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Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts and notes receivable—related parties	$ 5,813	$ 6,695
Accounts payable—related parties	6,218	6,044
Operating revenues and other income	61,548	56,953	$ 58,574
Purchased commodities	1	0	0
Operating expenses and selling, general and administrative expenses	893	1,158	705
Related Party
Related Party Transaction [Line Items]
Accounts and notes receivable—related parties	79	74
Accounts payable—related parties	64	57
Operating revenues and other income	73	88	90
Operating expenses and selling, general and administrative expenses	$ 286	$ 246	$ 282

- 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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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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-Subparagraph (SX 210.4-08(k)(1))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Other Financial Information - Other Financial Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest and Debt Expense
Debt	$ 1,176,000,000	$ 941,000,000	$ 824,000,000
Other	63,000,000	90,000,000	109,000,000
Interest costs incurred	1,239,000,000	1,031,000,000	933,000,000
Capitalized	(384,000,000)	(248,000,000)	(153,000,000)
Expensed	855,000,000	783,000,000	780,000,000
Other Income
Interest income	311,000,000	402,000,000	412,000,000
Other, net	227,000,000	50,000,000	73,000,000
Other nonoperating income (expense)	538,000,000	452,000,000	485,000,000
Research and Development Expenditures—expensed	78,000,000	81,000,000	81,000,000
Shipping and Handling Costs	10,331,000,000	8,751,000,000	7,693,000,000
Foreign Currency Transaction (Gains) Losses—after-tax	0	(37,000,000)	70,000,000
Total Segments
Interest and Debt Expense
Expensed	0	0	0
Other Income
Interest income	8,000,000	8,000,000	9,000,000
Shipping and Handling Costs	10,176,000,000	8,659,000,000	7,631,000,000
Alaska
Interest and Debt Expense
Expensed	0	0	0
Other Income
Interest income	0	0	0
Shipping and Handling Costs	2,158,000,000	1,951,000,000	1,829,000,000
Lower 48
Interest and Debt Expense
Expensed	0	0	0
Other Income
Interest income	0	0	0
Shipping and Handling Costs	5,856,000,000	4,751,000,000	4,199,000,000
Canada
Interest and Debt Expense
Expensed	0	0	0
Other Income
Interest income	0	0	0
Shipping and Handling Costs	833,000,000	902,000,000	619,000,000
Europe, Middle East and North Africa
Interest and Debt Expense
Expensed	0	0	0
Other Income
Interest income	0	0	1,000,000
Shipping and Handling Costs	962,000,000	671,000,000	593,000,000
Asia Pacific
Interest and Debt Expense
Expensed	0	0	0
Other Income
Interest income	8,000,000	8,000,000	8,000,000
Shipping and Handling Costs	367,000,000	384,000,000	391,000,000
Operating Segments \| Total Segments
Other Income
Foreign Currency Transaction (Gains) Losses—after-tax	17,000,000	(73,000,000)	(16,000,000)
Operating Segments \| Alaska
Other Income
Foreign Currency Transaction (Gains) Losses—after-tax	0	0	0
Operating Segments \| Lower 48
Other Income
Foreign Currency Transaction (Gains) Losses—after-tax	0	0	0
Operating Segments \| Canada
Other Income
Foreign Currency Transaction (Gains) Losses—after-tax	20,000,000	(35,000,000)	11,000,000
Operating Segments \| Europe, Middle East and North Africa
Other Income
Foreign Currency Transaction (Gains) Losses—after-tax	30,000,000	(37,000,000)	(39,000,000)
Operating Segments \| Asia Pacific
Other Income
Foreign Currency Transaction (Gains) Losses—after-tax	(33,000,000)	(1,000,000)	12,000,000
Corporate and Other
Other Income
Foreign Currency Transaction (Gains) Losses—after-tax	(17,000,000)	36,000,000	86,000,000
Shipping and Handling Costs
Other Income
Shipping and Handling Costs	$ 2,438,000,000	$ 1,958,000,000	$ 1,695,000,000

Acquisitions and Dispositions - Schedule of Supplemental Pro Forma Financial Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplemental Pro Forma (unaudited)
Operating revenues and other income		$ 61,548,000,000	$ 56,953,000,000	$ 58,574,000,000
Net income (loss)		$ 7,988,000,000	$ 9,245,000,000	$ 10,957,000,000
Earnings per share:
Basic (in dollars per share)		$ 6.36	$ 7.82	$ 9.08
Diluted (in dollars per share)		$ 6.35	$ 7.81	$ 9.06
Pro Forma
Supplemental Pro Forma (unaudited)
Operating revenues and other income			$ 63,121,000,000	$ 67,840,000,000
Net income (loss)			$ 10,557,000,000	$ 13,115,000,000
Earnings per share:
Basic (in dollars per share)			$ 8.06	$ 9.72
Diluted (in dollars per share)			$ 8.05	$ 9.70
Surmont
Supplemental Pro Forma (unaudited)
Operating revenues and other income	$ 572,000,000
Net income (loss)	$ 119,000,000
Pro forma - total revenues and other income				$ 2,561,000,000
Pro forma - Net Income (Loss) attributable to ConocoPhillips				501,000,000
Marathon Oil Corporation
Supplemental Pro Forma (unaudited)
Operating revenues and other income			$ 677,000,000
Net income (loss)			66,000,000
Pro forma - total revenues and other income			6,168,000,000	6,705,000,000
Pro forma - Net Income (Loss) attributable to ConocoPhillips			$ 1,312,000,000	$ 1,657,000,000

Sales and Other Operating Revenues

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Sales and Other Operating Revenues

Note 18—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
	2025		2024	2023

Revenue from contracts with customers	$	51,824	49,418	48,522
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative	7,201		5,483	8,203
Financial derivative contracts	(81)		(156)	(584)
Consolidated sales and other operating revenues	$	58,944	54,745	56,141

Revenues from contracts outside the scope of ASC Topic 606, “Revenue from Contracts with Customers,” 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. Further disaggregation of revenues is provided in Note 22 - Segment Disclosures and Related Information.

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 as of the end of the reporting period.

Receivables from Contracts with Customers

At December 31, 2025, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,416 million compared with $5,398 million at December 31, 2024, 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 natural 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 natural gas sold under contracts for which NPNS has not been elected compared with trade receivables where NPNS has been elected.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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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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+ Details

Accounting Policies	12 Months Ended
Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Accounting Policies	Note 1—Accounting Policies •Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and, if applicable, variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is measured at fair value except when the investment does not have a readily determinable fair value. For those exceptions, it will be measured at cost minus impairment, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. Undivided interests in oil and gas joint ventures, pipelines, natural gas plants and terminals are consolidated on a proportionate basis. We manage our operations through five operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; and Asia Pacific. See Note 22. •Foreign Currency Translation—Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income (loss) in common stockholders’ equity. Foreign currency transaction gains and losses are included in current earnings. Some of our foreign operations use their local currency as the functional currency. •Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. •Revenue Recognition—Revenues associated with the sales of crude oil, bitumen, natural gas, NGLs, LNG and other items are recognized at the point in time when the customer obtains control of the asset. In evaluating when a customer has control of the asset, we primarily consider whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership and whether the customer has accepted delivery and a right to payment exists. These products are typically sold at prevailing market prices. We allocate variable market-based consideration to deliveries (performance obligations) in the current period as that consideration relates specifically to our efforts to transfer control of current period deliveries to the customer and represents the amount we expect to be entitled to in exchange for the related products. Payment is typically due within 30 days or less. Transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into “in contemplation” of one another, are combined and reported net (i.e., on the same income statement line). •Shipping and Handling Costs—We typically incur shipping and handling costs prior to control transferring to the customer and account for these activities as fulfillment costs. Accordingly, we include shipping and handling costs in production and operating expenses for production activities. Transportation costs related to marketing activities are recorded in purchased commodities. Freight costs billed to customers are treated as a component of the transaction price and recorded as a component of revenue when the customer obtains control. •Cash Equivalents—Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value. •Short-Term Investments—Short-term investments include investments in bank time deposits and marketable securities (commercial paper and government obligations) which are carried at cost plus accrued interest and have original maturities of greater than 90 days but within one year or when the remaining maturities are within one year. We also invest in financial instruments classified as available for sale debt securities which are carried at fair value. Those instruments are included in short-term investments when they have remaining maturities of one year or less, as of the balance sheet date. •Long-Term Investments in Debt Securities—Long-term investments in debt securities includes financial instruments classified as available for sale debt securities with remaining maturities greater than one year as of the balance sheet date. They are carried at fair value and presented within the “Investments and long-term receivables” line of our consolidated balance sheet. •Inventories—We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. The majority of our commodity-related inventories are recorded at cost using the LIFO basis. We measure these inventories at the lower-of-cost-or-market in the aggregate. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual/nonrecurring costs or research and development costs. Materials, supplies and other miscellaneous inventories, such as tubular goods and well equipment, are valued using various methods, including the weighted-average-cost method and the FIFO method, consistent with industry practice. •Fair Value Measurements—Assets and liabilities measured at fair value and required to be categorized within the fair value hierarchy are categorized into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants. •Derivative Instruments—Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the balance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. We do not apply hedge accounting to our commodity derivative instruments. •Oil and Gas Exploration and Development—Oil and gas exploration and development costs are accounted for using the successful efforts method of accounting. Property Acquisition Costs—Oil and gas leasehold acquisition costs are capitalized and included in the balance sheet caption PP&E. Leasehold impairment is recognized based on exploratory experience and management’s judgment. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated leasehold costs are reclassified to proved properties. Exploratory Costs—Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. Exploratory well costs are capitalized, or “suspended,” on the balance sheet pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. If exploratory wells encounter potentially economic quantities of oil and gas, the well costs remain capitalized on the balance sheet as long as sufficient progress assessing the reserves and the economic and operating viability of the project is being made. For complex exploratory discoveries, it is not unusual to have exploratory wells remain suspended on the balance sheet for several years while we perform additional appraisal drilling and seismic work on the potential oil and gas field or while we seek government or coventurer approval of development plans or seek environmental permitting. Once all required approvals and permits have been obtained, the projects are moved into the development phase, and the oil and gas resources are designated as proved reserves. Management reviews suspended well balances quarterly, continuously monitors the results of the additional appraisal drilling and seismic work, and expenses the suspended well costs as dry holes when it judges the potential field does not warrant further investment in the near term. See Note 5. Development Costs—Costs incurred to drill and equip development wells, including unsuccessful development wells, are capitalized. Depletion and Amortization—Leasehold costs of producing properties are depleted using the unit-of-production method based on estimated proved developed and proved undeveloped oil and gas reserves. Amortization of development costs is based on the unit-of-production method using estimated proved developed oil and gas reserves. •Capitalized Interest—Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets. •Depreciation and Amortization—Depreciation and amortization of PP&E on producing hydrocarbon properties and SAGD facilities are determined by the unit-of-production method. Depreciation and amortization of all other PP&E are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units). •Impairment of Properties, Plants and Equipment—Long-lived assets used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If there is an indication the carrying amount of an asset may not be recovered, a recoverability test is performed using management’s assumptions for prices, volumes and future development plans. If the sum of the undiscounted cash flows before income-taxes is less than the carrying value of the asset group, the carrying value is written down to estimated fair value and reported as an impairment in the period in which the determination is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets—generally on a field-by-field basis for E&P assets. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future production volumes, commodity prices, operating costs and capital decisions, considering all available evidence at the date of review. The impairment review includes cash flows from proved developed and undeveloped reserves, including any development expenditures necessary to achieve that production. Additionally, when probable and possible reserves exist, an appropriate risk-adjusted amount of these reserves may be included in the impairment calculation. Long-lived assets committed by management for disposal within one year are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described. •Maintenance and Repairs—Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred. •Property Dispositions—When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Gain (loss) on dispositions” line of our consolidated income statement. When partial units of depreciable property are sold or retired which do not significantly alter the DD&A rate, the asset cost and accumulated depreciation are eliminated such that no gain or loss is recorded. •Asset Retirement Obligations and Environmental Costs—The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred (typically when the asset is installed at the production location). Fair value is estimated using a present value approach, incorporating assumptions about estimated amounts and timing of settlements and impacts of the use of technologies. See Note 6. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired through a business combination, which we record on a discounted basis) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is probable and estimable. •Impairment of Investments in Nonconsolidated Entities—Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When such a condition is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate. •Guarantees—The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable that we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee. •Share-Based Compensation—We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting. •Income Taxes—Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial reporting basis and the tax basis of our assets and liabilities, except for deferred taxes on income and temporary differences related to the cumulative translation adjustment considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures. Allowable tax credits are applied currently as reductions of the provision for income taxes. Interest related to unrecognized tax benefits is reflected in interest and debt expense, and penalties related to unrecognized tax benefits are reflected in production and operating expenses. •Taxes Collected from Customers and Remitted to Governmental Authorities—Sales and value-added taxes are recorded net. •Net Income (Loss) Per Share of Common Stock—Basic net income (loss) per share is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock (including fully vested stock and unit awards that have not yet been issued as common stock) and participating securities. ConocoPhillips grants Restricted Stock Units (RSUs) under its share-based compensation programs, the majority of which entitle recipients to receive non-forfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the company’s common stock. See Note 14. These unvested RSUs meet the definition of participating securities based on their respective rights to receive non-forfeitable dividends and are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS. Diluted EPS includes the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Diluted net loss per share does not assume conversion or exercise of securities that would have an antidilutive effect. Treasury stock is excluded from the daily weighted-average number of common shares outstanding in both calculations. See Note 21.

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 64,796	$ 49,279	$ 48,003
Other comprehensive income (loss)	562	(800)	327
Ending balance	64,487	64,796	49,279
Accumulated Other Comprehensive Income/(Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6,473)	(5,673)	(6,000)
Other comprehensive income (loss)	562	(800)	327
Ending balance	(5,911)	(6,473)	(5,673)
Defined Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(390)	(393)	(448)
Other comprehensive income (loss)	55	3	55
Ending balance	(335)	(390)	(393)
Net Unrealized Holding Gain/(Loss) on Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3	2	(11)
Other comprehensive income (loss)	5	1	13
Ending balance	8	3	2
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6,104)	(5,344)	(5,541)
Other comprehensive income (loss)	502	(760)	197
Ending balance	(5,602)	(6,104)	(5,344)
Unrealized Gain/(Loss) on Hedging Activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	18	62	0
Other comprehensive income (loss)	0	(44)	62
Ending balance	$ 18	$ 18	$ 62

