payments up to approximately $0.4 billion CAD over a five-year term ending in the fourth quarter of 2028. The contingent payments represent $2 million for every dollar that the monthly WCS average pricing exceeds $52 per barrel. The terms include adjustments related to not achieving certain production targets. During the first quarter of 2024, we made payments of approximately $12 million USD to TotalEnergies EP Canada Ltd. under this arrangement. These payments are recognized in the "Other" line within the Financing Activities section of our Consolidated Statement of Cash Flows. The fair value of the remaining contingent consideration as of March 31, 2024 is calculated using the income approach and is largely based on the estimated commodity price outlook using a combination of external pricing service companies' and our internal price outlook (unobservable input) and a discount rate consistent with those used by principal market participants (observable input). Impact of other unobservable inputs on the fair value as of March 31, 2024 was not significant.

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


	Millions of Dollars
	March 31, 2024					December 31, 2023
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets
Investments in debt securities	$	248	1,189	—	1,437	278	1,146	—	1,424
Commodity derivatives	338		314	73	725	308	301	115	724
Total assets	$	586	1,503	73	2,162	586	1,447	115	2,148

Liabilities
Commodity derivatives	$	371	280	22	673	350	283	14	647
Contingent consideration	—		—	305	305	—	—	312	312
Total liabilities	$	371	280	327	978	350	283	326	959

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

Fair Value
(Millions of
Dollars)

Valuation
Technique

Unobservable
Input

Range

(Arithmetic Average)

Contingent consideration - Surmont as of:

March 31, 2024

305

Discounted cash flow

Commodity price outlook* ($/BOE)

$61.13 - $69.70 ($64.48)

December 31, 2023

312

$45.48 - $63.04 ($57.45)

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

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


	Millions of Dollars
				Amounts Subject to Right of Setoff
	Gross Amounts Recognized		Amounts Not Subject to Right of Setoff	Gross Amounts	Gross Amounts Offset	Net Amounts Presented	Cash Collateral	Net Amounts
March 31, 2024
Assets	$	725	41	684	411	273	2	271
Liabilities	673		37	636	411	225	39	186

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

At March 31, 2024 and December 31, 2023, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff.

Reported Fair Values of Financial Instruments

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

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

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

•Investments in debt securities classified as available for sale: The fair value of investments in debt securities categorized as Level 1 in the fair value hierarchy is measured using exchange prices. The fair value of investments in debt securities categorized as Level 2 in the fair value hierarchy is measured using pricing provided by brokers or pricing service companies that are corroborated with market data. See Note 10.

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

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

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

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


	Millions of Dollars
	Carrying Amount		Fair Value
	March 31 2024	December 31 2023	March 31 2024	December 31 2023
Financial assets
Commodity derivatives	312	345	312	345
Investments in debt securities	1,437	1,424	1,437	1,424

Financial liabilities
Total debt, excluding finance leases	17,339	17,808	17,789	18,621
Commodity derivatives	223	225	223	225

- 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

Fair Value Measurement - Schedule of Net Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount
Financial Assets [Abstract]
Investments in debt securities	$ 1,437	$ 1,424
Financial Liabilities [Abstract]
Total debt, excluding finance leases	17,339	17,808
Carrying Amount \| Commodity Contract
Financial Assets [Abstract]
Commodity derivatives	312	345
Financial Liabilities [Abstract]
Commodity derivatives	223	225
Estimate of Fair Value Measurement
Financial Assets [Abstract]
Investments in debt securities	1,437	1,424
Financial Liabilities [Abstract]
Total debt, excluding finance leases	17,789	18,621
Estimate of Fair Value Measurement \| Commodity Contract
Financial Assets [Abstract]
Commodity derivatives	312	345
Financial Liabilities [Abstract]
Commodity derivatives	$ 223	$ 225

- 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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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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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

Segment Disclosures and Related Information - Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	$ 2,551	$ 2,920
Operating Segments \| Alaska
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	346	416
Operating Segments \| Lower 48
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	1,381	1,852
Operating Segments \| Canada
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	180	6
Operating Segments \| Europe, Middle East and North Africa
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	304	365
Operating Segments \| Asia Pacific
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	512	522
Operating Segments \| Other International
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	(1)	1
Corporate and Other
Net Income (Loss) Attributable to Parent [Abstract]
Consolidated net income (loss)	$ (171)	$ (242)

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 5,574	$ 5,635
Short-term investments	487	971
Inventories	1,443	1,398
Prepaid expenses and other current assets	759	852
Total Current Assets	13,721	14,330
Investments and long-term receivables	9,132	9,130
Net properties, plants and equipment (net of accumulated DD&A of $75,697 and $74,361, respectively)	69,907	70,044
Other assets	2,588	2,420
Total Assets	95,348	95,924
Liabilities
Short-term debt	1,113	1,074
Accrued income and other taxes	2,116	1,811
Employee benefit obligations	405	774
Other accruals	1,391	1,229
Total Current Liabilities	10,163	10,005
Long-term debt	17,304	17,863
Asset retirement obligations and accrued environmental costs	7,141	7,220
Deferred income taxes	8,776	8,813
Employee benefit obligations	967	1,009
Other liabilities and deferred credits	1,672	1,735
Total Liabilities	46,023	46,645
Equity
Par value	21	21
Capital in excess of par	61,300	61,303
Treasury stock (at cost: 2024—937,243,485 shares; 2023—925,670,961 shares)	(66,974)	(65,640)
Accumulated other comprehensive income (loss)	(5,917)	(5,673)
Retained earnings	60,895	59,268
Total Equity	49,325	49,279
Total Liabilities and Equity	95,348	95,924
Nonrelated Party
Assets
Accounts and notes receivable	5,444	5,461
Liabilities
Accounts payable	5,101	5,083
Related Party
Assets
Accounts and notes receivable	14	13
Liabilities
Accounts payable	$ 37	$ 34

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share, Basic and Diluted

The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS. For the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive.


	Millions of Dollars (except per share amounts)
	Three Months Ended March 31
	2024		2023
Basic earnings per share

Net Income (Loss)	$	2,551	2,920
Less: Dividends and undistributed earnings
allocated to participating securities	9		11
Net Income (Loss) available to common shareholders	$	2,542	2,909
Weighted-average common shares outstanding (in millions)	1,178		1,220

Net Income (Loss) Per Share of Common Stock	$	2.16	2.38

Diluted earnings per share

Net Income (Loss) available to common shareholders	$	2,542	2,909
Weighted-average common shares outstanding (in millions)	1,178		1,220
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs (in millions)	2		3
Weighted-average diluted shares outstanding (in millions)	1,180		1,223

Net Income (Loss) Per Share of Common Stock	$	2.15	2.38

Guarantees - Narrative (Details) $ in Millions	3 Months Ended
Guarantees - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
APLNG
Guarantor Obligations [Line Items]
Ownership percentage in equity investment	47.50%
Finance Reserve Guarantee \| APLNG
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	7 years
Maximum potential amount of future payments	$ 210
Guarantor obligations, current carrying value	14
Max Potential Future Payments Pro-rata Share \| APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	680
Max Potential Future Payments Reckless Breach \| APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	1,100
Continued Development \| APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	480
Guarantor obligations, current carrying value	$ 34
Continued Development \| APLNG \| Minimum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	13 years
Continued Development \| APLNG \| Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	22 years
Joint Venture Obligation Guarantee \| NFE4 and NFS3
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 14
Guarantor obligations, term	30 years
Other Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	$ 620
Guarantor obligations, current carrying value	$ 0
Other Guarantees \| Minimum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	1 year
Other Guarantees \| Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	5 years
Indemnifications
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 20