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: 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 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-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 15: http://www.xbrl.org/2009/role/commonPracticeRef
-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 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Acquisitions and Dispositions - Narrative (Details) $ in Billions				1 Months Ended	3 Months Ended				12 Months Ended
	Nov. 22, 2024 USD ($) shares	Oct. 04, 2023 USD ($)	Oct. 04, 2023 CAD ($)	Nov. 30, 2024 USD ($) shares	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2024	Dec. 31, 2022
Business Combination [Line Items]
Operating revenues and other income									$ 61,548,000,000	$ 56,953,000,000	$ 58,574,000,000
Net Income (Loss)									7,988,000,000	9,245,000,000	10,957,000,000
Loss on forward contracts									$ 11,000,000	(50,000,000)	$ 92,000,000
QatarEnergy LNG NFS3
Business Combination [Line Items]
Equity interest of ConocoPhillips					25.00%				25.00%				25.00%
North Field South \| QatarEnergy LNG NFS3
Business Combination [Line Items]
Investment, ownership percentage													25.00%
Port Arthur LNG
Business Combination [Line Items]
Equity interest of ConocoPhillips					30.00%			30.00%	30.00%		30.00%
Port Arthur LNG \| Sempra
Business Combination [Line Items]
Investment, ownership percentage								70.00%			70.00%
Lower 48
Business Combination [Line Items]
Net Income (Loss)									$ 5,264,000,000	5,175,000,000	$ 6,461,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Certain Noncore Assets \| Lower 48
Business Combination [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]									Gain (Loss) on Disposition of Property Plant Equipment
Proceeds from sale of business									$ 1,100,000,000
Before-tax gain (loss) on disposition									404,000,000
Gain (loss) on disposal, net of tax									310,000,000
Net carrying value					$ 719,000,000				719,000,000
Disposal group including discontinued operation, net carrying value, asset					770,000,000				770,000,000
Disposal group including discontinued operation, net carrying value, PP&E					645,000,000				645,000,000
Disposal group, including discontinued operation, liabilities					51,000,000				51,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Anadarko Basin
Business Combination [Line Items]
Proceeds from sale of business					1,200,000,000
Net carrying value					$ 1,200,000,000				$ 1,200,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Ursa, Europa Fields, And Ursa Oil Pipeline Company LLC \| Lower 48
Business Combination [Line Items]
Proceeds from sale of business						$ 699,000,000
Before-tax gain (loss) on disposition						274,000,000
Gain (loss) on disposal, net of tax						266,000,000
Net carrying value						444,000,000
Disposal group including discontinued operation, net carrying value, asset						536,000,000
Disposal group including discontinued operation, net carrying value, PP&E						522,000,000
Disposal group, including discontinued operation, liabilities						$ 92,000,000
Marathon Oil Corporation
Business Combination [Line Items]
Total consideration	$ 16,500,000,000			$ 16,507,000,000
Business acquisition, entity shares issued per acquiree share \| shares	0.255			0.255
Proved properties	$ 13,200,000,000
Unproved properties	10,800,000,000
Business acquisition, transaction-related costs							$ 587,000,000			587,000,000
Business acquisition, employee severance expense	334,000,000
Operating revenues and other income										677,000,000
Net Income (Loss)										$ 66,000,000
Marathon Oil Corporation \| Lower 48
Business Combination [Line Items]
Proved properties	12,100,000,000
Marathon Oil Corporation \| Equatorial Guinea
Business Combination [Line Items]
Proved properties	$ 1,100,000,000
Prudhoe Bay
Business Combination [Line Items]
Interest acquired							0.40%			0.40%
Alaska Acquisition
Business Combination [Line Items]
Total consideration							$ 296,000,000
Surmont
Business Combination [Line Items]
Total consideration		$ 3,000,000,000.0	$ 4.1
Proved properties		2,900,000,000
Unproved properties		$ 200,000,000
Operating revenues and other income								$ 572,000,000
Net Income (Loss)								$ 119,000,000
Interest acquired												50.00%
Interest subsequently acquired		100.00%
Surmont \| Foreign Exchange Forward
Business Combination [Line Items]
Loss on forward contracts											$ 112,000,000
Kuparuk River Unit
Business Combination [Line Items]
Interest acquired							5.00%			5.00%

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Jan. 31, 2026	Jun. 30, 2025
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-32395
Entity Registrant Name	ConocoPhillips
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0562944
Entity Address, Address Line One	925 N. Eldridge Parkway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	281
Local Phone Number	293-1000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 112.0
Entity Common Stock, Shares Outstanding		1,222,339,152
Documents Incorporated by Reference	Documents incorporated by reference: Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 12, 2026 (Part III)
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001163165
Current Fiscal Year End Date	--12-31
Common Stock, $.01 Par Value
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	COP
Security Exchange Name	NYSE
7% Debentures due 2029
Entity Listings [Line Items]
Title of 12(b) Security	7% Debentures due 2029
Trading Symbol	CUSIP—718507BK1
Security Exchange Name	NYSE

Fair Value Measurement - Commodity Derivative Balances Subject to Right of Setoff (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Offsetting Derivative Assets [Abstract]
Assets - Gross Amounts Recognized	$ 604	$ 488
Assets - Amounts Not Subject to Right of Setoff	2	0
Assets - Amounts Subject to Right of Setoff, Gross Amounts	602	488
Assets - Amounts Subject to Right of Setoff, Gross Amounts Offset	361	278
Assets - Amounts Subject to Right of Setoff, Net Amount Presented	241	210
Assets - Amounts Subject to Right of Setoff, Cash Collateral	6	0
Assets - Amounts Subject to Right of Setoff, Net Amount	235	210
Offsetting Derivative Liabilities [Abstract]
Liabilities - Gross Amounts Recognized	538	480
Liabilities - Amounts Not Subject to Right of Setoff	1	0
Liabilities - Amounts Subject to Right of Setoff, Gross Amounts	537	480
Liabilities - Amounts Subject to Right of Setoff, Gross Amounts Offset	361	278
Liabilities - Amounts Subject to Right of Setoff, Net Amounts Presented	176	202
Liabilities - Amounts Subject to Right of Setoff, Cash Collateral	53	73
Liabilities - Amounts Subject to Right of Setoff, Net Amounts	$ 123	$ 129

Asset Retirement Obligations and Accrued Environmental Costs (Tables)

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations and Accrued Environmental Costs

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


	Millions of Dollars
	2025		2024

Asset retirement obligations	$	8,364	8,215
Accrued environmental costs	220		206
Total asset retirement obligations and accrued environmental costs	8,584		8,421
Asset retirement obligations and accrued environmental costs due within one year*	(370)		(332)
Long-term asset retirement obligations and accrued environmental costs	$	8,214	8,089

Changes in Asset Retirement Obligation

During 2025 and 2024, our overall ARO changed as follows:


	Millions of Dollars
	2025		2024

Balance at January 1	$	8,215	7,227
Accretion of discount	366		319
New obligations, including acquisitions	162		926
Changes in estimates of existing obligations	(150)		140
Spending on existing obligations	(259)		(182)
Property dispositions	(186)		(6)
Foreign currency translation	216		(209)

Balance at December 31	$	8,364	8,215

Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Excess of replacement or current costs over stated LIFO value	$ 65	$ 113

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivables, after allowance for credit loss	$ 4,416	$ 5,398

Derivative and Financial Instruments - Net Carrying Amount of Investments and Long-term Receivables Carried at Cost plus Accrued Interest (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents	$ 6,497	$ 5,605
Short-term investments	31	12
Cash
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents	543	770
Demand Deposits
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents	3,781	3,211
Time Deposits \| 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents	975	1,364
Short-term investments	6	1
Time Deposits \| 91 to 180 days
Schedule of Held-to-maturity Securities [Line Items]
Short-term investments	17	5
Time Deposits \| Within one year
Schedule of Held-to-maturity Securities [Line Items]
Short-term investments	8	6
U.S. Government Obligations \| 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents	$ 1,198	$ 260

Investments, Loans and Long-Term Receivables - Components of Investments, Loans and Long-Term Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity investments	$ 8,833	$ 8,611
Long-term receivables	110	113
Long-term investments in debt securities	1,148	1,055
Other investments	94	90
Total	$ 10,185	$ 9,869

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Suspended Wells and Exploration Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Extractive Industries [Abstract]

Net Changes in Suspended Exploratory Well Costs

The following table reflects the net changes in suspended exploratory well costs during 2025, 2024 and 2023:


	Millions of Dollars
	2025		2024	2023

Beginning balance	$	196	184	527
Additions pending the determination of proved reserves	113		32	—
Reclassifications to proved properties	—		(2)	(285)
Sales of suspended wells	(30)		—	—
Charged to dry hole expense	(36)		(18)	(58)
Ending balance	$	243	196	184

Aging of Suspended Well Cost

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


	Millions of Dollars
	2025		2024	2023

Exploratory well costs capitalized for a period of one year or less	$	110	33	—
Exploratory well costs capitalized for a period greater than one year	133		163	184
Ending balance	$	243	196	184

Number of projects with exploratory well costs capitalized for a period greater than one year	13		13	14

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

The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December 31, 2025:


	Millions of Dollars
			Suspended Since
	Total		2021-2024	2018-2020	2017 and Prior
PL891—Norway(1)	31		—	31	—
West Willow—Alaska(2)	30		—	30	—
Narwhal Trend—Alaska(1)	25		—	25	—

Montney—Canada(2)	15		7	8	—
Other of $10 million or less each(1)(2)	32		4	—	28
Total	$	133	11	94	28

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

(2)Additional appraisal wells planned.

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 377	$ 387	$ 710
Additions based on tax positions related to the current year	0	3	5
Additions for tax positions of prior years	13	127	1
Reductions for tax positions of prior years	0	0	(9)
Settlements	(3)	(121)	(96)
Lapse of statute	(13)	(19)	(224)
Ending balance	$ 374	$ 377	$ 387

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Settlements loss (gain)	$ 5	$ (1)	$ 6
Pension Benefits \| U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	58	49	51
Interest cost	93	76	77
Expected return on plan assets	(77)	(66)	(58)
Amortization of prior service credit	0	0	0
Recognized net actuarial loss (gain)	10	8	12
Settlements loss (gain)	5	0	6
Curtailment loss (gain)	8	8	0
Net periodic benefit cost	97	75	88
Pension Benefits \| Int’l.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	34	38	38
Interest cost	130	114	113
Expected return on plan assets	(189)	(163)	(148)
Amortization of prior service credit	3	0	0
Recognized net actuarial loss (gain)	47	58	67
Settlements loss (gain)	0	(1)	0
Curtailment loss (gain)	(3)	0	0
Net periodic benefit cost	22	46	70
Other Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	2	1	1
Interest cost	8	5	5
Expected return on plan assets	0	0	0
Amortization of prior service credit	(24)	(38)	(38)
Recognized net actuarial loss (gain)	0	0	(3)
Settlements loss (gain)	0	0	0
Curtailment loss (gain)	1	0	0
Net periodic benefit cost	$ (13)	$ (32)	$ (35)

Other Financial Information - Property Plant And Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Other Income and Expenses [Abstract]
Proved properties	$ 167,969	$ 155,364
Unproved properties	10,822	15,490
Other	4,844	4,574
Gross properties, plants and equipment	183,635	175,428
Less: Accumulated depreciation, depletion and amortization	(90,396)	(81,072)
Net properties, plants and equipment	$ 93,239	$ 94,356

Investments, Loans and Long-Term Receivables - Summarized Financial Information for Equity Method Investments in Affiliated Companies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenues	$ 58,944,000,000	$ 54,745,000,000	$ 56,141,000,000
Net income (loss)	7,988,000,000	9,245,000,000	10,957,000,000
Current assets	15,532,000,000	15,647,000,000
Current liabilities	11,972,000,000	12,124,000,000
Affiliated Companies
Schedule of Equity Method Investments [Line Items]
Revenues	13,607,000,000	15,286,000,000	15,314,000,000
Income (loss) before income taxes	5,022,000,000	6,446,000,000	6,301,000,000
Net income (loss)	3,441,000,000	4,389,000,000	$ 4,214,000,000
Current assets	5,793,000,000	4,608,000,000
Noncurrent assets	43,935,000,000	41,417,000,000
Current liabilities	3,521,000,000	3,829,000,000
Noncurrent liabilities	$ 18,815,000,000	$ 16,947,000,000

- Definition

Amount of asset recognized for present right to economic benefit, classified as current.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

- 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 + Details

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes Information [Line Items]
Net deferred tax assets	$ 4,659,000,000	$ 4,403,000,000	$ 4,659,000,000
Deferred income taxes	11,426,000,000	12,237,000,000	11,426,000,000
U.S. foreign tax credits	3,300,000,000	2,900,000,000	3,300,000,000
US foreign tax credits expired	1,200,000,000		1,200,000,000
Estimated tax payable on undistributed unremitted foreign income		314,000,000
Unrecognized tax benefits that would impact effective tax rate	368,000,000	365,000,000	368,000,000	$ 378,000,000
Unrecognized tax benefit, lapse of statute		13,000,000	19,000,000	224,000,000
Unrecognized tax benefits, settlements		3,000,000	121,000,000	96,000,000
Unrecognized tax benefits, income tax penalties and interest accrued	26,000,000	47,000,000	26,000,000	45,000,000
Interest and penalties (benefiting) charging earnings		21,000,000	(19,000,000)	10,000,000
Income Tax Expense (Benefit)		(4,668,000,000)	(4,427,000,000)	(5,331,000,000)
Certain Jurisdictions Outside Of Domestic
Income Taxes Information [Line Items]
Operating loss and tax credit carryforward	1,600,000,000	1,100,000,000	1,600,000,000
Canada Revenue Agency
Income Taxes Information [Line Items]
Unrecognized tax benefits, settlements				$ 92,000,000
Noncurrent Assets
Income Taxes Information [Line Items]
Net deferred tax assets	230,000,000	$ 221,000,000	230,000,000
Marathon Oil Corporation
Income Taxes Information [Line Items]
Operating loss carryforwards	700,000,000		$ 700,000,000
Income Tax Expense (Benefit)	$ 394,000,000

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition And Dispositions [Abstract]

Acquisitions and Dispositions

Note 3—Acquisitions and Dispositions

All gains or losses on asset dispositions are reported before-tax and are included net in the “Gain (loss) on dispositions” line on our consolidated income statement. Cash proceeds and payments are included in the “Cash flows from investing activities” section of our consolidated statement of cash flows except for cash payments associated with a contingent consideration arrangement that are included in the "Cash flows from financing activities" section.

2025

Assets Sold

In the second quarter of 2025, we sold our interests in the Ursa and Europa fields and Ursa Oil Pipeline Company LLC for net proceeds of $699 million. We recognized a $274 million before-tax and $266 million after-tax gain for this transaction, inclusive of the reduction of our valuation allowance recognized in the first quarter of 2025. At the time of disposition, these assets, in our Lower 48 segment, had a net carrying value of $444 million, comprised of $536 million of assets, primarily $522 million of PP&E, and $92 million of liabilities, primarily related to noncurrent AROs. For tax-related impacts of this disposition, see Note 15.

In the fourth quarter of 2025, we sold Lower 48 assets in the Anadarko basin for net proceeds of $1.2 billion, after customary closing adjustments. At the time of the disposition, these assets had a net carrying value of approximately $1.2 billion, comprised primarily of PP&E.

Additionally, during 2025, we sold our interests in other noncore assets in the Lower 48 segment for $1.1 billion and recognized a $404 million before-tax and $310 million after-tax net gain. Our interests in the disposed assets had an aggregate net carrying value of $719 million, comprised of $770 million of assets, primarily related to $645 million of PP&E and $51 million of liabilities related to noncurrent AROs.

2024

Acquisition of Marathon Oil Corporation (Marathon Oil)

In November 2024, we completed our acquisition of Marathon Oil, an independent oil and gas exploration and production company with operations across the Lower 48 and in Equatorial Guinea. At close, the transaction was valued at $16.5 billion, which primarily represented 0.255 shares of ConocoPhillips common stock exchanged for each outstanding share of Marathon Oil common stock.


Total fair value	Millions of Dollars
Value of ConocoPhillips common stock issued*	15,972
Cash transferred at close**	451
Value attributable to Marathon Oil share-based awards	67
Other liabilities incurred***	17
Total fair value	$	16,507

*Represents the fair value of approximately 143 million shares of ConocoPhillips common stock issued to Marathon Oil stockholders. The fair value is based on the number of eligible shares of Marathon Oil common stock at a 0.255 exchange ratio and ConocoPhillips' average stock price on November 22, 2024, which was $111.93.

**Cash transferred at close primarily represents funds contributed to Marathon Oil for repayment of Marathon Oil's estimated commercial paper liabilities as of the closing date.

***Liabilities incurred are related to cash settled share-based awards and payment of cash in lieu of fractional Marathon Oil shares outstanding. These liabilities were settled prior to the end of 2024.

The transaction was accounted for as a business combination under FASB Topic ASC 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. In the fourth quarter of 2025, we finalized the allocation of the purchase price to specific assets and liabilities. It was based on the fair value of the 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. Debt assumed in the acquisition was valued based on observable market prices. The fair values of 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 acquisition, valued at $16.5 billion, was allocated to the identifiable assets and liabilities based on their estimated fair values as of the acquisition date of November 22, 2024.


Assets acquired	Millions of Dollars
Cash and cash equivalents	$	385
Accounts receivable, net	976
Inventories	302

Investments and long-term receivables	562
Net properties, plants and equipment	24,215
Other assets	215
Total assets acquired	$	26,655

Liabilities assumed
Accounts payable	$	1,183
Accrued income and other taxes	201
Employee benefit obligations	187

Long-term debt	4,719
Asset retirement obligations	781
Deferred income taxes	2,471
Other liabilities	606
Total liabilities assumed	$	10,148
Net assets acquired	$	16,507

With the completion of the transaction, we acquired proved properties of approximately $13.2 billion, with $12.1 billion in Lower 48 and $1.1 billion in Equatorial Guinea, and unproved properties of $10.8 billion in Lower 48.