Guarantees	3 Months Ended
Guarantees	Mar. 31, 2024
Guarantees [Abstract]
Guarantees	Note 8—Guarantees At March 31, 2024, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. APLNG Guarantees At March 31, 2024, we had multiple guarantees outstanding in connection with our 47.5 percent ownership interest in APLNG. The following is a description of the guarantees with values calculated utilizing March 2024 exchange rates: •During the third quarter of 2016, we issued a guarantee to facilitate the withdrawal of our pro-rata portion of the funds in a project finance reserve account. We estimate the remaining term of this guarantee to be seven years. Our maximum exposure under this guarantee is approximately $210 million and may become payable if an enforcement action is commenced by the project finance lenders against APLNG. At March 31, 2024, the carrying value of this guarantee was approximately $14 million. •In conjunction with our original purchase of an ownership interest in APLNG from Origin Energy Limited in October 2008, we agreed to reimburse Origin Energy Limited for our share of the existing contingent liability arising under guarantees of an existing obligation of APLNG to deliver natural gas under several sales agreements. The final guarantee expires in the fourth quarter of 2041. Our maximum potential liability for future payments, or cost of volume delivery, under these guarantees is estimated to be $680 million ($1.1 billion in the event of intentional or reckless breach) and would become payable if APLNG fails to meet its obligations under these agreements and the obligations cannot otherwise be mitigated. Future payments are considered unlikely, as the payments, or cost of volume delivery, would only be triggered if APLNG does not have enough natural gas to meet these sales commitments and if the co-venturers do not make necessary equity contributions into APLNG. •We have guaranteed the performance of APLNG with regard to certain other contracts executed in connection with the project’s continued development. The guarantees have remaining terms of 13 to 22 years or the life of the venture. Our maximum potential amount of future payments related to these guarantees is approximately $480 million and would become payable if APLNG does not perform. At March 31, 2024, the carrying value of these guarantees was approximately $34 million. QatarEnergy LNG Guarantees We have guaranteed our portion of certain fiscal and other joint venture obligations as a shareholder in NFE4 and NFS3. These guarantees have an approximate 30-year term with no maximum limit. At March 31, 2024, the carrying value of these guarantees was approximately $14 million. Other Guarantees We have other guarantees with maximum future potential payment amounts totaling approximately $620 million, which consist primarily of guarantees of the residual value of leased office buildings and guarantees of the residual value of corporate aircraft. These guarantees have remaining terms of one 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 March 31, 2024, 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 indemnification obligations at March 31, 2024, was approximately $20 million. Those related to environmental issues have terms that are generally indefinite, and the maximum amounts of future payments are generally unlimited. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. See Note 9 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

Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow Information


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Cash Payments
Interest	$	254	209
Income taxes	707		1,062

Net Sales (Purchases) of Investments
Short-term investments purchased	$	(118)	(269)
Short-term investments sold	673		1,513
Long-term investments purchased	(199)		(210)
Long-term investments sold	49		31
	$	405	1,065

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Restricted cash	$ 271	$ 264
Restricted Cash, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent

Acquisitions and Dispositions - Schedule of Supplemental Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pro Forma Combined
Operating revenues and other income	$ 14,476	$ 15,517
Income (loss) before income taxes		4,562
Net Income (Loss)	$ 2,551	$ 2,920
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 2.16	$ 2.38
Diluted (in dollars per share)	$ 2.15	$ 2.38
Pro Forma
Pro Forma Combined
Operating revenues and other income		$ 16,120
Income (loss) before income taxes		4,632
Net Income (Loss)		$ 2,973
Earnings Per Share [Abstract]
Basic (in dollars per share)		$ 2.43
Diluted (in dollars per share)		$ 2.42
Surmont
Pro Forma Combined
Pro forma = total revenues and other income		$ 603
Pro forma - Income (loss) before income taxes		70
Pro forma - Net income (loss)		$ 53

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

Note 15—Related Party Transactions

Our related parties primarily include equity method investments and certain trusts for the benefit of employees.


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Significant Transactions with Equity Affiliates
Operating revenues and other income	$	17	21

Operating expenses and selling, general and administrative expenses	55		78

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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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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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Basis of Presentation (Policy)	3 Months Ended
Basis of Presentation (Policy)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2023 Annual Report on Form 10-K.
Practical Expedients	Practical Expedients Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied (or partially unsatisfied) as of the end of the reporting period.
Receivables and Contract Liabilities	Receivables and Contract Liabilities Receivables from Contracts with Customers At March 31, 2024, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,415 million compared with $4,414 million at December 31, 2023, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared to trade receivables where NPNS has been elected. Contract Liabilities from Contracts with Customers 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.
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

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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+ Details

Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0	$ 0
Interest cost	1	1
Expected return on plan assets
Amortization of prior service credit	(9)	(9)
Recognized net actuarial loss (gain)	0	(1)
Settlements
Net periodic benefit cost	(8)	(9)
U.S. \| Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	12	13
Interest cost	19	19
Expected return on plan assets	(16)	(15)
Amortization of prior service credit	0	0
Recognized net actuarial loss (gain)	2	3
Settlements	0	4
Net periodic benefit cost	17	24
Int'l. \| Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	10	10
Interest cost	29	28
Expected return on plan assets	(41)	(37)
Amortization of prior service credit	0	0
Recognized net actuarial loss (gain)	14	17
Settlements	0	0
Net periodic benefit cost	$ 12	$ 18

Cash Flow Information

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Information [Abstract]

Cash Flow Information

Note 13—Cash Flow Information


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Cash Payments
Interest	$	254	209
Income taxes	707		1,062

Net Sales (Purchases) of Investments
Short-term investments purchased	$	(118)	(269)
Short-term investments sold	673		1,513
Long-term investments purchased	(199)		(210)
Long-term investments sold	49		31
	$	405	1,065

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Note 2—Inventories


	Millions of Dollars
	March 31 2024		December 31 2023
Crude oil and natural gas	$	723	676
Materials and supplies	720		722
Total inventories	$	1,443	1,398

Inventories valued on the LIFO basis	$	437	401

Contingencies, Commitments, and Accrued Environmental Costs	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments, and Accrued Environmental Costs	Note 9—Contingencies, Commitments and Accrued Environmental Costs A number of lawsuits involving a variety of claims arising in the ordinary course of business have been filed against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the low end of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. We accrue receivables for insurance or other third-party recoveries when applicable. With respect to income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations and record accruals for environmental liabilities based on management’s best estimates. These estimates are based on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. EPA or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the EPA or the agency concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, and some of the indemnifications are subject to dollar limits and time limits. We are currently participating in environmental assessments and cleanups at numerous CERCLA and other comparable state and international sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those acquired in a purchase business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries. For remediation activities in the U.S. and Canada, our consolidated balance sheet included a total environmental accrual of $184 million at both March 31, 2024 and December 31, 2023. We expect to incur a substantial amount of these expenditures within the next 30 years. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Litigation and Other Contingencies We are subject to various lawsuits and claims including, but not limited to, matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, climate change, personal injury, and property damage. Our primary exposures for such matters relate to alleged royalty and tax underpayments on certain federal, state and privately owned properties, claims of alleged environmental contamination and damages from historic operations and climate change. We will continue to defend ourselves vigorously in these matters. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. In addition, at March 31, 2024, we had performance obligations secured by letters of credit of $369 million (issued as direct bank letters of credit) related to various purchase commitments for materials, supplies, commercial activities and services incident to the ordinary conduct of business. In 2007, ConocoPhillips was unable to reach agreement with respect to the empresa mixta structure mandated by the Venezuelan government’s Nationalization Decree. As a result, Venezuela’s national oil company, Petróleos de Venezuela, S.A. (PDVSA), or its affiliates, directly assumed control over ConocoPhillips’ interests in the Petrozuata and Hamaca heavy oil ventures and the offshore Corocoro development project. In response to this expropriation, ConocoPhillips initiated international arbitration on November 2, 2007, with the ICSID. On September 3, 2013, an ICSID arbitration tribunal ("Tribunal") held that Venezuela unlawfully expropriated ConocoPhillips’ significant oil investments in June 2007. On January 17, 2017, the Tribunal reconfirmed the decision that the expropriation was unlawful. In March 2019, the Tribunal unanimously ordered the government of Venezuela to pay ConocoPhillips approximately $8.7 billion in compensation for the government’s unlawful expropriation of the company’s investments in Venezuela in 2007. On August 29, 2019, the Tribunal issued a decision rectifying the award and reducing it by approximately $227 million. The award now stands at $8.5 billion plus interest. The government of Venezuela sought annulment of the award, which automatically stayed enforcement of the award. On September 29, 2021, the ICSID annulment committee lifted the stay of enforcement of the award. The annulment proceedings are underway. In 2014, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Petrozuata and Hamaca projects. The ICC Tribunal issued an award in April 2018, finding that PDVSA owed ConocoPhillips approximately $2 billion under their agreements in connection with the expropriation of the projects and other pre-expropriation fiscal measures. In August 2018, ConocoPhillips entered into a settlement with PDVSA to recover the full amount of this ICC award, plus interest through the payment period, including initial payments totaling approximately $500 million within a period of 90 days from the time of signing the settlement agreement. The balance of the settlement was to be paid quarterly over a period of four and a half years. Per the settlement, PDVSA recognized the ICC award as a judgment in various jurisdictions, and ConocoPhillips agreed to suspend its legal enforcement actions. ConocoPhillips sent notices of default to PDVSA on October 14 and November 12, 2019, and to date PDVSA has failed to cure its breach. As a result, ConocoPhillips has resumed legal enforcement actions. To date, ConocoPhillips has received approximately $777 million in connection with the ICC award. ConocoPhillips has ensured that the settlement and any actions taken in enforcement thereof meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela. In 2016, ConocoPhillips filed a separate and independent arbitration under the rules of the ICC against PDVSA under the contracts that had established the Corocoro Project. On August 2, 2019, the ICC Tribunal awarded ConocoPhillips approximately $33 million plus interest under the Corocoro contracts. ConocoPhillips is seeking recognition and enforcement of the award in various jurisdictions. ConocoPhillips has ensured that all the actions related to the award meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela. Beginning in 2017, governmental and other entities in several states/territories in the U.S. have filed lawsuits against oil and gas companies, including ConocoPhillips, seeking compensatory damages and equitable relief to abate alleged climate change impacts. Additional lawsuits with similar allegations are expected to be filed. The legal and factual issues are unprecedented, therefore, there is significant uncertainty about the scope of the claims and alleged damages and any potential impact on the Company’s financial condition. ConocoPhillips believes these lawsuits are factually and legally meritless and are an inappropriate vehicle to address the challenges associated with climate change and will vigorously defend against such lawsuits. Several Louisiana parishes and the State of Louisiana have filed numerous lawsuits under Louisiana’s State and Local Coastal Resources Management Act (SLCRMA) against oil and gas companies, including ConocoPhillips, seeking compensatory damages for contamination and erosion of the Louisiana coastline allegedly caused by historical oil and gas operations. ConocoPhillips entities are defendants in 22 of the lawsuits and will vigorously defend against them. On October 17, 2022, the Fifth Circuit affirmed remand of the lead case to state court and the subsequent request for rehearing was denied. On February 27, 2023, the Supreme Court denied a certiorari petition from the defendants regarding the Fifth Circuit ruling. Accordingly, the federal district courts have issued remands to state court. Because Plaintiffs’ SLCRMA theories are unprecedented, there is uncertainty about these claims (both as to scope and damages) and we continue to evaluate our exposure in these lawsuits. In October 2020, the Bureau of Safety and Environmental Enforcement (BSEE) ordered the prior owners of Outer Continental Shelf (OCS) Lease P-0166, including ConocoPhillips, to decommission the lease facilities, including two offshore platforms located near Carpinteria, California. This order was sent after the current owner of OCS Lease P-0166 relinquished the lease and abandoned the lease platforms and facilities. BSEE’s order to ConocoPhillips is premised on its connection to Phillips Petroleum Company, a legacy company of ConocoPhillips, which held a historical 25 percent interest in this lease and operated these facilities but sold its interest approximately 30 years ago. ConocoPhillips continues to evaluate its exposure in this matter. In July 2021, a federal securities class action was filed against Concho, certain of Concho’s officers, and ConocoPhillips as Concho’s successor in the United States District Court for the Southern District of Texas. On October 21, 2021, the court issued an order appointing Utah Retirement Systems and the Construction Laborers Pension Trust for Southern California as lead plaintiffs (Lead Plaintiffs). On January 7, 2022, the Lead Plaintiffs filed their consolidated complaint alleging that Concho made materially false and misleading statements regarding its business and operations in violation of the federal securities laws and seeking unspecified damages, attorneys’ fees, costs, equitable/injunctive relief, and such other relief that may be deemed appropriate. The defendants filed a motion to dismiss the consolidated complaint on March 8, 2022. On June 23, 2023, the court denied defendants’ motion as to most defendants including Concho/ConocoPhillips. We believe the allegations in the action are without merit and are vigorously defending this litigation. ConocoPhillips is involved in pending disputes with commercial counterparties relating to the propriety of its force majeure notices following Winter Storm Uri in 2021. We believe these claims are without merit and are vigorously defending them.

Sales and Other Operating Revenues

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Sales and Other Operating Revenues

Note 16—Sales and Other Operating Revenues

Revenue from Contracts with Customers

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


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Revenue from contracts with customers	$	12,307	11,964
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative	1,565		3,127
Financial derivative contracts	(24)		(280)
Consolidated sales and other operating revenues	$	13,848	14,811

Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices, which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS. There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. The following disaggregation of revenues is provided in conjunction with Note 18—Segment Disclosures and Related Information:


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment
Lower 48	$	1,259	2,508
Canada	217		567
Europe, Middle East and North Africa	89		52
Physical contracts meeting the definition of a derivative	$	1,565	3,127


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Revenue from Contracts Outside the Scope of ASC Topic 606 by Product
Crude oil	$	—	47
Natural gas	1,199		2,725
Other	366		355
Physical contracts meeting the definition of a derivative	$	1,565	3,127

Practical Expedients

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

Receivables and Contract Liabilities

Receivables from Contracts with Customers

At March 31, 2024, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,415 million compared with $4,414 million at December 31, 2023, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with gas sold under contracts for which NPNS has not been elected compared to trade receivables where NPNS has been elected.

Contract Liabilities from Contracts with Customers

We have entered into certain agreements under which we license our proprietary technology, including the Optimized Cascade® process technology, to customers to maximize the efficiency of LNG plants. These agreements typically provide for milestone payments to be made during and after the construction phases of the LNG plant. The payments are not directly related to our performance obligations under the contract and are recorded as deferred revenue to be recognized when the customer is able to benefit from their right to use the applicable licensed technology. Revenue recognized during the three-month period ended March 31, 2024 was immaterial. No revenue was recognized during the three-month period ended March 31, 2023. We expect to recognize the outstanding contract liabilities of $27 million as of March 31, 2024, as revenue during the years 2026, 2028 and 2029.