We have recognized approximately $587 million of transaction-related costs, the majority of which were expensed in the fourth quarter of 2024. These non-recurring costs related primarily to employee severance and related benefits, fees paid to advisors and the settlement of share-based awards for certain Marathon Oil employees based on the terms of the Merger Agreement. These transaction-related costs included $334 million of employee severance expense. See Note 14.

For the year ended December 31, 2024, "Total revenues and other income" and "Net income (loss)" associated with the acquired assets were $677 million and income of $66 million, respectively.

Alaska Acquisition

In the fourth quarter of 2024, after exercising our preferential rights, we completed an acquisition that increased our working interest by approximately 5 percent in the Kuparuk River Unit and approximately 0.4 percent in the Prudhoe Bay Unit from Chevron U.S.A. Inc. and Union Oil Company of California for $296 million, before customary adjustments. The transaction was accounted for as an asset acquisition, with the consideration allocated primarily to PP&E.

2023

Surmont Acquisition

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


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

For information related to the contingent consideration arrangement, se e Note 11.

The transaction was accounted for as a business combination under FASB Topic ASC 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. 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 the 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 $3.0 billion was allocated to the identifiable assets and liabilities based on their 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 acquired proved and unproved properties of approximately $2.9 billion and $0.2 billion, respectively.

In anticipation of the acquisition, we entered into, and settled, various foreign exchange forward contracts to purchase CAD. For the year ended December 31, 2023, we recognized a loss of $112 million in the "Foreign currency transaction (gain) loss" line on our consolidated income statement associated with these forward contracts. The related cash flows are included within "Cash flows from investing activities" on our consolidated statement of cash flows.

From the acquisition date through December 31, 2023, "Total revenues and other income" and "Net income (loss)" associated with the acquired assets were $572 million and $119 million, respectively.

Supplemental Pro Forma (unaudited)

The following tables summarize the unaudited supplemental pro forma financial information combining the consolidated income statement of ConocoPhillips with assets acquired as shown for the year ended December 31, 2024 and 2023, as if we had completed the acquisition of Marathon Oil on January 1, 2023 and the remaining working interest in Surmont on January 1, 2022, respectively.


	Millions of Dollars
	Year Ended December 31, 2024
	As reported			Pro forma Marathon Oil	Pro forma Combined

Total revenues and other income	$	56,953		6,168	63,121

Net income (loss)	9,245			1,312	10,557

Earnings per share:
Basic net income (loss)	$	7.82			8.06
Diluted net income (loss)	7.81				8.05




	Millions of Dollars
	Year Ended December 31, 2023
	As reported		Pro forma Surmont	Pro forma Marathon Oil	Pro forma Combined
Total revenues and other income	$	58,574	2,561	6,705	67,840

Net income (loss)	10,957		501	1,657	13,115

Earnings per share:
Basic net income (loss)	$	9.08			9.72
Diluted net income (loss)	9.06				9.70

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 Surmont and Marathon Oil transactions been completed on January 1, 2022, and January 1, 2023, respectively, nor is it necessarily indicative of future operating results of the combined entity. The pro forma results do not include 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 as well as adjustments for the timing of transaction costs and tax impacts. We believe the estimates and assumptions are reasonable, and the relative effects of the transaction are properly reflected.

QatarEnergy LNG NFS(3) (NFS3)

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

Port Arthur Liquefaction Holdings, LLC (PALNG)

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

Asset Retirement Obligations and Accrued Environmental Costs - Changes in Asset Retirement Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 8,215	$ 7,227
Accretion of discount	366	319
New obligations, including acquisitions	162	926
Changes in estimates of existing obligations	(150)	140
Spending on existing obligations	(259)	(182)
Property dispositions	(186)	(6)
Foreign currency translation	216	(209)
Ending balance	$ 8,364	$ 8,215

Asset Retirement Obligations and Accrued Environmental Costs

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations and Accrued Environmental Costs

Note 6—Asset Retirement Obligations and Accrued Environmental Costs

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


	Millions of Dollars
	2025		2024

Asset retirement obligations	$	8,364	8,215
Accrued environmental costs	220		206
Total asset retirement obligations and accrued environmental costs	8,584		8,421
Asset retirement obligations and accrued environmental costs due within one year*	(370)		(332)
Long-term asset retirement obligations and accrued environmental costs	$	8,214	8,089

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

Asset Retirement Obligations

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

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

During 2025 and 2024, our overall ARO changed as follows:


	Millions of Dollars
	2025		2024

Balance at January 1	$	8,215	7,227
Accretion of discount	366		319
New obligations, including acquisitions	162		926
Changes in estimates of existing obligations	(150)		140
Spending on existing obligations	(259)		(182)
Property dispositions	(186)		(6)
Foreign currency translation	216		(209)

Balance at December 31	$	8,364	8,215

Accrued Environmental Costs

Total accrued environmental costs at December 31, 2025 and 2024, were $220 million and $206 million, respectively.

We had accrued environmental costs of $142 million and $139 million at December 31, 2025 and 2024, respectively, related to remediation activities in the U.S. and Canada. We had also accrued in Corporate and Other $68 million and $56 million of environmental costs associated with sites no longer in operation at December 31, 2025 and 2024, respectively. In addition, December 31, 2025 and 2024, included a $10 million and $11 million accrual, respectively, where the company has been named a potentially responsible party under the CERCLA, or similar state laws. Accrued environmental liabilities are expected to be paid over periods extending up to 30 years.

Expected expenditures for environmental obligations acquired in various business combinations are discounted using a weighted-average 5 percent discount factor, resulting in an accrued balance for acquired environmental liabilities of $119 million at December 31, 2025. The total expected future undiscounted payments related to the portion of the accrued environmental costs that have been discounted are $133 million.

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared, ordinary (in dollars per share)	$ 3.18	$ 2.52	$ 2.11
Dividends declared, variable return of cash (in dollars per share)		$ 0.60	$ 1.80

Non-Mineral Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Non-Mineral Leases

Note 13—Non-Mineral Leases

The company primarily leases office buildings and drilling equipment, as well as ocean transport vessels, tugboats, corporate aircraft, and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, and other leases include payment provisions that vary based on the nature of usage of the leased asset. Additionally, the company has executed certain leases that provide it with the option to extend or renew the term of the lease, terminate the lease prior to the end of the lease term, or purchase the leased asset as of the end of the lease term. In other cases, the company has executed lease agreements that require it to guarantee the residual value of certain leased office buildings. For additional information about guarantees, see Note 8.

For those leasing arrangements where the underlying asset is not yet constructed, the company does not control the asset during construction. There are no significant restrictions imposed on us by the lease agreements with regard to dividends, asset dispositions or borrowing ability.

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

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

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

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

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


	Millions of Dollars
	2025			2024
	Operating Leases		Finance Leases	Operating Leases	Finance Leases
Right-of-Use Assets
Properties, plants and equipment
Gross			2,007		1,983
Accumulated DD&A			(1,507)		(1,336)
Net PP&E*			500		647

Other assets	950			1,017

Lease Liabilities
Short-term debt**			306		292
Other accruals	383			329
Long-term debt***			495		648
Other liabilities and deferred credits	567			695
Total lease liabilities	$	950	801	1,024	940

* Includes proportionately consolidated finance lease assets of $83 million at December 31, 2025 and $107 million at December 31, 2024.

** Includes proportionately consolidated finance lease liabilities of $188 million at December 31, 2025 and $181 million at December 31, 2024.

*** Includes proportionately consolidated finance lease liabilities of $192 million at December 31, 2025 and $259 million at December 31, 2024.

The following table summarizes our lease costs:


	Millions of Dollars
	2025		2024	2023
Lease Cost*
Operating lease cost	$	447	325	229
Finance lease cost
Amortization of right-of-use assets	171		173	180
Interest on lease liabilities	24		29	35
Short-term lease cost**	65		49	40
Total lease cost***	$	707	576	484

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

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

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

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


Lease Term and Discount Rate	2025	2024

Weighted-average term (years)
Operating leases	4.06	4.41
Finance leases	4.18	4.86

Weighted-average discount rate (percent)
Operating leases	4.58	4.62
Finance leases	3.47	3.40

The following table summarizes other lease information:


	Millions of Dollars
	2025		2024	2023
Other Information*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	385	248	173
Operating cash flows from finance leases	24		29	33
Financing cash flows from finance leases	175		172	169

Right-of-use assets obtained in exchange for operating lease liabilities	$	320	628	355
Right-of-use assets obtained in exchange for finance lease liabilities	25		—	9

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

The following table summarizes future lease payments for operating and finance leases at December 31, 2025:


	Millions of Dollars
	Operating Leases		Finance Leases
Maturity of Lease Liabilities
2026	$	417	363
2027	219		164
2028	143		181
2029	102		91
2030	55		57
Remaining years	109		48
Total	1,045		904
Less: portion representing imputed interest	(95)		(103)
Total lease liabilities	$	950	801

As of December 31, 2025 and December 31, 2024, the company had approximately $1 billion and nil in future undiscounted cash flows for leases not yet commenced related to time-chartered LNG vessels in support of future LNG offtake, respectively.

Derivative and Financial Instruments - Financial Instruments, Amortized Cost Basis and Fair Value of Investments in Debt Securities Classified as Available for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 1,592	$ 1,548
Fair Value	1,601	1,551
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	953	947
Fair Value	959	950
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	72	79
Fair Value	72	79
U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	268	262
Fair Value	270	261
U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	1	7
Fair Value	1	7
Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	18	16
Fair Value	18	16
Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	280	237
Fair Value	$ 281	$ 238

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

- 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

Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Liabilities
PP&E and intangibles	$ 16,244	$ 15,609
Inventory	15	91
Other	160	155
Total deferred tax liabilities	16,419	15,855
Deferred Tax Assets
Benefit plan accruals	330	432
Asset retirement obligations and accrued environmental costs	2,985	2,799
Investments in joint ventures	2,356	2,269
Other financial accruals and deferrals	507	497
Loss and credit carryforwards	4,048	4,910
Other	103	187
Total deferred tax assets	10,329	11,094
Less: valuation allowance	(5,926)	(6,435)	$ (7,656)	$ (8,049)
Total deferred tax assets net of valuation allowance	4,403	4,659
Net deferred tax liabilities	$ 12,016	$ 11,196

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income (loss) before income taxes
United States	$ 6,176,000,000	$ 6,731,000,000	$ 9,472,000,000
Foreign	6,480,000,000	6,941,000,000	6,816,000,000
Income (loss) before income taxes	$ 12,656,000,000	$ 13,672,000,000	$ 16,288,000,000
United States, percent	48.80%	49.20%	58.20%
Foreign, percent	51.20%	50.80%	41.80%
Income (loss) before income taxes, percent	100.00%	100.00%	100.00%
Amount
U.S. federal statutory tax rate	$ 2,658,000,000	$ 2,871,000,000	$ 3,421,000,000
State income taxes, net of federal Income tax effect	127,000,000	187,000,000	214,000,000
Effect of cross-border tax laws	44,000,000	59,000,000	21,000,000
Tax Credits	(21,000,000)	0	0
Valuation allowances	(60,000,000)	(409,000,000)	(25,000,000)
Nontaxable or nondeductible items	(24,000,000)	18,000,000	(44,000,000)
Changes in unrecognized tax benefits	(11,000,000)	(54,000,000)	(312,000,000)
Total tax provision (benefit)	$ 4,668,000,000	$ 4,427,000,000	$ 5,331,000,000
Percent
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal Income tax effect	1.00%	1.40%	1.30%
Effect of cross-border tax laws	0.40%	0.40%	0.10%
Tax Credits	(0.20%)	0.00%	0.00%
Valuation allowances	(0.50%)	(3.00%)	(0.20%)
Nontaxable or nondeductible items	(0.20%)	0.10%	(0.30%)
Changes in unrecognized tax benefits	(0.10%)	(0.40%)	(1.90%)
Total	36.90%	32.40%	32.70%
Norway
Amount
Statutory tax rate differences	$ 1,020,000,000	$ 1,205,000,000	$ 1,298,000,000
Other	$ (48,000,000)	$ (97,000,000)	$ (96,000,000)
Percent
Statutory tax rate differences	8.10%	8.80%	8.00%
Other	(0.40%)	(0.70%)	(0.50%)
Libya
Amount
Statutory tax rate differences	$ 1,087,000,000	$ 1,027,000,000	$ 1,072,000,000
Other	$ (25,000,000)	$ (17,000,000)	$ (11,000,000)
Percent
Statutory tax rate differences	8.60%	7.50%	6.60%
Other	(0.20%)	(0.10%)	(0.10%)
Australia
Amount
Other	$ (6,000,000)	$ (3,000,000)	$ (12,000,000)
Equity in earnings, net of tax	$ (160,000,000)	$ (230,000,000)	$ (242,000,000)
Percent
Other	0.00%	0.00%	(0.10%)
Equity in earnings, net of tax	(1.30%)	(1.70%)	(1.50%)
Other foreign jurisdictions
Amount
Statutory tax rate differences	$ 102,000,000	$ (126,000,000)	$ 51,000,000
Percent
Statutory tax rate differences	0.80%	(0.90%)	0.30%
U.S.
Amount
Other	$ (15,000,000)	$ (4,000,000)	$ (4,000,000)
Percent
Other	(0.10%)	0.00%	0.00%

Employee Benefit Plans - Stock Option Activity (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Options
Options, Outstanding, beginning balance (in shares) \| shares	2,051,075
Options, Exercised (in shares) \| shares	(1,086,350)
Options, Outstanding, ending balance (in shares) \| shares	964,725
Stock option, Vested (in shares) \| shares	964,725
Stock option, Exercisable at end of year (in shares) \| shares	964,725
Weighted-Average Exercise Price
Weighted-Average Exercise Price, Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 43.16
Weighted-Average Exercise Price, Outstanding, exercised (in dollars per share) \| $ / shares	38.71
Weighted-Average Exercise Price, Outstanding, ending balance (in dollars per share) \| $ / shares	48.17
Weighted-Average Exercise Price, Vested (in dollars per share) \| $ / shares	48.17
Weighted-Average Exercise Price, Exercisable (in dollars per share) \| $ / shares	$ 48.17
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding, beginning balance \| $	$ 113
Aggregate intrinsic value, exercised \| $	60
Aggregate Intrinsic Value, Outstanding, ending balance \| $	44
Aggregate Intrinsic Value, Vested \| $	44
Aggregate Intrinsic Value, Exercisable \| $	$ 44

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share, Basic and Diluted

The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS for the years ended December 31, 2025, 2024, and 2023. For each of the periods with net income presented in the table below, diluted EPS calculated under the two-class method was more dilutive.


	Millions of Dollars (except per share amounts)
Years Ended December 31	2025		2024	2023

Basic earnings per share

Net income (loss)	$	7,988	9,245	10,957
Less: Dividends and undistributed earnings
allocated to participating securities	27		27	35
Net income (loss) available to common shareholders	$	7,961	9,218	10,922
Weighted-average common shares outstanding (in millions)	1,252		1,179	1,203
Net income (loss) per share of common stock	$	6.36	7.82	9.08

Diluted earnings per share

Net income (loss) available to common shareholders	$	7,961	9,218	10,922
Weighted-average common shares outstanding (in millions)	1,252		1,179	1,203
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs	1		2	3
Weighted-average diluted shares outstanding (in millions)	1,253		1,181	1,206
Net income (loss) per share of common stock	$	6.35	7.81	9.06

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition And Dispositions [Abstract]

Schedule of Business Combination


Total fair value	Millions of Dollars
Value of ConocoPhillips common stock issued*	15,972
Cash transferred at close**	451
Value attributable to Marathon Oil share-based awards	67
Other liabilities incurred***	17
Total fair value	$	16,507

**Cash transferred at close primarily represents funds contributed to Marathon Oil for repayment of Marathon Oil's estimated commercial paper liabilities as of the closing date.