Derivative and Financial Instruments - Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives (Details) - Commodity Contract - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) from commodity derivatives	$ 54	$ 28
Other income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) from commodity derivatives	0	1
Purchased commodities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) from commodity derivatives	$ (50)	$ (72)

Accumulated Other Comprehensive Income (Loss) - Schedule of Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (5,673)
Other comprehensive income (loss)	(244)	$ (27)
Ending balance	(5,917)
Defined Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(393)
Other comprehensive income (loss)	5
Ending balance	(388)
Unrealized Holding Gain/(Loss) on Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2
Other comprehensive income (loss)	(3)
Ending balance	(1)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5,344)
Other comprehensive income (loss)	(230)
Ending balance	(5,574)
Unrealized Gain/(Loss) on Hedging Activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	62
Other comprehensive income (loss)	(16)
Ending balance	$ 46

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	33.00%	36.00%
Income tax benefit	$ 76

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Note 5—Debt Our debt balance at March 31, 2024 was $18.4 billion, compared with $18.9 billion at December 31, 2023. In March 2024, the company retired $461 million principal amount of our 2.125% Notes at maturity. Our revolving credit facility provides a total borrowing capacity of $5.5 billion with an expiration date of February 2027. Our revolving credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $500 million, or as support for our commercial paper program. The revolving credit facility is broadly syndicated among financial institutions and does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or credit ratings. The facility agreement contains a cross-default provision relating to the failure to pay principal or interest on other debt obligations of $200 million or more by ConocoPhillips, or any of its consolidated subsidiaries. The amount of the facility is not subject to redetermination prior to its expiration date. Credit facility borrowings may bear interest at a margin above the Secured Overnight Financing Rate (SOFR). The facility agreement calls for commitment fees on available, but unused, amounts. The facility agreement also contains early termination rights if our current directors or their approved successors cease to be a majority of the Board of Directors. The revolving credit facility supports our ability to issue up to $5.5 billion of commercial paper. Commercial paper is generally limited to maturities of 90 days and is included in short-term debt on our consolidated balance sheet. With no commercial paper outstanding and no direct borrowings or letters of credit, we had access to $5.5 billion in available borrowing capacity under our revolving credit facility at March 31, 2024, and at December 31, 2023. We do not have any ratings triggers on any of our corporate debt that would cause an automatic default, and thereby impact our access to liquidity upon downgrade of our credit ratings. If our credit ratings are downgraded from their current levels, it could increase the cost of corporate debt available to us and restrict our access to the commercial paper markets. If our credit ratings were to deteriorate to a level prohibiting us from accessing the commercial paper market, we would still be able to access funds under our revolving credit facility. At March 31, 2024, we had $283 million of certain variable rate demand bonds (VRDBs) outstanding with maturities ranging through 2035. The VRDBs are redeemable at the option of the bondholders on any business day. If they are ever redeemed, we have the ability and intent to refinance on a long-term basis; therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet.

- 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
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-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
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-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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-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
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Acquisitions and Dispositions - Narrative (Details) - Surmont $ in Billions			3 Months Ended
	Oct. 04, 2023 USD ($)	Oct. 04, 2023 CAD ($)	Mar. 31, 2024 USD ($)	Oct. 04, 2023 CAD ($)
Asset Acquisition [Line Items]
Percentage of interest acquired	50.00%			50.00%
Final Consideration	$ 2,955,000,000	$ 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 (dollars per barrel)	52
Contingent consideration, outcome, high	$ 300,000,000
Business acquisition, contingent payments			$ 12,000,000
Proved properties	2,900,000,000
Unproved properties	$ 200,000,000

Derivative and Financial Instruments - Schedule of Net Exposures from Outstanding Commodity Derivative Contracts (Details) - Short - Commodity Contract - Bcf	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Natural Gas and Power, Fixed Price
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	(14)	(12)
Natural Gas and Power, Basis
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	(6)	(2)

Accumulated Other Comprehensive Income (Loss) - Schedule of Items Reclassified out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Defined benefit plans*	$ 5	$ 11
Tax expense of defined benefit plans	$ 2	$ 3

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost


	Millions of Dollars
	Pension Benefits					Other Benefits
	2024			2023		2024	2023
	U.S.		Int'l.	U.S.	Int'l.
Components of Net Periodic Benefit Cost
Three Months Ended March 31
Service cost	$	12	10	13	10	—	—
Interest cost	19		29	19	28	1	1
Expected return on plan assets	(16)		(41)	(15)	(37)
Amortization of prior service credit	—		—	—	—	(9)	(9)
Recognized net actuarial loss (gain)	2		14	3	17	—	(1)
Settlements	—		—	4	—
Net periodic benefit cost	$	17	12	24	18	(8)	(9)

Acquisitions and Dispositions - Schedule of Assets Acquired and Liabilities Assumed (Details) - Surmont $ in Millions	Oct. 31, 2023 USD ($)
Pro Forma Combined
Oil and gas properties	$ 3,082
Asset retirement obligations	(112)
Other	(15)
Total identifiable net assets	$ 2,955

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 17—Earnings Per Share


	Millions of Dollars (except per share amounts)
	Three Months Ended March 31
	2024		2023
Basic earnings per share

Net Income (Loss)	$	2,551	2,920
Less: Dividends and undistributed earnings
allocated to participating securities	9		11
Net Income (Loss) available to common shareholders	$	2,542	2,909
Weighted-average common shares outstanding (in millions)	1,178		1,220

Net Income (Loss) Per Share of Common Stock	$	2.16	2.38

Diluted earnings per share

Net Income (Loss) available to common shareholders	$	2,542	2,909
Weighted-average common shares outstanding (in millions)	1,178		1,220
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs (in millions)	2		3
Weighted-average diluted shares outstanding (in millions)	1,180		1,223

Net Income (Loss) Per Share of Common Stock	$	2.15	2.38

Employee Benefit Plans

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 14—Employee Benefit Plans

Pension and Postretirement Plans


	Millions of Dollars
	Pension Benefits					Other Benefits
	2024			2023		2024	2023
	U.S.		Int'l.	U.S.	Int'l.
Components of Net Periodic Benefit Cost
Three Months Ended March 31
Service cost	$	12	10	13	10	—	—
Interest cost	19		29	19	28	1	1
Expected return on plan assets	(16)		(41)	(15)	(37)
Amortization of prior service credit	—		—	—	—	(9)	(9)
Recognized net actuarial loss (gain)	2		14	3	17	—	(1)
Settlements	—		—	4	—
Net periodic benefit cost	$	17	12	24	18	(8)	(9)

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

- 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

Fair Value Measurement - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Fair Value, Recurring $ in Millions	Mar. 31, 2024 USD ($) $ / Boe	Dec. 31, 2023 USD ($) $ / Boe
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration \| $	$ 305	$ 312
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration \| $	$ 305	$ 312
Level 3 \| Minimum \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	61.13	45.48
Level 3 \| Maximum \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	69.70	63.04
Level 3 \| Arithmetic Average \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	64.48	57.45

Changes in Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Changes in Equity

Note 6—Changes in Equity


	Millions of Dollars

	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2024
Balances at December 31, 2023	$	21	61,303	(65,640)	(5,673)	59,268	49,279
Net income (loss)						2,551	2,551
Other comprehensive income (loss)					(244)		(244)
Dividends declared
Ordinary ($0.58 per common share)						(687)	(687)
Variable return of cash ($0.20 per common share)						(237)	(237)
Repurchase of company common stock				(1,325)			(1,325)
Excise tax on share repurchases				(9)			(9)
Distributed under benefit plans			(3)				(3)

Balances at March 31, 2024	$	21	61,300	(66,974)	(5,917)	60,895	49,325



	Millions of Dollars
	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2023
Balances at December 31, 2022	$	21	61,142	(60,189)	(6,000)	53,029	48,003
Net income (loss)						2,920	2,920
Other comprehensive income (loss)					(27)		(27)
Dividends declared
Ordinary ($0.51 per common share)						(625)	(625)
Variable return of cash ($0.60 per common share)						(731)	(731)
Repurchase of company common stock				(1,700)			(1,700)
Excise tax on share repurchases				(15)			(15)
Distributed under benefit plans			(42)				(42)

Balances at March 31, 2023	$	21	61,100	(61,904)	(6,027)	54,593	47,783

- 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

Segment Disclosures and Related Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	6

Cash Flow Information - Schedule of Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Payments
Interest	$ 254	$ 209
Income taxes	707	1,062
Net Sales (Purchases) of Investments
Short-term investments purchased	(118)	(269)
Short-term investments sold	673	1,513
Long-term investments purchased	(199)	(210)
Long-term investments sold	49	31
Net sales (purchases) of investments	$ 405	$ 1,065

Sales and Other Operating Revenues - Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from contract	$ 12,307	$ 11,964
Consolidated sales and other operating revenues	13,848	14,811
Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	1,565	3,127
Crude oil
Revenue from contracts outside the scope of ASC Topic 606	0	47
Natural gas
Revenue from contracts outside the scope of ASC Topic 606	1,199	2,725
Other
Revenue from contracts outside the scope of ASC Topic 606	366	355
Financial derivative contracts
Revenue from contracts outside the scope of ASC Topic 606	(24)	(280)
Lower 48 \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	1,259	2,508
Canada \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	217	567
Europe, Middle East and North Africa \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	$ 89	$ 52

Segment Disclosures and Related Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Operating Segment Reporting


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Sales and Other Operating Revenues


Alaska	$	1,670	1,735
Lower 48	9,309		10,049
Intersegment eliminations	(1)		(4)
Lower 48	9,308		10,045
Canada	1,444		1,183
Intersegment eliminations	(508)		(340)
Canada	936		843
Europe, Middle East and North Africa	1,457		1,702
Asia Pacific	474		464

Corporate and Other	3		22
Consolidated sales and other operating revenues	$	13,848	14,811

Sales and Other Operating Revenues by Geographic Location(1)
U.S.	$	10,980	11,802

Canada	936		843
China	213		202

Libya	500		370
Malaysia	261		261
Norway	624		651
U.K.	333		681
Other foreign countries	1		1
Worldwide consolidated	$	13,848	14,811

Sales and Other Operating Revenues by Product
Crude oil	$	9,563	8,904
Natural gas	1,882		4,412
Natural gas liquids	680		695
Other(2)	1,723		800
Consolidated sales and other operating revenues by product	$	13,848	14,811

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

(2)Includes bitumen and power.


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Net Income (Loss)
Alaska	$	346	416
Lower 48	1,381		1,852
Canada	180		6
Europe, Middle East and North Africa	304		365
Asia Pacific	512		522
Other International	(1)		1
Corporate and Other	(171)		(242)
Consolidated net income (loss)	$	2,551	2,920


	Millions of Dollars
	March 31 2024		December 31 2023
Total Assets
Alaska	$	16,701	16,174
Lower 48	42,586		42,415
Canada	10,028		10,277
Europe, Middle East and North Africa	8,021		8,396
Asia Pacific	8,530		8,903

Corporate and Other	9,482		9,759
Consolidated total assets	$	95,348	95,924

Changes in Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of Changes in Equity


	Millions of Dollars

	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2024
Balances at December 31, 2023	$	21	61,303	(65,640)	(5,673)	59,268	49,279
Net income (loss)						2,551	2,551
Other comprehensive income (loss)					(244)		(244)
Dividends declared
Ordinary ($0.58 per common share)						(687)	(687)
Variable return of cash ($0.20 per common share)						(237)	(237)
Repurchase of company common stock				(1,325)			(1,325)
Excise tax on share repurchases				(9)			(9)
Distributed under benefit plans			(3)				(3)

Balances at March 31, 2024	$	21	61,300	(66,974)	(5,917)	60,895	49,325



	Millions of Dollars
	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2023
Balances at December 31, 2022	$	21	61,142	(60,189)	(6,000)	53,029	48,003
Net income (loss)						2,920	2,920
Other comprehensive income (loss)					(27)		(27)
Dividends declared
Ordinary ($0.51 per common share)						(625)	(625)
Variable return of cash ($0.60 per common share)						(731)	(731)
Repurchase of company common stock				(1,700)			(1,700)
Excise tax on share repurchases				(15)			(15)
Distributed under benefit plans			(42)				(42)

Balances at March 31, 2023	$	21	61,100	(61,904)	(6,027)	54,593	47,783

Segment Disclosures and Related Information - Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Total Assets
Consolidated total assets	$ 95,348	$ 95,924
Corporate and Other
Total Assets
Consolidated total assets	9,482	9,759
Alaska \| Operating Segments
Total Assets
Consolidated total assets	16,701	16,174
Lower 48 \| Operating Segments
Total Assets
Consolidated total assets	42,586	42,415
Canada \| Operating Segments
Total Assets
Consolidated total assets	10,028	10,277
Europe, Middle East and North Africa \| Operating Segments
Total Assets
Consolidated total assets	8,021	8,396
Asia Pacific \| Operating Segments
Total Assets
Consolidated total assets	$ 8,530	$ 8,903

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: 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 4: 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 5: 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 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S99
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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-Name Accounting Standards Codification
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-Topic 280
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-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1—Basis of Presentation The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2023 Annual Report on Form 10-K.

Investments and Long-Term Receivables	3 Months Ended
Investments and Long-Term Receivables	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments and Long-Term Receivables	Note 4—Investments and Long-Term Receivables Australia Pacific LNG Pty Ltd. (APLNG) In Australia, we hold a 47.5 percent shareholding interest in APLNG. At March 31, 2024, the outstanding balance of APLNG's debt was $4.5 billion under various previously entered facilities. The last principal and interest payment on these facilities is due in September 2030. See Note 8. At March 31, 2024, the carrying value of our equity method investment in APLNG was approximately $5.2 billion. Port Arthur LNG (PALNG) In March 2023, we acquired a 30 percent direct equity investment in PALNG, a joint venture for the development of a large-scale LNG facility. At March 31, 2024, the carrying value of our equity method investment in PALNG was approximately $1.3 billion. QatarEnergy LNG Our equity method investments in Qatar include the following: •QatarEnergy LNG N(3) (N3)—30 percent owned joint venture with affiliates of QatarEnergy (68.5 percent) and Mitsui & Co., Ltd. (1.5 percent)—produces and liquefies natural gas from Qatar’s North Field, as well as exports LNG. •QatarEnergy LNG NFE(4) (NFE4)—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field East LNG project. •QatarEnergy LNG NFS(3) (NFS3)—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field South LNG project. At March 31, 2024, the carrying value of our equity method investments in Qatar was approximately $1.1 billion.

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Cash Flows From Operating Activities

Net Income (Loss)

$ 2,551

$ 2,920

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

Depreciation, depletion and amortization

2,211

1,942

Impairments

Dry hole costs and leasehold impairments

Accretion on discounted liabilities

Deferred taxes

324

Distributions more (less) than income from equity affiliates

308

491

(Gain) loss on dispositions

(93)

Other

(66)

(35)

Working capital adjustments

Decrease (increase) in accounts and notes receivable

(76)

1,701

Decrease (increase) in inventories

(55)

(45)

Decrease (increase) in prepaid expenses and other current assets

255

Increase (decrease) in accounts payable

(85)

(1,266)

Increase (decrease) in taxes and other accruals

(928)

Net Cash Provided by Operating Activities

4,985

5,403

Cash Flows From Investing Activities

Capital expenditures and investments

(2,916)

(2,897)

Working capital changes associated with investing activities

169

208

Acquisition of businesses, net of cash acquired

Proceeds from asset dispositions

173

188

Net sales (purchases) of investments

405

1,065

Other

(21)

(12)

Net Cash Used in Investing Activities

(2,141)

(1,448)

Cash Flows From Financing Activities

Repayment of debt

(505)

(43)

Issuance of company common stock

(61)

(97)

Repurchase of company common stock

(1,325)

(1,700)

Dividends paid

(924)

(1,488)

Other

(10)

Net Cash Used in Financing Activities

(2,825)

(3,326)

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

(73)

(104)

Net Change in Cash, Cash Equivalents and Restricted Cash

(54)

525

Cash, cash equivalents and restricted cash at beginning of period

^[1]

5,899

6,694

Cash, Cash Equivalents and Restricted Cash at End of Period

^[1]

$ 5,845

$ 7,219

[1]	Restricted cash of $271 million and $264 million is included in the "Other assets" line of our Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023, respectively.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 19—Income Taxes Our effective tax rate for the three-month periods ended March 31, 2024, and 2023, was 33.0 percent and 36.0 percent, respectively. The change in the effective tax rate for the three-month period ending March 31, 2024 is primarily due to the recognition of a Malaysian tax benefit, described below, and a shift in our mix of income among our tax jurisdictions. During the first quarter of 2024, we recorded a $76 million tax benefit associated with a deepwater investment tax incentive for Malaysia Blocks J and G. The Company has ongoing income tax audits in a number of jurisdictions. The government agents in charge of these audits regularly request additional time to complete audits, which we generally grant, and conversely occasionally close audits unpredictably. Within the next twelve months, we may have audit periods close that could significantly impact our total unrecognized tax benefits. The amount of such change is not estimable but could be significant when compared with our total unrecognized tax benefits.