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


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

Schedule of Assets Acquired and Liabilities Assumed


Assets acquired	Millions of Dollars
Cash and cash equivalents	$	385
Accounts receivable, net	976
Inventories	302

Investments and long-term receivables	562
Net properties, plants and equipment	24,215
Other assets	215
Total assets acquired	$	26,655

Liabilities assumed
Accounts payable	$	1,183
Accrued income and other taxes	201
Employee benefit obligations	187

Long-term debt	4,719
Asset retirement obligations	781
Deferred income taxes	2,471
Other liabilities	606
Total liabilities assumed	$	10,148
Net assets acquired	$	16,507


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


	Millions of Dollars
	Year Ended December 31, 2024
	As reported			Pro forma Marathon Oil	Pro forma Combined

Total revenues and other income	$	56,953		6,168	63,121

Net income (loss)	9,245			1,312	10,557

Earnings per share:
Basic net income (loss)	$	7.82			8.06
Diluted net income (loss)	7.81				8.05




	Millions of Dollars
	Year Ended December 31, 2023
	As reported		Pro forma Surmont	Pro forma Marathon Oil	Pro forma Combined
Total revenues and other income	$	58,574	2,561	6,705	67,840

Net income (loss)	10,957		501	1,657	13,115

Earnings per share:
Basic net income (loss)	$	9.08			9.72
Diluted net income (loss)	9.06				9.70

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

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

Segment Disclosures and Related Information - Summary of Segment Level Net Income (Loss) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 58,944,000,000	$ 54,745,000,000	$ 56,141,000,000
Production and operating expenses	10,331,000,000	8,751,000,000	7,693,000,000
Depreciation, depletion and amortization	11,500,000,000	9,599,000,000	8,270,000,000
Income tax provision (benefit)	4,668,000,000	4,427,000,000	5,331,000,000
Total	26,499,000,000	22,777,000,000	21,294,000,000
Equity in earnings of affiliates	(1,335,000,000)	(1,705,000,000)	(1,720,000,000)
Interest income	(311,000,000)	(402,000,000)	(412,000,000)
Interest and debt expense	855,000,000	783,000,000	780,000,000
Other	25,248,000,000	24,047,000,000	25,242,000,000
Total	24,457,000,000	22,723,000,000	23,890,000,000
Net Income (Loss)	7,988,000,000	9,245,000,000	10,957,000,000
Revenue from contracts outside the scope of ASC Topic 606	7,201,000,000	5,483,000,000	8,203,000,000
Physical contracts meeting the definition of a derivative
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	7,201,000,000	5,483,000,000	8,203,000,000
Pipeline Company
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,300,000,000	6,700,000,000	5,800,000,000
Operating Segments And Corporate Nonsegment
Segment Reporting Information [Line Items]
Sales and other operating revenues	60,960,000,000	56,906,000,000	58,045,000,000
Intersegment eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(2,016,000,000)	(2,161,000,000)	(1,904,000,000)
Total Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	58,912,000,000	54,728,000,000	56,108,000,000
Production and operating expenses	10,176,000,000	8,659,000,000	7,631,000,000
Depreciation, depletion and amortization	11,448,000,000	9,566,000,000	8,245,000,000
Income tax provision (benefit)	4,945,000,000	5,235,000,000	5,538,000,000
Total	26,569,000,000	23,460,000,000	21,414,000,000
Equity in earnings of affiliates	(1,332,000,000)	(1,679,000,000)	(1,723,000,000)
Interest income	(8,000,000)	(8,000,000)	(9,000,000)
Interest and debt expense	0	0	0
Other	24,557,000,000	22,829,000,000	24,635,000,000
Total	23,217,000,000	21,142,000,000	22,903,000,000
Net Income (Loss)	9,126,000,000	10,126,000,000	11,791,000,000
Total Segments \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	60,897,000,000	56,852,000,000	57,982,000,000
Total Segments \| Intersegment eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,985,000,000)	(2,124,000,000)	(1,874,000,000)
Alaska
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,638,000,000	6,553,000,000	7,098,000,000
Production and operating expenses	2,158,000,000	1,951,000,000	1,829,000,000
Depreciation, depletion and amortization	1,399,000,000	1,299,000,000	1,061,000,000
Income tax provision (benefit)	271,000,000	480,000,000	642,000,000
Total	3,828,000,000	3,730,000,000	3,532,000,000
Equity in earnings of affiliates	(1,000,000)	1,000,000	(1,000,000)
Interest income	0	0	0
Interest and debt expense	0	0	0
Other	1,081,000,000	1,496,000,000	1,789,000,000
Total	1,080,000,000	1,497,000,000	1,788,000,000
Net Income (Loss)	730,000,000	1,326,000,000	1,778,000,000
Alaska \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,638,000,000	6,553,000,000	7,098,000,000
Alaska \| Intersegment eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0
Lower 48
Segment Reporting Information [Line Items]
Sales and other operating revenues	41,395,000,000	37,026,000,000	38,237,000,000
Production and operating expenses	5,856,000,000	4,751,000,000	4,199,000,000
Depreciation, depletion and amortization	8,121,000,000	6,442,000,000	5,722,000,000
Income tax provision (benefit)	1,380,000,000	1,462,000,000	1,763,000,000
Total	15,357,000,000	12,655,000,000	11,684,000,000
Equity in earnings of affiliates	(11,000,000)	(5,000,000)	9,000,000
Interest income	0	0	0
Interest and debt expense	0	0	0
Other	20,785,000,000	19,201,000,000	20,083,000,000
Total	20,774,000,000	19,196,000,000	20,092,000,000
Net Income (Loss)	5,264,000,000	5,175,000,000	6,461,000,000
Lower 48 \| Physical contracts meeting the definition of a derivative
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	$ 5,700,000,000	$ 4,200,000,000	$ 6,600,000,000
Lower 48 \| Pipeline Company \| Revenue Benchmark \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	10.00%	12.00%	10.00%
Lower 48 \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 41,404,000,000	$ 37,028,000,000	$ 38,244,000,000
Lower 48 \| Intersegment eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(9,000,000)	(2,000,000)	(7,000,000)
Canada
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,625,000,000	3,514,000,000	3,006,000,000
Production and operating expenses	833,000,000	902,000,000	619,000,000
Depreciation, depletion and amortization	556,000,000	639,000,000	420,000,000
Income tax provision (benefit)	236,000,000	228,000,000	26,000,000
Total	1,625,000,000	1,769,000,000	1,065,000,000
Equity in earnings of affiliates	0	0	0
Interest income	0	0	0
Interest and debt expense	0	0	0
Other	1,259,000,000	1,033,000,000	1,539,000,000
Total	1,259,000,000	1,033,000,000	1,539,000,000
Net Income (Loss)	741,000,000	712,000,000	402,000,000
Canada \| Physical contracts meeting the definition of a derivative
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	700,000,000	500,000,000	1,300,000,000
Canada \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	5,600,000,000	5,636,000,000	4,873,000,000
Canada \| Intersegment eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,975,000,000)	(2,122,000,000)	(1,867,000,000)
Europe, Middle East and North Africa
Segment Reporting Information [Line Items]
Sales and other operating revenues	6,484,000,000	5,788,000,000	5,854,000,000
Production and operating expenses	962,000,000	671,000,000	593,000,000
Depreciation, depletion and amortization	912,000,000	761,000,000	587,000,000
Income tax provision (benefit)	2,820,000,000	2,854,000,000	3,065,000,000
Total	4,694,000,000	4,286,000,000	4,245,000,000
Equity in earnings of affiliates	(558,000,000)	(586,000,000)	(580,000,000)
Interest income	0	0	(1,000,000)
Interest and debt expense	0	0	0
Other	1,124,000,000	899,000,000	1,001,000,000
Total	566,000,000	313,000,000	420,000,000
Net Income (Loss)	1,224,000,000	1,189,000,000	1,189,000,000
Europe, Middle East and North Africa \| Physical contracts meeting the definition of a derivative
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	800,000,000	800,000,000	300,000,000
Europe, Middle East and North Africa \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	6,485,000,000	5,788,000,000	5,854,000,000
Europe, Middle East and North Africa \| Intersegment eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,000,000)	0	0
Asia Pacific
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,770,000,000	1,847,000,000	1,913,000,000
Production and operating expenses	367,000,000	384,000,000	391,000,000
Depreciation, depletion and amortization	460,000,000	425,000,000	455,000,000
Income tax provision (benefit)	238,000,000	211,000,000	42,000,000
Total	1,065,000,000	1,020,000,000	888,000,000
Equity in earnings of affiliates	(762,000,000)	(1,089,000,000)	(1,151,000,000)
Interest income	(8,000,000)	(8,000,000)	(8,000,000)
Interest and debt expense	0	0	0
Other	308,000,000	200,000,000	223,000,000
Total	(462,000,000)	(897,000,000)	(936,000,000)
Net Income (Loss)	1,167,000,000	1,724,000,000	1,961,000,000
Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,770,000,000	1,847,000,000	1,913,000,000
Asia Pacific \| Intersegment eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0
Corporate
Segment Reporting Information [Line Items]
Sales and other operating revenues	32,000,000	17,000,000	33,000,000
Production and operating expenses	155,000,000	92,000,000	62,000,000
Depreciation, depletion and amortization	52,000,000	33,000,000	25,000,000
Income tax provision (benefit)	(277,000,000)	(808,000,000)	(207,000,000)
Total	(70,000,000)	(683,000,000)	(120,000,000)
Equity in earnings of affiliates	(3,000,000)	(26,000,000)	3,000,000
Interest income	(303,000,000)	(394,000,000)	(403,000,000)
Interest and debt expense	855,000,000	783,000,000	780,000,000
Other	691,000,000	1,218,000,000	607,000,000
Total	1,240,000,000	1,581,000,000	987,000,000
Net Income (Loss)	(1,138,000,000)	(881,000,000)	(834,000,000)
Corporate \| Corporate
Segment Reporting Information [Line Items]
Sales and other operating revenues	63,000,000	54,000,000	63,000,000
Corporate \| Intersegment eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ (31,000,000)	$ (37,000,000)	$ (30,000,000)

Consolidated Balance Sheet - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 6,497,000,000	$ 5,607,000,000
Short-term investments	484,000,000	507,000,000
Accounts and notes receivable (net of allowance of $4 and $7, respectively)	5,813,000,000	6,695,000,000
Inventories	1,873,000,000	1,809,000,000
Prepaid expenses and other current assets	865,000,000	1,029,000,000
Total current assets	15,532,000,000	15,647,000,000
Investments and long-term receivables	10,185,000,000	9,869,000,000
Net properties, plants and equipment (net of accumulated DD&A of $90,396 and $81,072, respectively)	93,239,000,000	94,356,000,000
Other assets	2,983,000,000	2,908,000,000
Total assets	121,939,000,000	122,780,000,000
Liabilities
Accounts payable	6,218,000,000	6,044,000,000
Accounts payable—related parties	6,218,000,000	6,044,000,000
Short-term debt	1,020,000,000	1,035,000,000
Accrued income and other taxes	1,835,000,000	2,460,000,000
Employee benefit obligations	1,136,000,000	1,087,000,000
Other accruals	1,763,000,000	1,498,000,000
Total current liabilities	11,972,000,000	12,124,000,000
Long-term debt	22,424,000,000	23,289,000,000
Asset retirement obligations and accrued environmental costs	8,214,000,000	8,089,000,000
Deferred income taxes	12,237,000,000	11,426,000,000
Employee benefit obligations	969,000,000	1,022,000,000
Other liabilities and deferred credits	1,636,000,000	2,034,000,000
Total liabilities	57,452,000,000	57,984,000,000
Equity
Par value	23,000,000	23,000,000
Capital in excess of par	77,728,000,000	77,529,000,000
Treasury stock (at cost: 2025—1,028,350,186 shares; 2024—974,806,010 shares)	(76,217,000,000)	(71,152,000,000)
Accumulated other comprehensive income (loss)	(5,911,000,000)	(6,473,000,000)
Retained earnings	68,864,000,000	64,869,000,000
Total equity	64,487,000,000	64,796,000,000
Total liabilities and equity	$ 121,939,000,000	$ 122,780,000,000

Non-Mineral Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Right-of-Use Assets
Gross	$ 2,007	$ 1,983
Accumulated DD&A	(1,507)	(1,336)
Net PPE	$ 500	$ 647
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Operating leases, right-of-use assets	$ 950	$ 1,017
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Finance leases	$ 801	$ 940
Total lease liabilities	950	1,024
Proportionately Consolidated
Right-of-Use Assets
Net PPE	83	107
Finance leases, current	188	181
Finance leases, noncurrent	192	259
Other accruals
Right-of-Use Assets
Total lease liabilities	383	329
Other liabilities and deferred credits
Right-of-Use Assets
Total lease liabilities	567	695
Short-term debt
Right-of-Use Assets
Finance leases	306	292
Long-term debt
Right-of-Use Assets
Finance leases	$ 495	$ 648

Income Taxes - Reconciliation of Deferred Tax Asset Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Asset Valuation Allowance [Roll Forward]
Beginning balance	$ 6,435	$ 7,656	$ 8,049
Charged to expense (benefit)	(59)	(409)	(2)
Other	(450)	(812)	(391)
Ending balance	$ 5,926	$ 6,435	$ 7,656

Employee Benefit Plans - Before-Tax Amounts not Recognized in Net Periodic Benefit Cost and Sources of Change in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Pension Benefits \| U.S.
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Net actuarial gain (loss) arising during the period	$ 5	$ 3
Amortization of actuarial loss included in income (loss)	15	8
Net change during the period	20	11
Prior service credit (cost) arising during the period	0	0
Amortization of prior service cost (credit) included in income (loss)	0	0
Net change during the period	0	0
Pension Benefits \| Int’l.
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Net actuarial gain (loss) arising during the period	34	83
Amortization of actuarial loss included in income (loss)	47	57
Net change during the period	81	140
Prior service credit (cost) arising during the period	2	(57)
Amortization of prior service cost (credit) included in income (loss)	3	0
Net change during the period	5	(57)
Other Benefits
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Net actuarial gain (loss) arising during the period	3	(5)
Amortization of actuarial loss included in income (loss)	(1)	0
Net change during the period	2	(5)
Prior service credit (cost) arising during the period	2	0
Amortization of prior service cost (credit) included in income (loss)	(24)	(38)
Net change during the period	$ (22)	$ (38)

Segment Disclosures and Related Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Disclosures and Related Information

Note 22—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 five operating segments, which are primarily defined by geographic region: Alaska; Lower 48 (L48); Canada; Europe, Middle East and North Africa (EMENA); and Asia Pacific (AP).

Corporate and Other (Corporate) represents income and costs not directly associated with an operating segment, such as most interest expense, premiums on early retirement of debt, corporate overhead and certain technology activities, including licensing revenues. Corporate assets include all cash and cash equivalents and short-term investments.

Effective in the fourth quarter of 2025, we determined that our former Other International operating segment, which consisted of activities associated with prior operations in other countries, was no longer an operating segment. Residual results are aggregated into Corporate. Our historical operating segment reporting has been recast to reflect this change.

Our chief operating decision maker (CODM) is our Chairman of the Board of Directors and Chief Executive Officer, who evaluates performance and allocates resources among our operating segments based on each segment's net income (loss). This is done through the annual budget and forecasting process.

Segment accounting policies are the same as those in Note 1. Intersegment sales are at prices that approximate market. The significant segment expense categories and amounts in the tables below align with segment-level information that is regularly provided to the CODM.

2025 Segment level net income (loss)


Year Ended December 31, 2025	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segments Total	Corporate	Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues	$	5,638	41,404	5,600	6,485	1,770	60,897	63	60,960
Intersegment eliminations	—		(9)	(1,975)	(1)	—	(1,985)	(31)	(2,016)
Consolidated sales and other operating revenues#*	5,638		41,395	3,625	6,484	1,770	58,912	32	58,944

Significant segment expenses
Production and operating expenses	2,158		5,856	833	962	367	10,176	155	10,331
DD&A	1,399		8,121	556	912	460	11,448	52	11,500
Income tax provision (benefit)	271		1,380	236	2,820	238	4,945	(277)	4,668
Total	3,828		15,357	1,625	4,694	1,065	26,569	(70)	26,499

Other segment items
Equity in earnings of affiliates	(1)		(11)	—	(558)	(762)	(1,332)	(3)	(1,335)
Interest income	—		—	—	—	(8)	(8)	(303)	(311)




Interest and debt expense	—		—	—	—	—	—	855	855
Other**	1,081		20,785	1,259	1,124	308	24,557	691	25,248
Total	1,080		20,774	1,259	566	(462)	23,217	1,240	24,457

Net income (loss)	$	730	5,264	741	1,224	1,167	9,126	(1,138)	7,988
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $5.7 billion, $0.7 billion and $0.8 billion, respectively.
*In 2025, sales by our L48 segment to a certain pipeline company accounted for approximately $5.3 billion or approximately 10 percent of our total consolidated sales and other operating revenues.