- 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
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+ Details

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	Note 20—New Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures” which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting.” The amendments do not change how we identify our operating segments. On adoption, the disclosure improvements will be applied retrospectively to prior periods presented. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures” which enhances the disclosure requirements within Topic 740 “Income Taxes.” The enhancements will impact our financial statement disclosures only and will be applied prospectively with retrospective application permitted. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

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

Schedule of Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet

Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheet includes:


	Millions of Dollars
	Defined Benefit Plans		Unrealized Holding Gain/(Loss) on Securities	Foreign Currency Translation	Unrealized Gain/(Loss) on Hedging Activities	Accumulated Other Comprehensive Income/(Loss)
December 31, 2023	$	(393)	2	(5,344)	62	(5,673)
Other comprehensive income (loss)	5		(3)	(230)	(16)	(244)
March 31, 2024	$	(388)	(1)	(5,574)	46	(5,917)

Schedule of Items Reclassified out of Accumulated Other Comprehensive Income (Loss)

The following table summarizes reclassifications out of accumulated other comprehensive income (loss) and into net income (loss):


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Defined benefit plans*	$	5	11

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Significant Transactions with Related Parties


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Significant Transactions with Equity Affiliates
Operating revenues and other income	$	17	21

Operating expenses and selling, general and administrative expenses	55		78

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable	$ 4	$ 3
Accumulated depreciation, depletion and amortization	$ 75,697	$ 74,361
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	2,106,777,461	2,103,772,516
Treasury stock, shares (in shares)	937,243,485	925,670,961

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories


	Millions of Dollars
	March 31 2024		December 31 2023
Crude oil and natural gas	$	723	676
Materials and supplies	720		722
Total inventories	$	1,443	1,398

Inventories valued on the LIFO basis	$	437	401

Derivative and Financial Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Financial Instruments

Note 10—Derivative and Financial Instruments

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

Commodity Derivative Instruments

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

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

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


	Millions of Dollars
	March 31 2024		December 31 2023
Assets
Prepaid expenses and other current assets	$	600	611
Other assets	125		113
Liabilities
Other accruals	569		567
Other liabilities and deferred credits	104		80

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


	Millions of Dollars
	Three Months Ended March 31
	2024		2023

Sales and other operating revenues	$	54	28
Other income	—		1
Purchased commodities	(50)		(72)

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


	Open Position Long (Short)
	March 31 2024	December 31 2023
Commodity
Natural gas and power (billions of cubic feet equivalent)
Fixed price	(14)	(12)
Basis	(6)	(2)

Interest Rate Derivative Instruments

For the three-month period ended March 31, 2024, we recognized an unrealized loss of $20 million in other comprehensive income related to our share of PALNG's interest rate swaps designated as a cash flow hedge.

Financial Instruments

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

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

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

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

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

•Foreign government obligations: Securities issued by foreign governments.

•Corporate bonds: Unsecured debt securities issued by corporations.

•Asset-backed securities: Collateralized debt securities.

The following investments are carried on our consolidated balance sheet at cost, plus accrued interest, and the table reflects remaining maturities at March 31, 2024, and December 31, 2023:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments
	March 31 2024		December 31 2023	March 31 2024	December 31 2023
Cash	$	576	474
Demand Deposits	1,553		1,424
Time Deposits
1 to 90 days	3,399		3,713	121	511
91 to 180 days					22
Within one year				3	3
U.S. Government Obligations
1 to 90 days	38		24	—	—
	$	5,566	5,635	124	536

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at March 31, 2024, and December 31, 2023:


	Millions of Dollars
	Carrying Amount
	Cash and Cash Equivalents			Short-Term Investments		Investments and Long-Term Receivables
	March 31 2024		December 31 2023	March 31 2024	December 31 2023	March 31 2024	December 31 2023
Major Security Type
Corporate Bonds	$	—	—	181	201	670	606
Commercial Paper	8		—	98	131
U.S. Government Obligations	—		—	75	89	172	189
U.S. Government Agency Obligations				—	5	7	7
Foreign Government Obligations				7	7	4	4
Asset-Backed Securities				2	2	213	183
	$	8	—	363	435	1,066	989

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

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


	Millions of Dollars
	Amortized Cost Basis			Fair Value
	March 31 2024		December 31 2023	March 31 2024	December 31 2023
Major Security Type
Corporate Bonds	$	852	806	851	807
Commercial Paper	106		131	106	131
U.S. Government Obligations	249		278	247	278
U.S. Government Agency Obligations	7		12	7	12
Foreign Government Obligations	11		11	11	11
Asset-Backed Securities	215		184	215	185
	$	1,440	1,422	1,437	1,424

As of March 31, 2024 total unrealized losses for debt securities classified as available for sale with net losses were $5 million. As of December 31, 2023, total unrealized gains for debt securities classified as available for sale with net gains were $5 million. No allowance for credit losses has been recorded on investments in debt securities which are in an unrealized loss position.

For the three-month periods ended March 31, 2024 and March 31, 2023, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $222 million and $300 million, respectively. Gross realized gains and losses included in earnings from those sales and redemptions were negligible. The cost of securities sold and redeemed is determined using the specific identification method.

Credit Risk

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

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

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

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

The aggregate fair value of all derivative instruments with such credit risk-related contingent features that were in a liability position at March 31, 2024, and December 31, 2023, was $163 million and $181 million, respectively. For these instruments, no collateral was posted at March 31, 2024 and December 31, 2023. If our credit rating had been downgraded below investment grade at March 31, 2024, we would have been required to post $139 million of additional collateral, either with cash or letters of credit.

Fair Value Measurement - Narrative (Details) - Surmont $ in Billions		3 Months Ended
	Oct. 04, 2023 USD ($)	Mar. 31, 2024 USD ($)	Oct. 04, 2023 CAD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of interest acquired	50.00%		50.00%
Business acquisition, maximum payment	$ 320,000,000		$ 0.4
Business combination, contingent, consideration arrangements, term	5 years		5 years
Business acquisition, cost per every dollar exceeding threshold	$ 2,000,000
Business acquisition, threshold (dollars per barrel)	52
Business acquisition, contingent payments		$ 12,000,000

Derivative and Financial Instruments - Schedule of Amortized Cost Basis and Fair Value of Investments in Debt Securities Classified as Available for Sale (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 1,440	$ 1,422
Fair Value	1,437	1,424
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	852	806
Fair Value	851	807
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	106	131
Fair Value	106	131
U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	249	278
Fair Value	247	278
U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	7	12
Fair Value	7	12
Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	11	11
Fair Value	11	11
Asset-Backed Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	215	184
Fair Value	$ 215	$ 185

- 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

Segment Disclosures and Related Information - Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 13,848	$ 14,811
Lower 48
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	9,309	10,049
Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,444	1,183
Intersegment eliminations \| Lower 48
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	(1)	(4)
Intersegment eliminations \| Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	(508)	(340)
Operating Segments
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	13,848	14,811
Operating Segments \| Alaska
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,670	1,735
Operating Segments \| Lower 48
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	9,308	10,045
Operating Segments \| Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	936	843
Operating Segments \| Europe, Middle East and North Africa
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,457	1,702
Operating Segments \| Asia Pacific
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	474	464
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	3	22
U.S.
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	10,980	11,802
Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	936	843
China
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	213	202
Libya
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	500	370
Malaysia
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	261	261
Norway
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	624	651
U.K.
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	333	681
Other foreign countries
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1	1
Natural gas
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,882	4,412
Natural gas liquids
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	680	695
Crude oil
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	9,563	8,904
Other
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 1,723	$ 800

Earnings Per Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic earnings per share
Net Income (Loss)	$ 2,551	$ 2,920
Less: Dividends and undistributed earnings allocated to participating securities	9	11
Net Income (Loss) available to common shareholders	$ 2,542	$ 2,909
Weighted-average common shares outstanding (in shares)	1,177,921	1,220,228
Net Income (Loss) Per Share of Common Stock, Basic (in dollars per share)	$ 2.16	$ 2.38
Diluted earnings per share
Net Income (Loss) available to common shareholders	$ 2,542	$ 2,909
Add: Dilutive impact of options and unvested non-participating RSU/PSUs	2,000	3,000
Weighted-average diluted shares outstanding (in shares)	1,180,320	1,223,355
Net Income (Loss) Per Share of Common Stock, Diluted (in dollars per share)	$ 2.15	$ 2.38

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Crude oil and natural gas	$ 723	$ 676
Materials and supplies	720	722
Total inventories	1,443	1,398
Inventories valued on the LIFO basis	$ 437	$ 401

Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2024

Business Combination, Asset Acquisition And Dispositions [Abstract]

Acquisitions and Dispositions

Note 3—Acquisitions and Dispositions

Surmont Acquisition

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


Fair value of consideration	Millions of Dollars
Cash paid	$	2,635
Contingent consideration	320
Final Consideration	$	2,955

The contingent consideration arrangement requires additional consideration to be paid to TotalEnergies EP Canada Ltd. up to $0.4 billion CAD over a five-year term. The contingent payments represent $2 million for every dollar that WCS pricing exceeds $52 per barrel during the month, subject to certain production targets being achieved. The undiscounted amount we could pay under this arrangement is up to $0.3 billion USD. The fair value of the contingent consideration on the acquisition date was $320 million and estimated by applying the income approach. As of March 31, 2024, we have made payments of $12 million USD under this arrangement, reflected in the "Other" line within the Financing Activities section of our Consolidated Statement of Cash Flows. See Note 11.

The transaction was accounted for as a business combination under FASB ASC Topic 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. By the end of the first quarter of 2024, we finalized the allocation of the purchase price to specific assets and liabilities. It was based on the fair value of final consideration and the conclusion of the fair value determination of long-lived assets and all other assets acquired and liabilities assumed.

Oil and gas properties were valued using a discounted cash flow approach incorporating market participant and internally generated price assumptions, production profiles and operating and development cost assumptions. The fair values of other assets acquired and liabilities assumed, which included accounts receivable, accounts payable, and most other current assets and current liabilities, were determined to be equivalent to the carrying value due to their short-term nature. The total consideration of $3 billion was allocated to the identifiable assets and liabilities based on fair values as of the acquisition date of October 4, 2023.


Recognized amounts of identifiable assets acquired and liabilities assumed	Millions of Dollars
Oil and gas properties	$	3,082
Asset retirement obligations	(112)
Other	(15)
Total identifiable net assets	$	2,955

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

Supplemental Pro Forma (unaudited)

The following table summarizes the unaudited supplemental pro forma financial information for the three-month period ending March 31, 2023, as if we had completed the acquisition on January 1, 2022.


	Millions of Dollars
	Three Months Ended March 31, 2023
Supplemental Pro Forma (unaudited)	As Reported		Pro Forma Surmont	Pro Forma Combined
Total Revenues and Other Income	$	15,517	603	16,120
Income (loss) before income taxes	4,562		70	4,632
Net Income (Loss)	2,920		53	2,973

Earnings per share ($ per share):
Basic net income (loss)	$	2.38		2.43
Diluted net income (loss)	2.38			2.42

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

Segment Disclosures and Related Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Disclosures and Related Information

Note 18—Segment Disclosures and Related Information

We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. We manage our operations through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.

Corporate and Other represents income and costs not directly associated with an operating segment, such as most interest income and expense; impacts from certain debt transactions; consolidating tax adjustments; corporate overhead and certain technology activities, including licensing revenues; and unrealized holding gains or losses on equity securities. All cash and cash equivalents and short-term investments are included in Corporate and Other.

We evaluate performance and allocate resources based on net income (loss). Intersegment sales are at prices that approximate market.

Analysis of Results by Operating Segment


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Sales and Other Operating Revenues


Alaska	$	1,670	1,735
Lower 48	9,309		10,049
Intersegment eliminations	(1)		(4)
Lower 48	9,308		10,045
Canada	1,444		1,183
Intersegment eliminations	(508)		(340)
Canada	936		843
Europe, Middle East and North Africa	1,457		1,702
Asia Pacific	474		464

Corporate and Other	3		22
Consolidated sales and other operating revenues	$	13,848	14,811

Sales and Other Operating Revenues by Geographic Location(1)
U.S.	$	10,980	11,802

Canada	936		843
China	213		202

Libya	500		370
Malaysia	261		261
Norway	624		651
U.K.	333		681
Other foreign countries	1		1
Worldwide consolidated	$	13,848	14,811

Sales and Other Operating Revenues by Product
Crude oil	$	9,563	8,904
Natural gas	1,882		4,412
Natural gas liquids	680		695
Other(2)	1,723		800
Consolidated sales and other operating revenues by product	$	13,848	14,811

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

(2)Includes bitumen and power.


	Millions of Dollars
	Three Months Ended March 31
	2024		2023
Net Income (Loss)
Alaska	$	346	416
Lower 48	1,381		1,852
Canada	180		6
Europe, Middle East and North Africa	304		365
Asia Pacific	512		522
Other International	(1)		1
Corporate and Other	(171)		(242)
Consolidated net income (loss)	$	2,551	2,920


	Millions of Dollars
	March 31 2024		December 31 2023
Total Assets
Alaska	$	16,701	16,174
Lower 48	42,586		42,415
Canada	10,028		10,277
Europe, Middle East and North Africa	8,021		8,396
Asia Pacific	8,530		8,903

Corporate and Other	9,482		9,759
Consolidated total assets	$	95,348	95,924

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Subparagraph (b)
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Cover	3 Months Ended
Cover	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-32395
Entity Registrant Name	ConocoPhillips
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0562944
Entity Address, Address Line One	925 N. Eldridge Parkway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	281
Local Phone Number	293-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	1,169,533,976
Entity Central Index Key	0001163165
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	COP
Security Exchange Name	NYSE
7% Debentures due 2029
Entity Listings [Line Items]
Title of 12(b) Security	7% Debentures due 2029
Trading Symbol	CUSIP—718507BK1
Security Exchange Name	NYSE

Debt - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 18,400	$ 18,900
Notes \| 2.125% Notes due 2024
Debt Instrument [Line Items]
Retired debt	$ 461
Stated interest rate	2.125%
Variable Rate Debt Bonds
Debt Instrument [Line Items]
Debt at face value	$ 283
Revolving Credit Facility
Debt Instrument [Line Items]
Project finance facility, maximum borrowing capacity	5,500
Minimum limit of debt for cross default provision	200
Remaining borrowing capacity under revolving credit facility	5,500	$ 5,500
Letter of Credit \| Maximum
Debt Instrument [Line Items]
Line of credit facility, capacity available for specific purpose other than for trade purchases	$ 500

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, after allowance for credit loss	$ 4,415		$ 4,414
Revenue recognized	0	$ 0
Contract with customer, liability	$ 27