**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on disposition: L48, EMENA and Corporate
Other income: L48, Canada, EMENA, AP and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses, Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate


Impairments: Alaska, L48 and Canada

Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, Canada, EMENA and Corporate

Other segment disclosures


Year Ended December 31, 2025	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segments Total	Corporate	Consolidated Total
Equity investments	$	3	—	—	2,268	4,926	7,197	1,636	8,833
Total assets	20,224		61,933	9,978	10,554	8,273	110,962	10,977	121,939
Capital expenditures and investments	3,607		6,702	593	1,194	342	12,438	115	12,553

2024 Segment level net income (loss)


Year Ended December 31, 2024	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segments Total	Corporate	Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues	$	6,553	37,028	5,636	5,788	1,847	56,852	54	56,906
Intersegment eliminations	—		(2)	(2,122)	—	—	(2,124)	(37)	(2,161)
Consolidated sales and other operating revenues#*	6,553		37,026	3,514	5,788	1,847	54,728	17	54,745

Significant segment expenses
Production and operating expenses	1,951		4,751	902	671	384	8,659	92	8,751
DD&A	1,299		6,442	639	761	425	9,566	33	9,599
Income tax provision (benefit)	480		1,462	228	2,854	211	5,235	(808)	4,427
Total	3,730		12,655	1,769	4,286	1,020	23,460	(683)	22,777

Other segment items
Equity in earnings of affiliates	1		(5)	—	(586)	(1,089)	(1,679)	(26)	(1,705)
Interest income	—		—	—	—	(8)	(8)	(394)	(402)




Interest and debt expense	—		—	—	—	—	—	783	783
Other**	1,496		19,201	1,033	899	200	22,829	1,218	24,047
Total	1,497		19,196	1,033	313	(897)	21,142	1,581	22,723

Net income (loss)	$	1,326	5,175	712	1,189	1,724	10,126	(881)	9,245
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $4.2 billion, $0.5 billion and $0.8 billion, respectively.
*In 2024, sales by our L48 segment to a certain pipeline company accounted for approximately $6.7 billion or approximately 12 percent of our total consolidated sales and other operating revenues.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48, Canada, EMENA and Corporate
Other income; Selling, general and administrative expenses; Exploration expenses; Taxes other than income taxes; and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate



Purchased Commodities and Impairments: Alaska, L48, Canada and EMENA

Foreign currency transaction (gain) loss: Canada, EMENA and Corporate
Other expenses: Alaska, L48, EMENA and Corporate

Other segment disclosures


Year Ended December 31, 2024	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segments Total	Corporate	Consolidated Total
Equity investments	$	3	123	—	1,948	4,977	7,051	1,559	8,610
Total assets	18,030		66,977	9,513	9,770	8,390	112,680	10,100	122,780
Capital expenditures and investments	3,194		6,510	551	1,021	370	11,646	472	12,118

2023 Segment level net income (loss)


Year Ended December 31, 2023	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segment Totals	Corporate	Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues	$	7,098	38,244	4,873	5,854	1,913	57,982	63	58,045
Intersegment eliminations	—		(7)	(1,867)	—	—	(1,874)	(30)	(1,904)
Consolidated sales and other operating revenues#*	7,098		38,237	3,006	5,854	1,913	56,108	33	56,141

Significant segment expenses
Production and operating expenses	1,829		4,199	619	593	391	7,631	62	7,693
DD&A	1,061		5,722	420	587	455	8,245	25	8,270
Income tax provision (benefit)	642		1,763	26	3,065	42	5,538	(207)	5,331
Total	3,532		11,684	1,065	4,245	888	21,414	(120)	21,294

Other segment items
Equity in earnings of affiliates	(1)		9	—	(580)	(1,151)	(1,723)	3	(1,720)
Interest income	—		—	—	(1)	(8)	(9)	(403)	(412)




Interest and debt expense	—		—	—	—	—	—	780	780
Other**	1,789		20,083	1,539	1,001	223	24,635	607	25,242
Total	1,788		20,092	1,539	420	(936)	22,903	987	23,890

Net income (loss)	$	1,778	6,461	402	1,189	1,961	11,791	(834)	10,957
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $6.6 billion, $1.3 billion and $0.3 billion, respectively.
*In 2023, sales by our Lower 48 segment to a certain pipeline company accounted for approximately $5.8 billion or approximately 10 percent of our total consolidated sales and other operating revenues.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: Alaska, L48, AP and Corporate
Other income; Selling, general and administrative expenses; Exploration expenses; Taxes other than income taxes; and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Impairments: L48, Canada and Corporate




Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, EMENA and Corporate

Other segment disclosures


Year Ended December 31, 2023	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segment Totals	Corporate	Consolidated Total
Equity investments	$	32	118	—	1,191	5,419	6,760	1,145	7,905
Total assets	16,174		42,415	10,277	8,396	8,903	86,165	9,759	95,924
Capital expenditures and investments	1,705		6,487	456	1,111	354	10,113	1,135	11,248


Sales and Other Operating Revenues by Product

Consolidated sales and other operating revenues
	Millions of Dollars
	2025		2024	2023
Crude oil	$	39,068	39,010	37,833
Natural gas	8,854		6,444	10,725
Natural gas liquids	3,705		2,889	2,609
Other*	7,317		6,402	4,974
Total	$	58,944	54,745	56,141

*Includes bitumen, power and LNG.


Revenue from physical contracts meeting the definition of a derivative outside the scope of ASC Topic 606
	Millions of Dollars
	2025		2024	2023


Crude oil	$	494	376	143
Natural gas	5,465		3,753	6,622
Power	1,242		1,354	1,438
Total	$	7,201	5,483	8,203

Geographic Information


	Millions of Dollars
	Sales and Other Operating Revenues*				Long-Lived Assets**
	2025		2024	2023	2025	2024	2023

U.S.	$	46,611	43,480	45,101	77,453	79,141	53,955
International	12,333		11,265	11,040	24,619	23,825	23,994











Worldwide consolidated	$	58,944	54,745	56,141	102,072	102,966	77,949

*Sales and other operating revenues are attributable to countries based on the location of their selling operation.

** Defined as net PP&E plus equity investments and advances to affiliated companies.

- 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 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: 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 5: 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 6: 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 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

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

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
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Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

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-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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: 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

+ Details

Non-Mineral Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 417
2027	219
2028	143
2029	102
2030	55
Remaining years	109
Total	1,045
Less: portion representing imputed interest	(95)
Total lease liabilities	950	$ 1,024
Finance Leases
2026	363
2027	164
2028	181
2029	91
2030	57
Remaining years	48
Total	904
Less: portion representing imputed interest	(103)
Total lease liabilities	$ 801	$ 940

Investments, Loans and Long-Term Receivables (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Components of Investments, Loans and Long-Term Receivables

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


	Millions of Dollars
	2025		2024
Equity investments	$	8,833	8,611
Long-term receivables	110		113
Long-term investments in debt securities	1,148		1,055
Other investments	94		90
Total	$	10,185	9,869

Summarized Financial Information for Equity Method Investments in Affiliated Companies

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


	Millions of Dollars
	2025		2024	2023
Revenues	$	13,607	15,286	15,314
Income (loss) before income taxes	5,022		6,446	6,301
Net income (loss)	3,441		4,389	4,214

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


	Millions of Dollars
	2025		2024
Current assets	$	5,793	4,608
Noncurrent assets	43,935		41,417
Current liabilities	3,521		3,829
Noncurrent liabilities	18,815		16,947

Equity - Changes in Shares of Common Stock (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of year	2,250,672,734	2,103,772,516	2,100,885,134
Acquisition of Marathon Oil	0	142,941,624	0
Distributed under benefit plans	2,845,548	3,958,594	2,887,382
End of year	2,253,518,282	2,250,672,734	2,103,772,516
Held in Treasury
Beginning of year	974,806,010	925,670,961	877,029,062
Repurchase of common stock	53,544,176	49,135,049	48,641,899
End of year	1,028,350,186	974,806,010	925,670,961

- Definition

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

+ References + Details

Debt - Narrative 2024 (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
Debt - Narrative 2024 (Details) - USD ($) $ in Millions	Dec. 31, 2024	Nov. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Feb. 28, 2025	Nov. 22, 2024
Debt Instrument [Line Items]
Debt at face value	$ 24,085			$ 23,347	$ 24,085
Debt instrument, repurchased face amount	3,768				3,768
Debt repurchase, premiums paid	283
Loss on extinguishment of debt					(173)
Retirement of debt				700
Revolving Credit Facility
Debt Instrument [Line Items]
Project finance facility, maximum borrowing capacity						$ 5,500
Minimum limit of debt for cross default provision				200
Commercial paper program, amount outstanding				0
Remaining borrowing capacity under revolving credit facility	5,500			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
Variable Rate Debt Bonds
Debt Instrument [Line Items]
Debt at face value	283			283	283
Marathon Oil Corporation
Debt Instrument [Line Items]
Long-term debt		$ 4,700					$ 4,719
Debt instrument, original amount of exchanged debt	863				863
Debt instrument, exchange amount	862				862
Marathon Oil Corporation \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value		4,600
4.05% Revenue Refunding Bonds
Debt Instrument [Line Items]
Debt at face value		$ 200
Stated interest rate		4.05%
4.05% Revenue Refunding Bonds \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross				$ 200
4.05% Revenue Refunding Bonds \| Marathon Oil Corporation \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Stated interest rate				4.05%
4.4% Notes due 2027 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate				4.40%
Debt instrument, exchange amount	228				228
Long-term and short-term, combined amount, gross	$ 424			$ 422	$ 424
4.4% Notes due 2027 \| Marathon Oil Corporation \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value		$ 1,000
Stated interest rate	4.40%	4.40%			4.40%
Debt instrument, repurchased face amount	$ 576				$ 576
5.3% Notes due 2029 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate				5.30%
Long-term and short-term, combined amount, gross	86			$ 84	86
5.3% Notes due 2029 \| Marathon Oil Corporation \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value		$ 600
Stated interest rate		5.30%
6.8% Notes due 2032 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate				6.80%
Long-term and short-term, combined amount, gross	$ 180			$ 180	$ 180
6.8% Notes due 2032 \| Marathon Oil Corporation \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value		$ 550
Stated interest rate	6.80%	6.80%			6.80%
Debt instrument, repurchased face amount	$ 370				$ 370
Debt instrument, exchange amount	102				102
5.7% Notes due 2034 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate				5.70%
Debt instrument, exchange amount	63				63
Long-term and short-term, combined amount, gross	$ 103			$ 103	$ 103
5.7% Notes due 2034 \| Marathon Oil Corporation \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value		$ 600
Stated interest rate	5.70%	5.70%			5.70%
Debt instrument, repurchased face amount	$ 497				$ 497
6.6% Notes due 2037 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate				6.60%
Debt instrument, exchange amount	259				259
Long-term and short-term, combined amount, gross	$ 335			$ 335	$ 335
6.6% Notes due 2037 \| Marathon Oil Corporation \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value		$ 750
Stated interest rate	6.60%	6.60%			6.60%
Debt instrument, repurchased face amount	$ 415				$ 415
5.2% Notes due 2045 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate				5.20%
Debt instrument, exchange amount	151				151
Long-term and short-term, combined amount, gross	$ 186			$ 186	$ 186
5.2% Notes due 2045 \| Marathon Oil Corporation \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value		$ 500
Stated interest rate	5.20%	5.20%			5.20%
Debt instrument, repurchased face amount	$ 314				$ 314
2.20% Revenue Refunding Bonds
Debt Instrument [Line Items]
Debt at face value		$ 200
Stated interest rate		2.20%
2.20% Revenue Refunding Bonds \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross				$ 200
2.20% Revenue Refunding Bonds \| Marathon Oil Corporation \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Stated interest rate				2.20%
2.375% Revenue Refunding Bonds
Debt Instrument [Line Items]
Debt at face value		$ 200
Stated interest rate		2.375%
2.375% Revenue Refunding Bonds \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross				$ 200
2.375% Revenue Refunding Bonds \| Marathon Oil Corporation \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Stated interest rate				2.375%
5.3% Note due 2029 \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt instrument, exchange amount	$ 59				$ 59
5.3% Note due 2029 \| Marathon Oil Corporation \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.30%				5.30%
Debt instrument, repurchased face amount	$ 514				$ 514
7.8% Debentures due 2027 \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value	$ 203				$ 203
Stated interest rate	7.80%				7.80%
Debt instrument, repurchased face amount	$ 83				$ 83
7.0% Debentures due 2029 \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value	$ 112				$ 112
Stated interest rate	7.00%				7.00%
Debt instrument, repurchased face amount	$ 17				$ 17
7.375% Debentures due 2029 \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value	$ 92				$ 92
Stated interest rate	7.375%				7.375%
Debt instrument, repurchased face amount	$ 26				$ 26
6.95% Notes due 2029 \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value	$ 1,195				$ 1,195
Stated interest rate	6.95%			6.95%	6.95%
Debt instrument, repurchased face amount	$ 490				$ 490
Long-term and short-term, combined amount, gross	705			$ 705	705
8.125% Notes due 2030 \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value	$ 390				$ 390
Stated interest rate	8.125%			8.125%	8.125%
Debt instrument, repurchased face amount	$ 183				$ 183
Long-term and short-term, combined amount, gross	207			$ 207	207
7.4% Notes due 2031 \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value	$ 382				$ 382
Stated interest rate	7.40%			7.40%	7.40%
Debt instrument, repurchased face amount	$ 151				$ 151
Long-term and short-term, combined amount, gross	232			$ 232	232
7.25% Notes due 2031 \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value	$ 400				$ 400
Stated interest rate	7.25%			7.25%	7.25%
Debt instrument, repurchased face amount	$ 132				$ 132
Long-term and short-term, combined amount, gross	268			$ 268	268
Universal Shelf Registration Notes \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt at face value	5,200				5,200
Notes Payable to Banks \| 4.7% Notes due 2030
Debt Instrument [Line Items]
Debt at face value	$ 1,350				$ 1,350
Stated interest rate	4.70%				4.70%
Notes Payable to Banks \| 4.85% Notes due 2032
Debt Instrument [Line Items]
Debt at face value	$ 650				$ 650
Stated interest rate	4.85%				4.85%
Notes Payable to Banks \| 5.0% Notes due 2035
Debt Instrument [Line Items]
Debt at face value	$ 1,250				$ 1,250
Stated interest rate	5.00%				5.00%
Notes Payable to Banks \| 5.5% Notes due 2055
Debt Instrument [Line Items]
Debt at face value	$ 1,300				$ 1,300
Stated interest rate	5.50%				5.50%
Notes Payable to Banks \| 5.65% Notes due 2065
Debt Instrument [Line Items]
Debt at face value	$ 650				$ 650
Stated interest rate	5.65%				5.65%
Sub-Series 2017C \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Stated interest rate	3.30%				3.30%
Long-term and short-term, combined amount, gross	$ 400				$ 400
Revenue Refunding Bonds Due 2037 \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross	$ 1,000			$ 1,000	$ 1,000
3.35% Notes due 2024 [Member] \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate		3.35%
Retirement of debt		$ 265
2.125% Note due 2024 [Member] \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate			2.125%
Retirement of debt			$ 461

Income Taxes - Components of Provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Federal
Current	$ 655,000,000	$ 629,000,000	$ 1,054,000,000
Deferred	537,000,000	247,000,000	825,000,000
Foreign
Current	3,287,000,000	3,249,000,000	2,931,000,000
Deferred	33,000,000	71,000,000	254,000,000
State and local
Current	177,000,000	182,000,000	202,000,000
Deferred	(21,000,000)	49,000,000	65,000,000
Total tax provision (benefit)	$ 4,668,000,000	$ 4,427,000,000	$ 5,331,000,000

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Change in Benefit Obligations and Fair Value of Plan Assets

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


	Millions of Dollars
	Pension Benefits					Other Benefits
	2025			2024		2025	2024
	U.S.		Int’l.	U.S.	Int’l.
Change in Benefit Obligation
Benefit obligation at January 1	$	1,806	2,591	1,525	2,866	145	107
Service cost	58		34	49	38	2	1
Interest cost	93		130	76	114	8	5
Plan participant contributions	—		—	—	—	14	12
Plan amendments	—		—	—	57	(2)	—
Business combinations				237			42
Actuarial (gain) loss	89		(59)	(4)	(202)	(3)	5
Benefits paid	(204)		(142)	(98)	(134)	(39)	(27)
Curtailment	3		(8)	8	—	1	—
Recognition of termination benefits	—		—	13	—	—	—
Foreign currency exchange rate change	—		243	—	(148)	—	—
Benefit obligation at December 31*	$	1,845	2,789	1,806	2,591	126	145
*Accumulated benefit obligation portion of above at December 31:	$	1,767	2,577	1,703	2,392

Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	$	1,556	2,907	1,306	3,085	—	—
Actual return on plan assets	166		192	66	18	—	—
Company contributions	148		50	83	88	25	15
Plan participant contributions	—		—	—	—	14	12
Business combinations				199
Benefits paid	(204)		(142)	(98)	(134)	(39)	(27)
Foreign currency exchange rate change	—		277	—	(150)	—	—
Fair value of plan assets at December 31	$	1,666	3,284	1,556	2,907	—	—
Funded Status	$	(179)	495	(250)	316	(126)	(145)

Amounts Recognized in Balance Sheet and Assumptions


	Millions of Dollars
	Pension Benefits						Other Benefits
	2025				2024		2025	2024
	U.S.			Int’l.	U.S.	Int’l.