Changes in Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 49,279	$ 48,003
Net Income (Loss)	2,551	2,920
Other comprehensive income (loss)	(244)	(27)
Dividends declared, ordinary	(687)	(625)
Dividends declared, variable return of cash	(237)	(731)
Repurchase of company common stock	(1,325)	(1,700)
Excise tax on share repurchases	(9)	(15)
Distributed under benefit plans	(3)	(42)
Ending Balance	$ 49,325	$ 47,783
Dividends declared, ordinary (in dollars per share)	$ 0.58	$ 0.51
Dividends declared, variable return of cash (in dollars per share)	$ 0.20	$ 0.60
Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 21	$ 21
Ending Balance	21	21
Capital in Excess of Par
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	61,303	61,142
Distributed under benefit plans	(3)	(42)
Ending Balance	61,300	61,100
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(65,640)	(60,189)
Repurchase of company common stock	(1,325)	(1,700)
Excise tax on share repurchases	(9)	(15)
Ending Balance	(66,974)	(61,904)
Accum. Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(5,673)	(6,000)
Other comprehensive income (loss)	(244)	(27)
Ending Balance	(5,917)	(6,027)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	59,268	53,029
Net Income (Loss)	2,551	2,920
Dividends declared, ordinary	(687)	(625)
Dividends declared, variable return of cash	(237)	(731)
Ending Balance	$ 60,895	$ 54,593

Contingencies, Commitments, and Accrued Environmental Costs - Narrative (Details) $ in Millions		1 Months Ended			3 Months Ended	12 Months Ended
	Aug. 02, 2019 USD ($)	Mar. 31, 2019 USD ($)	Aug. 31, 2018 USD ($)	Apr. 30, 2018 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2017 lawsuit	Dec. 31, 2023 USD ($)	Aug. 29, 2019 USD ($)
Loss Contingencies [Line Items]
Total environmental accrual included in balance sheet					$ 184		$ 184
Performance obligations secured by letters of credit					$ 369
Several Louisiana Parishes and the State of Louisiana Against Oil and Gas Companies \| ConocoPhillips Entities
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number \| lawsuit						22
Outer Continental Shelf Lease \| Phillips Petroleum Company
Loss Contingencies [Line Items]
Ownership percentage in equity investment					25.00%
Sale of interest, duration					30 years
Venezuela \| ConocoPhillips Versus Petroleos de Venezuela ICISD
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party		$ 8,700
Litigation award reduction								$ 227
Litigation settlement amount awarded from other party revised					$ 8,500
Venezuela \| ConocoPhillips vs Petroleos De Venezuela ICC
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party	$ 33		$ 500	$ 2,000
Litigation settlement, payment term			90 days
Proceeds from legal settlements					$ 777
Litigation settlement, amount awarded from other party, payment period			4 years 6 months
US and Canada \| Cleanup Remediation Activities
Loss Contingencies [Line Items]
Environmental loss contingencies, term					30 years

Investments and Long-Term Receivables - Narrative (Details) - USD ($) $ in Billions	Mar. 31, 2024	Mar. 31, 2023
APLNG
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	47.50%
Line of credit facility value outstanding	$ 4.5
Equity method investment	5.2
PALNG
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		30.00%
Equity method investment	$ 1.3
N3
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	30.00%
N3 \| Qatar Energy
Schedule of Equity Method Investments [Line Items]
Ownership percentage	68.50%
N3 \| Mitsui & Co., Ltd
Schedule of Equity Method Investments [Line Items]
Ownership percentage	1.50%
NFE4
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%
NFE4 \| Qatar Energy
Schedule of Equity Method Investments [Line Items]
Ownership percentage	75.00%
NFS3
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%
NFS3 \| Qatar Energy
Schedule of Equity Method Investments [Line Items]
Ownership percentage	75.00%
Qatar
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 1.1

Related Party Transactions - Schedule of Significant Transactions with Related Parties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Operating revenues and other income	$ 14,476	$ 15,517
Operating expenses and selling, general and administrative expenses	178	159
Related Party
Related Party Transaction [Line Items]
Operating revenues and other income	17	21
Operating expenses and selling, general and administrative expenses	$ 55	$ 78

Acquisitions and Dispositions - Schedule of Business Acquisition (Details) - Oct. 04, 2023 - Surmont $ in Millions, $ in Billions	USD ($)	CAD ($)
Pro Forma Combined
Cash paid	$ 2,635
Contingent consideration	320
Final Consideration	$ 2,955	$ 4.1

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities


	Millions of Dollars
	March 31, 2024					December 31, 2023
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets
Investments in debt securities	$	248	1,189	—	1,437	278	1,146	—	1,424
Commodity derivatives	338		314	73	725	308	301	115	724
Total assets	$	586	1,503	73	2,162	586	1,447	115	2,148

Liabilities
Commodity derivatives	$	371	280	22	673	350	283	14	647
Contingent consideration	—		—	305	305	—	—	312	312
Total liabilities	$	371	280	327	978	350	283	326	959

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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

Fair Value
(Millions of
Dollars)

Valuation
Technique

Unobservable
Input

Range

(Arithmetic Average)

Contingent consideration - Surmont as of:

March 31, 2024

305

Discounted cash flow

Commodity price outlook* ($/BOE)

$61.13 - $69.70 ($64.48)

December 31, 2023

312

$45.48 - $63.04 ($57.45)

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

Schedule of Commodity Derivative Balances Subject to Right of Setoff


	Millions of Dollars
				Amounts Subject to Right of Setoff
	Gross Amounts Recognized		Amounts Not Subject to Right of Setoff	Gross Amounts	Gross Amounts Offset	Net Amounts Presented	Cash Collateral	Net Amounts
March 31, 2024
Assets	$	725	41	684	411	273	2	271
Liabilities	673		37	636	411	225	39	186

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

Schedule of Net Fair Value of Financial Instruments

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


	Millions of Dollars
	Carrying Amount		Fair Value
	March 31 2024	December 31 2023	March 31 2024	December 31 2023
Financial assets
Commodity derivatives	312	345	312	345
Investments in debt securities	1,437	1,424	1,437	1,424

Financial liabilities
Total debt, excluding finance leases	17,339	17,808	17,789	18,621
Commodity derivatives	223	225	223	225

Suspended Wells (Details) - USD ($) $ in Millions	3 Months Ended
Suspended Wells (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Capitalized cost of suspended wells	$ 163
Decrease in capitalized costs	21
Dry hole expense	112	$ 138
Busta PL782S
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Decrease in capitalized costs	$ 18

Consolidated Income Statement - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues and Other Income
Sales and other operating revenues	$ 13,848	$ 14,811
Equity in earnings of affiliates	421	499
Gain (loss) on dispositions	93	93
Other income	114	114
Total Revenues and Other Income	14,476	15,517
Costs and Expenses
Purchased commodities	5,334	6,138
Production and operating expenses	2,015	1,779
Selling, general and administrative expenses	178	159
Exploration expenses	112	138
Depreciation, depletion and amortization	2,211	1,942
Impairments	0	1
Taxes other than income taxes	555	576
Accretion on discounted liabilities	80	68
Interest and debt expense	205	188
Foreign currency transaction (gain) loss	(18)	(44)
Other expenses	(4)	10
Total Costs and Expenses	10,668	10,955
Income (loss) before income taxes	3,808	4,562
Income tax provision (benefit)	1,257	1,642
Net Income (Loss)	$ 2,551	$ 2,920
Net Income (Loss) Per Share of Common Stock (dollars)
Basic (in dollars per share)	$ 2.16	$ 2.38
Diluted (in dollars per share)	$ 2.15	$ 2.38
Weighted-Average Common Shares Outstanding (in thousands)
Basic (in shares)	1,177,921	1,220,228
Diluted (in shares)	1,180,320	1,223,355