Amounts Recognized in the Consolidated Balance Sheet at December 31
Noncurrent assets	$	29		744	1	553	—	—
Current liabilities	(81)			(10)	(28)	(10)	(24)	(26)
Noncurrent liabilities	(127)			(239)	(223)	(227)	(102)	(119)
Total recognized	$	(179)		495	(250)	316	(126)	(145)

Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate	5.25		%	4.95	5.70	4.90	5.60	5.60
Rate of compensation increase	4.50			4.05	5.00	4.05
Interest crediting rate for applicable benefits	4.75				4.30

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount rate	5.70		%	4.90	5.35	4.10	4.25	5.35
Expected return on plan assets	5.30			6.20	5.30	5.40
Rate of compensation increase	5.00			4.10	5.00	3.65
Interest crediting rate for applicable benefits	4.35				4.20

Projected and Accumulated Benefit Obligations in Excess of Fair Value

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


	Millions of Dollars
	Pension Benefits
	2025			2024
	U.S.		Int’l.	U.S.	Int’l.

Pension Plans with Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation	$	208	258	450	242
Fair value of plan assets	—		9	199	6

Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation	$	190	223	425	210
Fair value of plan assets	—		9	199	6

Before-Tax Amounts not Recognized in Net Periodic Benefit Cost

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


	Millions of Dollars
	Pension Benefits					Other Benefits
	2025			2024		2025	2024
	U.S.		Int’l.	U.S.	Int’l.

Unrecognized net actuarial loss (gain)	$	92	364	112	445	—	2
Unrecognized prior service cost (credit)	—		61	—	58	1	(21)

Source of Change in Other Comprehensive Income (Loss)


	Millions of Dollars
	Pension Benefits					Other Benefits
	2025			2024		2025	2024
	U.S.		Int’l.	U.S.	Int’l.

Sources of Change in Other Comprehensive Income (Loss)
Net gain (loss) arising during the period	$	5	34	3	83	3	(5)
Amortization of actuarial (gain) loss included in income (loss)*	15		47	8	57	(1)	—
Net change during the period	$	20	81	11	140	2	(5)

Prior service credit (cost) arising during the period	$	—	2	—	(57)	2	—
Amortization of prior service cost (credit) included in income (loss)	—		3	—	—	(24)	(38)
Net change during the period	$	—	5	—	(57)	(22)	(38)

*Includes settlement (gains) losses recognized in 2025 and 2024.

Components of Net Periodic Benefit Cost

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


	Millions of Dollars
	Pension Benefits							Other Benefits
	2025			2024		2023		2025	2024	2023
	U.S.		Int’l.	U.S.	Int’l.	U.S.	Int’l.

Components of Net Periodic Benefit Cost
Service cost	$	58	34	49	38	51	38	2	1	1
Interest cost	93		130	76	114	77	113	8	5	5
Expected return on plan assets	(77)		(189)	(66)	(163)	(58)	(148)	—	—	—
Amortization of prior service credit	—		3	—	—	—	—	(24)	(38)	(38)
Recognized net actuarial loss (gain)	10		47	8	58	12	67	—	—	(3)
Settlements loss (gain)	5		—	—	(1)	6	—	—	—	—
Curtailment loss (gain)	8		(3)	8	—	—	—	1	—	—
Net periodic benefit cost	$	97	22	75	46	88	70	(13)	(32)	(35)

Fair Values of Pension Plan Assets

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


	Millions of Dollars
	U.S.					International
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
2025
Equity securities

International	1		—	—	1	1	—	—	1
Mutual funds	20		—	—	20	514	103	—	617
Debt securities
Corporate	—		—	1	1	—	—	—	—
Mutual funds	—		—	—	—	572	—	—	572
Private equity funds				2	2
Cash and cash equivalents	1		—	—	1	18	—	—	18
Insurance contracts				4	4
Real estate	—		—	2	2	—	—	169	169
Total in fair value hierarchy	$	22	—	9	31	1,105	103	169	1,377

Investments measured at net asset value*
Equity securities
Common/collective trusts					353				325
Debt securities
Common/collective trusts					1,213				1,579
Cash and cash equivalents					9				—
Real estate					21				—
Total**	$	22	—	9	1,627	1,105	103	169	3,281

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

**Excludes the participating interest in the insurance annuity contract with a net asset of $40 million and net receivables related to security transactions of $2 million.

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


	Millions of Dollars
	U.S.					International
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
2024
Equity securities
U.S.	$	5	—	—	5	—	—	—	—
International	38		—	—	38	—	—	—	—
Mutual funds	17		—	—	17	445	77	—	522
Debt securities
Corporate	—		1	—	1	—	—	—	—
Mutual funds	—		—	—	—	451	—	—	451
Private equity funds				3	3
Cash and cash equivalents	—		—	—	—	25	—	—	25
Insurance contracts				4	4
Real estate	—		—	3	3	—	—	136	136
Total in fair value hierarchy	$	60	1	10	71	921	77	136	1,134

Investments measured at net asset value*
Equity securities
Common/collective trusts					479				194
Debt securities
Common/collective trusts					938				1,575
Cash and cash equivalents					3				—
Real estate					22				—
Total**	$	60	1	10	1,513	921	77	136	2,903

**Excludes the participating interest in the insurance annuity contract with a net asset of $42 million and net receivables related to security transactions of $5 million.

Benefit Payments

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


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

2026	$	511	135	17
2027	279		139	17
2028	164		142	16
2029	161		146	14
2030	151		151	13
2031–2035	628		799	52

Severance Accrual

The following table summarizes our severance accrual activity:


	Millions of Dollars
	2025		2024	2023

Balance at January 1	$	331	12	31
Accruals*	365		328	1
Benefit payments	(320)		(9)	(20)
Foreign currency translation adjustment	2		—	—
Balance at December 31**	$	378	331	12

*Partner recoveries of $73 million are accrued as receivables as of December 31, 2025. The expenses in our consolidated income statement are presented net of this amount.

**Of the remaining balance at December 31, 2025, $300 million is classified as short-term.

Compensation Expense

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


	Millions of Dollars
	2025		2024	2023

Compensation cost	$	336	268	334
Tax benefit	79		67	84

Stock Option Activity

The following summarizes our stock option activity for the year ended December 31, 2025:


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

Outstanding at December 31, 2024	2,051,075	$	43.16	$	113
Exercised	(1,086,350)	38.71		60

Outstanding at December 31, 2025	964,725	$	48.17	$	44
Vested at December 31, 2025	964,725	$	48.17	$	44
Exercisable at December 31, 2025	964,725	$	48.17	$	44

Restricted Stock Unit Activity

The following summarizes our stock-settled RSU activity for the year ended December 31, 2025:


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

Outstanding at December 31, 2024	6,471,773	$	104.89
Granted	2,998,555	99.26
Forfeited	(274,989)	103.37
Issued	(2,938,338)	98.14		$	285
Outstanding at December 31, 2025	6,257,001	$	105.43
Not Vested at December 31, 2025	4,300,663	$	105.25

Performance Share Program Activity

The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2025:


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

Outstanding at December 31, 2024	774,503	$	50.75
Granted	4,737	100.90

Issued	(193,286)	52.05		$	18
Outstanding at December 31, 2025	585,954	$	50.73

The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2025:


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

Outstanding at December 31, 2024	89,583	$	98.20
Granted	647,382	100.90
Settled	(659,340)	100.14		$	66
Outstanding at December 31, 2025	77,625	$	94.00

Restricted Shares and Units Aggregate Activity

The following summarizes the aggregate activity of these restricted shares and units for the year ended December 31, 2025:


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

Outstanding at December 31, 2024	629,681	$	60.22
Granted	43,292	98.68

Issued	(110,284)	52.23		$	12
Outstanding at December 31, 2025	562,689	$	64.75

Sales and Other Operating Revenues - Disaggregation of Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from contracts with customers	$ 51,824,000,000	$ 49,418,000,000	$ 48,522,000,000
Revenue from contracts outside the scope of ASC Topic 606	7,201,000,000	5,483,000,000	8,203,000,000
Total revenues and other income	58,944,000,000	54,745,000,000	56,141,000,000
Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	7,201,000,000	5,483,000,000	8,203,000,000
Financial derivative contracts
Revenue from contracts outside the scope of ASC Topic 606	(81,000,000)	(156,000,000)	(584,000,000)
Crude oil
Revenue from contracts outside the scope of ASC Topic 606	494,000,000	376,000,000	143,000,000
Natural gas
Revenue from contracts outside the scope of ASC Topic 606	5,465,000,000	3,753,000,000	6,622,000,000
Lower 48
Total revenues and other income	41,395,000,000	37,026,000,000	38,237,000,000
Lower 48 \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	5,700,000,000	4,200,000,000	6,600,000,000
Canada
Total revenues and other income	3,625,000,000	3,514,000,000	3,006,000,000
Canada \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	700,000,000	500,000,000	1,300,000,000
Europe, Middle East and North Africa
Total revenues and other income	6,484,000,000	5,788,000,000	5,854,000,000
Europe, Middle East and North Africa \| Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	$ 800,000,000	$ 800,000,000	$ 300,000,000

Employee Benefit Plans - Narrative (Details) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) installment $ / shares shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2013	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Settlements (loss) gain	$ (5,000,000)	$ 1,000,000	$ (6,000,000)
Percent amortized for net actuarial gains and losses	10.00%	10.00%	10.00%
Severance expense	$ 286,000,000
Aggregate intrinsic value, exercised	(60,000,000)
Corporate
Defined Benefit Plan Disclosure [Line Items]
Severance expense	72,000,000
Alaska
Defined Benefit Plan Disclosure [Line Items]
Severance expense	43,000,000
Lower 48
Defined Benefit Plan Disclosure [Line Items]
Severance expense	87,000,000
Canada
Defined Benefit Plan Disclosure [Line Items]
Severance expense	29,000,000
Europe, Middle East and North Africa
Defined Benefit Plan Disclosure [Line Items]
Severance expense	48,000,000
Asia Pacific
Defined Benefit Plan Disclosure [Line Items]
Severance expense	7,000,000
Production and Operating Expenses
Defined Benefit Plan Disclosure [Line Items]
Severance expense	214,000,000
Selling, General and Administrative Expenses
Defined Benefit Plan Disclosure [Line Items]
Severance expense	$ 72,000,000
Share-based Payment Arrangement, Option
Defined Benefit Plan Disclosure [Line Items]
Vesting period	6 months
Expiration period	10 years
Restricted Stock Units (RSUs) \| Discontinued Operations
Defined Benefit Plan Disclosure [Line Items]
Weighted-average grant date fair value, granted (in dollars per share) \| $ / shares	$ 98.68	$ 111.91	$ 115.88
Total fair value, issued	$ 12,000,000	$ 35,000,000	$ 46,000,000
RSU Stock Settled
Defined Benefit Plan Disclosure [Line Items]
Unrecognized compensation cost from stock options	$ 188,000,000
Weighted average period of recognition of unvested options	1 year 8 months 15 days
Weighted-average grant date fair value, granted (in dollars per share) \| $ / shares	$ 99.26	$ 109.79	$ 110.91
Total fair value, issued	$ 285,000,000	$ 410,000,000	$ 284,000,000
PSU Cash Settled and Stock Settled
Defined Benefit Plan Disclosure [Line Items]
PSUs, authorization period	3 years
PSU Cash Settled Program
Defined Benefit Plan Disclosure [Line Items]
Unrecognized compensation cost from stock options	$ 0
Weighted-average grant date fair value, granted (in dollars per share) \| $ / shares	$ 100.90	$ 110.39	$ 112.50
Total fair value, issued	$ 66,000,000	$ 171,000,000	$ 111,000,000
Vesting period	5 years
PSUs, authorization period	3 years			3 years
PSU Stock Settled
Defined Benefit Plan Disclosure [Line Items]
Unrecognized compensation cost from stock options	$ 0
Weighted-average grant date fair value, granted (in dollars per share) \| $ / shares	$ 100.90	$ 110.39	$ 112.50
Total fair value, issued	$ 18,000,000	$ 23,000,000	$ 29,000,000
Vesting period	5 years
PSUs, authorization period	3 years
PSUs, requisite period	5 years
Twenty Fourteen Omnibus Stock and Performance Incentive Plan Of Conoco Phillips
Defined Benefit Plan Disclosure [Line Items]
Share based compensation plan, number of shares authorized \| shares	36
Twenty Fourteen Omnibus Stock and Performance Incentive Plan Of Conoco Phillips \| Share-based Payment Arrangement, Option
Defined Benefit Plan Disclosure [Line Items]
Weighted-average remaining contractual term of outstanding options	1 year 10 days
Aggregate intrinsic value, exercised		$ (63,000,000)	$ (58,000,000)
Cash received from exercise of stock options	$ 15,000,000
Stock options exercised, cashless	27,000,000
Tax benefit from exercise of options	$ 13,000,000
Omnibus Plan, General And Executive RSU Program \| Restricted Stock Units (RSUs)
Defined Benefit Plan Disclosure [Line Items]
Number of vesting installments \| installment	1
Employee Severance
Defined Benefit Plan Disclosure [Line Items]
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Shipping and Handling Costs, Operating expenses and selling, general and administrative expenses	Shipping and Handling Costs, Operating expenses and selling, general and administrative expenses	Shipping and Handling Costs, Operating expenses and selling, general and administrative expenses
Restructuring reserve	$ 378,000,000	$ 331,000,000	$ 12,000,000		$ 31,000,000
Insurance Contract, Rights and Obligations
Defined Benefit Plan Disclosure [Line Items]
Participating interest in annuity contract, fair value	$ 40,000,000	42,000,000
Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets, percentage	28.00%
Corporate
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets, percentage	68.00%
Real estate
Defined Benefit Plan Disclosure [Line Items]
Target allocations for plan assets, percentage	4.00%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Settlements (loss) gain	$ 0	0	0
Other Benefits \| Twenty Fourteen Omnibus Stock and Performance Incentive Plan Of Conoco Phillips
Defined Benefit Plan Disclosure [Line Items]
Omnibus stock and performance incentive plan life	10 years
U.S.
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions, next fiscal year	$ 160,000,000
Company contributions in savings plan and predecessor plans except leveraged employee stock ownership plan charged to expense	160,000,000	152,000,000	151,000,000
U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Settlements (loss) gain	(5,000,000)	0	(6,000,000)
Accumulated benefit obligation	1,767,000,000	1,703,000,000
Expected future employer contributions, next fiscal year	116,000,000
U.S. \| Pension Benefits \| Level 3 \| Insurance Contract, Rights and Obligations
Defined Benefit Plan Disclosure [Line Items]
Participating interest in annuity contract, fair value	40,000,000	42,000,000
Accumulated benefit obligation	67,000,000	71,000,000
U.S. \| Pension Benefits \| Corporate \| Level 3 \| Insurance Contract, Rights and Obligations
Defined Benefit Plan Disclosure [Line Items]
Participating interest in annuity contract, fair value	107,000,000	113,000,000
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions, next fiscal year	60,000,000
Company contributions in savings plan and predecessor plans except leveraged employee stock ownership plan charged to expense	27,000,000	25,000,000	23,000,000
Int’l. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Settlements (loss) gain	0	1,000,000	$ 0
Accumulated benefit obligation	$ 2,577,000,000	$ 2,392,000,000
COP Pre Sixty Five Retiree \| U.S. \| Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate, next fiscal year	6.50%
Ultimate health care cost trend rate	5.00%
Post Sixty Five Retiree \| U.S. \| Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate, next fiscal year	4.70%
Ultimate health care cost trend rate	5.00%

Asset Retirement Obligations and Accrued Environmental Costs - Asset Retirement Obligations and Accrued Environmental Costs (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	$ 8,364	$ 8,215	$ 7,227
Accrued environmental costs	220	206
Total asset retirement obligations and accrued environmental costs	8,584	8,421
Asset retirement obligations and accrued environmental costs due within one year*	(370)	(332)
Long-term asset retirement obligations and accrued environmental costs	$ 8,214	$ 8,089

Segment Disclosures and Related Information - Sales and Other Operating Revenues by Product (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 58,944,000,000	$ 54,745,000,000	$ 56,141,000,000
Revenue from contracts outside the scope of ASC Topic 606	7,201,000,000	5,483,000,000	8,203,000,000
Crude oil
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	494,000,000	376,000,000	143,000,000
Natural gas
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	5,465,000,000	3,753,000,000	6,622,000,000
Power
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	1,242,000,000	1,354,000,000	1,438,000,000
Natural gas
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	8,854,000,000	6,444,000,000	10,725,000,000
Natural gas liquids
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	3,705,000,000	2,889,000,000	2,609,000,000
Crude oil
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	39,068,000,000	39,010,000,000	37,833,000,000
Other
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 7,317,000,000	$ 6,402,000,000	$ 4,974,000,000

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Cash Flows [Abstract]
Restricted cash, current	$ 65
Restricted cash, noncurrent	$ 354	$ 298

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Significant Transactions with Related Parties

The following tables summarize the related party balances and activities which are primarily with equity affiliates:


	Millions of Dollars
	December 31 2025		December 31 2024
Balance Sheet
Accounts and notes receivable	$	79	74
Accounts payable	64		57


	Millions of Dollars
	2025		2024	2023
Income Statement
Operating revenues and other income	$	73	88	90
Purchased commodities	1		—	—
Operating expenses and selling, general and administrative expenses	286		246	282

Segment Disclosures and Related Information - Other Segment Disclosure (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	$ 8,833,000,000	$ 8,610,000,000	$ 7,905,000,000
Consolidated total assets	121,939,000,000	122,780,000,000	95,924,000,000
Capital expenditures and investments	12,553,000,000	12,118,000,000	11,248,000,000
Corporate
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	1,636,000,000	1,559,000,000	1,145,000,000
Consolidated total assets	10,977,000,000	10,100,000,000	9,759,000,000
Capital expenditures and investments	115,000,000	472,000,000	1,135,000,000
Alaska \| Operating Segments
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	3,000,000	3,000,000	32,000,000
Consolidated total assets	20,224,000,000	18,030,000,000	16,174,000,000
Capital expenditures and investments	3,607,000,000	3,194,000,000	1,705,000,000
Lower 48 \| Operating Segments
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	0	123,000,000	118,000,000
Consolidated total assets	61,933,000,000	66,977,000,000	42,415,000,000
Capital expenditures and investments	6,702,000,000	6,510,000,000	6,487,000,000
Canada \| Operating Segments
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	0	0	0
Consolidated total assets	9,978,000,000	9,513,000,000	10,277,000,000
Capital expenditures and investments	593,000,000	551,000,000	456,000,000
Europe, Middle East and North Africa \| Operating Segments
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	2,268,000,000	1,948,000,000	1,191,000,000
Consolidated total assets	10,554,000,000	9,770,000,000	8,396,000,000
Capital expenditures and investments	1,194,000,000	1,021,000,000	1,111,000,000
Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	4,926,000,000	4,977,000,000	5,419,000,000
Consolidated total assets	8,273,000,000	8,390,000,000	8,903,000,000
Capital expenditures and investments	342,000,000	370,000,000	354,000,000
Total Segments \| Operating Segments
Segment Reporting Information [Line Items]
Investments in and Advances to Affiliates	7,197,000,000	7,051,000,000	6,760,000,000
Consolidated total assets	110,962,000,000	112,680,000,000	86,165,000,000
Capital expenditures and investments	$ 12,438,000,000	$ 11,646,000,000	$ 10,113,000,000

Guarantees	12 Months Ended
Guarantees	Dec. 31, 2025
Guarantees [Abstract]
Guarantees	Note 8—Guarantees At December 31, 2025, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. APLNG Guarantees At December 31, 2025, we had multiple outstanding guarantees in connection with our 47.5 percent ownership interest in APLNG. The following is a description of the guarantees with values calculated utilizing December 2025 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 five years. Our maximum exposure under this guarantee is approximately $210 million and may become payable if an enforcement action is commenced by the project finance lenders against APLNG. At December 31, 2025, 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 $600 million ($1.0 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 11 to 20 years or the life of the venture. Our maximum potential amount of future payments related to these guarantees is approximately $520 million and would become payable if APLNG does not perform. At December 31, 2025, the carrying value of these guarantees was approximately $35 million. QatarEnergy LNG Limited 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 December 31, 2025, the carrying value of these guarantees was approximately $14 million. Equatorial Guinea Guarantees We have guaranteed payment obligations as a shareholder in both Equatorial Guinea LNG Operations, S.A., a fully owned subsidiary of Equatorial Guinea LNG Holdings Limited, and Alba Plant LLC with regard to certain agreements to process third-party gas. These guarantees have two years remaining, and the maximum potential future payments related to these guarantees is approximately $116 million. At December 31, 2025, the carrying value of these guarantees was approximately $4 million. Other Guarantees We have other guarantees with maximum future potential payment amounts totaling approximately $580 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 December 31, 2025, there was no liability recognized for these guarantees. Indemnifications Over the years, we have entered into agreements to sell ownership interests in certain legal entities, joint ventures and assets that gave rise to qualifying indemnifications. These agreements include indemnifications for taxes and environmental liabilities. The carrying amount recorded for these indemnifications at December 31, 2025, was approximately $30 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.

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+ Details

Consolidated Statement of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 7,988,000,000	$ 9,245,000,000	$ 10,957,000,000
Defined benefit plans
Defined benefit plans, net of tax	55,000,000	3,000,000	55,000,000
Unrealized holding gain (loss) on securities, net of tax	5,000,000	1,000,000	13,000,000
Foreign currency translation adjustments, net of tax	502,000,000	(760,000,000)	197,000,000
Unrealized gain (loss) on hedging activities, net of tax	0	(44,000,000)	62,000,000
Other comprehensive income (loss)	562,000,000	(800,000,000)	327,000,000
Comprehensive Income (Loss)	$ 8,550,000,000	$ 8,445,000,000	$ 11,284,000,000

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- 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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Investments, Loans and Long-Term Receivables

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments, Loans and Long-Term Receivables

Note 4—Investments, Loans and Long-Term Receivables

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


	Millions of Dollars
	2025		2024
Equity investments	$	8,833	8,611
Long-term receivables	110		113
Long-term investments in debt securities	1,148		1,055
Other investments	94		90
Total	$	10,185	9,869

Equity Investments

Affiliated companies in which we had a significant equity investment at December 31, 2025, included:

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

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

•QatarEnergy LNG N(3) (N3)—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 affiliates of QatarEnergy (70 percent) and China National Petroleum Corporation (5 percent)—participant in the North Field East LNG project.

•NFS3—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field South LNG project. See Note 3.

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


	Millions of Dollars
	2025		2024	2023
Revenues	$	13,607	15,286	15,314
Income (loss) before income taxes	5,022		6,446	6,301
Net income (loss)	3,441		4,389	4,214

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


	Millions of Dollars
	2025		2024
Current assets	$	5,793	4,608
Noncurrent assets	43,935		41,417
Current liabilities	3,521		3,829
Noncurrent liabilities	18,815		16,947

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

At December 31, 2025, retained earnings included $112 million related to the undistributed earnings of affiliated companies. Dividends received from affiliates were $1,531 million, $2,283 million and $2,684 million in 2025, 2024 and 2023, respectively.

APLNG

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

In 2012, APLNG executed an $8.5 billion project finance facility that became non-recourse following financial completion in 2017. The facility is currently composed of a financing agreement with the Export-Import Bank of the United States, a commercial bank facility and two United States Private Placement note facilities. APLNG principal and interest payments commenced in March 2017 and are scheduled to occur bi-annually until September 2030. At December 31, 2025, a balance of $3.4 billion was outstanding on the facilities. See Note 8.

At December 31, 2025, the carrying value of our equity method investment in APLNG was approximately $4.9 billion.

PALNG

PALNG is a joint venture for the development of a large-scale LNG facility. At December 31, 2025, the carrying value of our equity method investment in PALNG was approximately $1.6 billion. See Note 3.

Investments in Qatar

N3 is a 30 percent owned joint venture in an integrated large-scale LNG project. We have terminal and pipeline use agreements with Golden Pass LNG Terminal and affiliated Golden Pass Pipeline near Sabine Pass, Texas, intended to provide us with terminal and pipeline capacity for the receipt, storage and regasification of LNG purchased from N3. Currently, the LNG from N3 is being sold to markets outside of the U.S.

NFE4

NFE4 is a joint venture participating in the NFE LNG project. NFE4 has a 12.5 percent interest in the NFE project.

We have concluded NFE4 is a VIE as it currently requires advances from the joint venture participants to fund the project. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly impact economic performance of NFE4, which involve activities related to the production and commercialization of natural gas, as well as LNG processing and export marketing. As a result, we do not consolidate NFE4, and it is accounted for under the equity method. As of December 31, 2025, the carrying value of our equity is included in the total carrying value of our equity method investments in Qatar. This equity together with the guarantee is the only financial support that we have provided NFE4. See Note 8.

NFS3

NFS3 is a joint venture participating in the NFS LNG project. NFS3 has a 25 percent interest in the NFS project. See Note 3.

At December 31, 2025, the carrying value of our equity method investments in Qatar was approximately $1.7 billion.

Loans

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

At December 31, 2025, there were no outstanding loans to affiliated companies.

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Note 7—Debt

Long-term debt at December 31 was:


	Millions of Dollars
	2025	2024
2.4% Notes due 2025	—	366
8.2% Debentures due 2025	—	134
3.35% Notes due 2025	—	199
6.875% Debentures due 2026	67	67
7.8% Debentures due 2027	120	120
4.4% Notes due 2027	422	424
3.75% Notes due 2027	196	196
4.3% Notes due 2028	223	223
7.375% Debentures due 2029	66	66
7.0% Debentures due 2029	95	95
5.3% Notes due 2029	84	86
6.95% Notes due 2029	705	705
4.7% Notes due 2030	1,350	1,350
8.125% Notes due 2030	207	207
2.4% Notes due 2031	227	227
7.2% Notes due 2031	447	447
7.25% Notes due 2031	268	268
7.4% Notes due 2031	232	232
4.85% Notes due 2032	650	650
6.8% Notes due 2032	180	180
5.9% Notes due 2032	505	505
5.05% Notes due 2033	1,000	1,000
5.7% Notes due 2034	103	103
4.15% Notes due 2034	246	246
5.0% Notes due 2035	1,250	1,250
5.95% Notes due 2036	326	326
5.951% Notes serially maturing 2022 through 2037	541	573
6.6% Notes due 2037	335	335
5.9% Notes due 2038	350	350
6.5% Notes due 2039	1,588	1,588
3.758% Notes due 2042	785	785
4.3% Notes due 2044	750	750
5.2% Notes due 2045	186	186
5.95% Notes due 2046	329	329
7.9% Debentures due 2047	60	60
4.875% Notes due 2047	319	319
4.85% Notes due 2048	219	219
3.8% Notes due 2052	1,100	1,100
5.3% Notes due 2053	1,100	1,100
5.55% Notes due 2054	1,000	1,000
5.5% Notes due 2055	1,300	1,300
4.025% Notes due 2062	1,770	1,770
5.7% Notes due 2063	700	700

5.65% Notes due 2065	650	650
Marine Terminal Revenue Refunding Bonds due 2031 at 1.23% – 5.05% during 2025 and 1.78% – 4.80% during 2024	265	265


Industrial Development Bonds due 2035 at 1.23% – 5.05% during 2025 and 1.78% – 4.22% during 2024	18		18



St. John the Baptist Parish, State of Louisiana—Revenue Refunding Bonds due 20371: $200 at 2.20%, $200 at 2.375%, $200 at 4.05%, $400 at 3.30%1	1,000		1,000

Other	13		16
Debt at face value	23,347		24,085
Finance leases	801		940
Net unamortized premiums, discounts and debt issuance costs	(704)		(701)
Total debt	23,444		24,324
Short-term debt	(1,020)		(1,035)
Long-term debt	$	22,424	23,289

1Future mandatory purchase dates for these bonds: July 1, 2026 for the 2.20% bonds of $200 million, 2.375% bonds of $200 million, 4.05% bonds of $200 million and July 3, 2028 for the 3.30% bonds of $400 million. Subsequent to the mandatory purchase dates, we will also have the right to remarket

these bonds any time up to the 2037 maturity date.

The principal amounts of long-term debt, excluding finance lease obligations, maturing in 2026 through 2030 are: $713 million, of which $600 million are municipal bonds we intend to remarket, $786 million, $670 million, $992 million and $1,599 million, respectively.

2025

In 2025, the company retired $0.7 billion principal amount of debt at maturity, consisting of $0.2 billion of our 3.35% Notes, $0.4 billion of our 2.4% Notes and $0.1 billion of our 8.2% Debentures.

2024

In the fourth quarter of 2024, we acquired Marathon Oil and assumed its outstanding debt upon close. Shortly thereafter, we launched and completed concurrent debt transactions consisting of: tender offers to repurchase certain existing Marathon Oil and ConocoPhillips debt for cash (with priority for Marathon Oil debt assumed), an obligor exchange offer to retire certain Marathon Oil debt in exchange for new ConocoPhillips debt, new debt issuances to fund the repurchase tender offers and the remarketing of available municipal bonds. See Note 3.

Marathon Oil Debt Assumed at Fair Value

As part of the acquisition, we assumed Marathon Oil's publicly traded debt, with an outstanding principal balance of $4.6 billion, which was recorded at fair value of $4.7 billion. See Note 3.

•4.4% Notes due 2027 with principal amount of $1,000 million

•5.3% Notes due 2029 with principal amount of $600 million

•6.8% Notes due 2032 with principal amount of $550 million

•5.7% Notes due 2034 with principal amount of $600 million

•6.6% Notes due 2037 with principal amount of $750 million

•5.2% Notes due 2045 with principal amount of $500 million

•St. John the Baptist Parish, State of Louisiana—Revenue Refunding Bonds due 2037 with future mandatory purchase dates of July 1, 2026:

◦2.20% Bonds with principal amount of $200 million

◦2.375% Bonds with principal amount of $200 million

◦4.05% Bonds with principal amount of $200 million

Repurchase Offers

In December 2024, we completed tender offers through which we repurchased a total of $3,768 million in aggregate principal amount of debt as listed below. We paid premiums above face value of $283 million to repurchase these debt instruments.

Marathon Oil Debt Repurchased:

•4.4% Notes due 2027 partial repurchase of $576 million

•5.3% Notes due 2029 partial repurchase of $514 million

•6.8% Notes due 2032 partial repurchase of $370 million

•5.7% Notes due 2034 partial repurchase of $497 million

•6.6% Notes due 2037 partial repurchase of $415 million

•5.2% Notes due 2045 partial repurchase of $314 million

ConocoPhillips Debt Repurchased:

•7.8% Debentures due 2027 with principal amount of $203 million (partial repurchase of $83 million)

•7.0% Debentures due 2029 with principal amount of $112 million (partial repurchase of $17 million)

•7.375% Debentures due 2029 with principal amount of $92 million (partial repurchase of $26 million)

•6.95% Notes due 2029 with principal amount of $1,195 million (partial repurchase of $490 million)

•8.125% Notes due 2030 with principal amount of $390 million (partial repurchase of $183 million)

•7.4% Notes due 2031 with principal amount of $382 million (partial repurchase of $151 million)

•7.25% Notes due 2031 with principal amount of $400 million (partial repurchase of $132 million)

Exchange Offer

Concurrently in December 2024, we completed a debt exchange offer through which $863 million in aggregate principal of existing Marathon Oil notes were tendered and accepted in exchange for $862 million of new ConocoPhillips notes. The debt exchange offers were treated as debt modifications for accounting purposes resulting in a portion of the unamortized debt discount and premiums of the existing notes being allocated to the new notes on the settlement dates of the exchange offers. No premiums were paid to bondholders in this exchange offer.

The notes tendered and accepted in the exchange offers were:

•4.4% Notes due 2027 partial exchange of $228 million

•5.3% Notes due 2029 partial exchange of $59 million

•6.8% Notes due 2032 partial exchange of $102 million

•5.7% Notes due 2034 partial exchange of $63 million

•6.6% Notes due 2037 partial exchange of $259 million

•5.2% Notes due 2045 partial exchange of $151 million

New Debt Issuance

In December 2024, we issued new debt of $5.2 billion through our universal shelf registration statement and prospectus supplement consisting of the following new notes and used the proceeds to repurchase existing debt as discussed:

•4.7% Notes due 2030 with principal of $1,350 million

•4.85% Notes due 2032 with principal of $650 million

•5.0% Notes due 2035 with principal of $1,250 million

•5.5% Notes due 2055 with principal of $1,300 million

•5.65% Notes due 2065 with principal of $650 million

Municipal Bonds Reoffering and Issuance

We completed a $400 million remarketing of sub-series 2017C bonds that are part of the $1 billion St. John the Baptist Parish, State of Louisiana—Revenue Refunding Bonds Series 2017. The bonds are subject to an interest rate of 3.30% and a mandatory purchase date of July 3, 2028.

As a result of the concurrent debt transactions as described above, we recognized a net loss on debt extinguishments of $173 million which is included in the "Other expenses" line on our consolidated income statement.

Other Debt Activity

Apart from the concurrent debt transactions discussed above, in November 2024, the company retired $265 million principal amount of our 3.35% Notes at maturity and in March 2024, the company retired $461 million principal amount of our 2.125% Notes at maturity.

Revolving Credit Facility and Credit Rating Information

In February 2025, we refinanced our revolving credit facility maintaining a total aggregate principal amount of $5.5 billion and extended the expiration to February 2030. Our revolving credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $500 million, or as support for our commercial paper program. The revolving credit facility is broadly syndicated among financial institutions and does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or credit ratings. The facility agreement contains a cross-default provision relating to the failure to pay principal or interest on other debt obligations of $200 million or more by ConocoPhillips or any of its consolidated subsidiaries. The amount of the facility is not subject to redetermination prior to its expiration date.

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

The revolving credit facility supports our ability to issue up to $5.5 billion of commercial paper. Commercial paper is generally limited to maturities of 90 days and is included in short-term debt on our consolidated balance sheet. With no commercial paper outstanding and no direct borrowings or letters of credit, we had access to $5.5 billion in available borrowing capacity under our revolving credit facility at December 31, 2025 and 2024.

For information on Finance Leases, see Note 13.

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

•Fitch: “A” with a “stable” outlook

•S&P: “A-” with a “stable” outlook

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

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

At both December 31, 2025 and 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.

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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Note 19—Related Party Transactions

The following tables summarize the related party balances and activities which are primarily with equity affiliates:


	Millions of Dollars
	December 31 2025		December 31 2024
Balance Sheet
Accounts and notes receivable	$	79	74
Accounts payable	64		57


	Millions of Dollars
	2025		2024	2023
Income Statement
Operating revenues and other income	$	73	88	90
Purchased commodities	1		—	—
Operating expenses and selling, general and administrative expenses	286		246	282

- 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.

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

+ Details

Contingencies and Commitments - Narrative (Details) $ in Millions		1 Months Ended			93 Months Ended
	Aug. 02, 2019 USD ($)	Oct. 31, 2020	Mar. 31, 2019 USD ($)	Apr. 30, 2018 USD ($)	Dec. 31, 2025 USD ($) affiliate award	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Purchase obligation					$ 331
2026					7
2027					7
2028					397
2029					558
2030					602
2030 and after					23,000
Total payments under agreement					25	$ 24	$ 26
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			$ 8,700
Litigation settlement, amount awarded revised					$ 8,500
VENEZUELA \| ConocoPhillips vs Petroleos De Venezuela ICC
Loss Contingencies [Line Items]
Litigation settlement, amount awarded	$ 33			$ 2,000
Number of affiliates \| affiliate					3
Proceeds from legal settlements					$ 794
Number of ongoing awards \| award					3

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 15—Income Taxes

Components of income tax provision (benefit) were:


	Millions of Dollars
	2025		2024	2023
Income Taxes
Federal
Current	$	655	629	1,054
Deferred	537		247	825
Foreign
Current	3,287		3,249	2,931
Deferred	33		71	254
State and local
Current	177		182	202
Deferred	(21)		49	65
Total tax provision (benefit)	$	4,668	4,427	5,331

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


	Millions of Dollars
	2025		2024
Deferred Tax Liabilities
PP&E and intangibles	$	16,244	15,609
Inventory	15		91
Other	160		155
Total deferred tax liabilities	16,419		15,855

Deferred Tax Assets
Benefit plan accruals	330		432
Asset retirement obligations and accrued environmental costs	2,985		2,799
Investments in joint ventures	2,356		2,269
Other financial accruals and deferrals	507		497
Loss and credit carryforwards	4,048		4,910
Other	103		187
Total deferred tax assets	10,329		11,094
Less: valuation allowance	(5,926)		(6,435)
Total deferred tax assets net of valuation allowance	4,403		4,659
Net deferred tax liabilities	$	12,016	11,196

At December 31, 2025, noncurrent assets and liabilities included deferred taxes of $221 million and $12,237 million, respectively. At December 31, 2024, noncurrent assets and liabilities included deferred taxes of $230 million and $11,426 million, respectively.

At December 31, 2025, the loss and credit carryforward deferred tax assets were primarily related to U.S. foreign tax credit carryforwards of $2.9 billion and various jurisdictions net operating loss and credit carryforwards of $1.1 billion.

At December 31, 2024, the loss and credit carryforward deferred tax assets were primarily related to U.S. foreign tax credit carryforwards of $3.3 billion and various jurisdictions net operating loss and credit carryforwards of $1.6 billion. In 2024, $1.2 billion of U.S. foreign tax credits expired. This reduction was partly offset by an increase of $700 million in our U.S. net operating loss, foreign tax credit carryforwards, and other credit carryforwards due to our acquisition of Marathon Oil. See Note 3.

The following table shows a reconciliation of the beginning and ending deferred tax asset valuation allowance for 2025, 2024 and 2023:


	Millions of Dollars
	2025		2024	2023

Balance at January 1	$	6,435	7,656	8,049
Charged to expense (benefit)	(59)		(409)	(2)
Other*	(450)		(812)	(391)
Balance at December 31	$	5,926	6,435	7,656

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

Valuation allowances have been established to reduce deferred tax assets to an amount that will, more likely than not, be realized. At December 31, 2025, we have maintained a valuation allowance with respect to substantially all U.S. foreign tax credit carryforwards, basis differences in our APLNG investment, and certain net operating loss carryforwards for various jurisdictions. During 2025, the valuation allowance movement charged to earnings primarily relates to the utilization of previously unrecognized capital loss carryforwards due to our agreement to the sale of our interest in the Ursa and Europa Fields, and the Ursa Pipeline Company LLC. During 2024, the valuation allowance movement charged to earnings primarily relates to the ability to utilize a portion of ConocoPhillips foreign tax credit carryforwards due to the acquisition of Marathon Oil. Other movements are primarily related to valuation allowances on expiring tax attributes. Based on our historical taxable income, expectations for the future and available tax-planning strategies, management expects deferred tax assets, net of valuation allowances, will primarily be realized as offsets to reversing deferred tax liabilities. See Note 3.

As a result of the acquisition of Marathon Oil, we utilized foreign tax credits previously offset by a valuation allowance. During the fourth quarter of 2024, a tax benefit of $394 million was recorded as a result of the acquisition and the subsequent utilization of the foreign tax credits. See Note 3.

At December 31, 2025, we had unremitted income considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures. Deferred income taxes have not been provided on this amount, as we do not plan to initiate any action that would require the payment of income taxes. The estimated amount of additional tax, primarily local withholding tax, that would be payable on this income if distributed is approximately $314 million.

The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2025, 2024 and 2023:


	Millions of Dollars
	2025		2024	2023

Balance at January 1	$	377	387	710
Additions based on tax positions related to the current year	—		3	5
Additions for tax positions of prior years	13		127	1
Reductions for tax positions of prior years	—		—	(9)
Settlements	(3)		(121)	(96)
Lapse of statute	(13)		(19)	(224)
Balance at December 31	$	374	377	387

Included in the balance of unrecognized tax benefits for 2025, 2024 and 2023 were $365 million, $368 million and $378 million, respectively, which, if recognized, would impact our effective tax rate.

The balance of the unrecognized tax benefits decreased in 2025 due to the lapsing of the statute of limitations on certain of our foreign subsidiaries, partially offset by additions on tax positions related to prior years on certain of our foreign subsidiaries.

The balance of the unrecognized tax benefits decreased in 2024 due to the resolution of certain items with U.S. and Norwegian taxing authorities. The balance of our unrecognized tax benefits increased in 2024 primarily due to U.S. tax credits acquired through our acquisition of Marathon Oil. See Note 3.

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

At December 31, 2025, 2024 and 2023, accrued liabilities for interest and penalties totaled $47 million, $26 million and $45 million, respectively, net of accrued income taxes. Interest and penalties resulted in a reduction to earnings of $21 million in 2025, an increase to earnings of $19 million in 2024 and a reduction to earnings of $10 million in 2023.

We file tax returns in the U.S. federal jurisdiction and in many foreign and state jurisdictions. Audits in major jurisdictions are generally complete as follows: Canada (2018), Norway (2024) and U.S. (2021). Issues in dispute for audited years and audits for subsequent years are ongoing and in various stages of completion in the many jurisdictions in which we operate around the world. Consequently, the balance in unrecognized tax benefits can be expected to fluctuate from period to period. Within the next twelve months, we may have audit periods close that could significantly impact our total unrecognized tax benefits. It is reasonably possible such changes could be significant when compared with our total unrecognized tax benefits, but the amount of change is not estimable.

The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate to the provision for income taxes, under newly adopted ASU 2023-09 "Improvements to Income Tax Disclosures", which we adopted for the year ended 2025 on a retrospective basis were:


	Millions of Dollars				Percent of Pre-Tax Income (Loss)
	2025		2024	2023	2025		2024	2023
Income (loss) before income taxes
United States	$	6,176	6,731	9,472	48.8	%	49.2	58.2
Foreign	6,480		6,941	6,816	51.2		50.8	41.8
	$	12,656	13,672	16,288	100.0	%	100.0	100.0

U.S. federal statutory tax rate	$	2,658	2,871	3,421	21.0	%	21.0	21.0
State income taxes, net of federal Income tax effect*	127		187	214	1.0		1.4	1.3
Foreign tax effects
Norway
Statutory tax rate difference between Norway and U.S.	1,020		1,205	1,298	8.1		8.8	8.0
Other	(48)		(97)	(96)	(0.4)		(0.7)	(0.5)
Libya					—		—	—
Additional foreign income tax	1,087		1,027	1,072	8.6		7.5	6.6
Other	(25)		(17)	(11)	(0.2)		(0.1)	(0.1)
Australia					—		—	—
Equity in earnings, net of tax	(160)		(230)	(242)	(1.3)		(1.7)	(1.5)
Other	(6)		(3)	(12)	—		—	(0.1)
Other foreign jurisdictions	102		(126)	51	0.8		(0.9)	0.3
Effect of cross-border tax laws	44		59	21	0.4		0.4	0.1
Tax Credits	(21)		—	—	(0.2)		—	—
Valuation allowances	(60)		(409)	(25)	(0.5)		(3.0)	(0.2)
Nontaxable or nondeductible items	(24)		18	(44)	(0.2)		0.1	(0.3)
Changes in unrecognized tax benefits	(11)		(54)	(312)	(0.1)		(0.4)	(1.9)
Other Adjustments	(15)		(4)	(4)	(0.1)		—	—
Total	$	4,668	4,427	5,331	36.9	%	32.4	32.7

*For 2025, state taxes in Alaska contributed to the majority (greater than 50 percent) of the tax effect in this category. For 2024, state taxes in Alaska contributed to the majority (greater than 50 percent) of the tax effect in this category. For 2023, state taxes in Alaska and California contributed to the majority (greater than 50 percent) of the tax effect in this category.

Our effective tax rate for 2025 was driven by our jurisdictional tax rates for this profit mix with a favorable impact from the utilization of previously unrecognized capital loss carryforwards.

Our effective tax rate for 2024 was driven by our jurisdictional tax rates for this profit mix with a favorable impact from the acquisition of Marathon Oil, enabling the utilization of foreign tax credits previously offset by a valuation allowance. See Note 3.

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

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Earnings Per Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic earnings per share
Net Income (Loss)	$ 7,988,000,000	$ 9,245,000,000	$ 10,957,000,000
Less: Dividends and undistributed earnings allocated to participating securities	27,000,000	27,000,000	35,000,000
Net income (loss) available to common shareholders	$ 7,961,000,000	$ 9,218,000,000	$ 10,922,000,000
Average common shares outstanding (in shares)	1,252,042	1,178,920	1,202,757
Net Income (Loss) Per Share of Common Stock (in dollars per share)	$ 6.36	$ 7.82	$ 9.08
Diluted earnings per share
Net income (loss) available to common shareholders	$ 7,961,000,000	$ 9,218,000,000	$ 10,922,000,000
Add: Dilutive impact of options and unvested non-participating RSU/PSUs	1,000	2,000	3,000
Average diluted shares outstanding (in shares)	1,253,446	1,180,871	1,205,675
Net Income (Loss) Per Share of Common Stock (in dollars per share)	$ 6.35	$ 7.81	$ 9.06

Fair Value Measurement - Narrative (Details) - Surmont $ in Billions	1 Months Ended	12 Months Ended	27 Months Ended
	Oct. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Oct. 31, 2024 CAD ($) USD ($)	Oct. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Interest acquired				50.00%
Business acquisition, maximum payment				$ 0.4	$ 300,000,000
Business acquisition, term				5 years
Business acquisition, cost per every dollar exceeding threshold	$ 2,000,000
Business acquisition, threshold				52
Contingent payments		$ 80,000,000	$ 237,000,000

- 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 + Details

Sales and Other Operating Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenue from Contracts with Customers

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


	Millions of Dollars
	2025		2024	2023

Revenue from contracts with customers	$	51,824	49,418	48,522
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative	7,201		5,483	8,203
Financial derivative contracts	(81)		(156)	(584)
Consolidated sales and other operating revenues	$	58,944	54,745	56,141

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt at December 31 was:


	Millions of Dollars
	2025	2024
2.4% Notes due 2025	—	366
8.2% Debentures due 2025	—	134
3.35% Notes due 2025	—	199
6.875% Debentures due 2026	67	67
7.8% Debentures due 2027	120	120
4.4% Notes due 2027	422	424
3.75% Notes due 2027	196	196
4.3% Notes due 2028	223	223
7.375% Debentures due 2029	66	66
7.0% Debentures due 2029	95	95
5.3% Notes due 2029	84	86
6.95% Notes due 2029	705	705
4.7% Notes due 2030	1,350	1,350
8.125% Notes due 2030	207	207
2.4% Notes due 2031	227	227
7.2% Notes due 2031	447	447
7.25% Notes due 2031	268	268
7.4% Notes due 2031	232	232
4.85% Notes due 2032	650	650
6.8% Notes due 2032	180	180
5.9% Notes due 2032	505	505
5.05% Notes due 2033	1,000	1,000
5.7% Notes due 2034	103	103
4.15% Notes due 2034	246	246
5.0% Notes due 2035	1,250	1,250
5.95% Notes due 2036	326	326
5.951% Notes serially maturing 2022 through 2037	541	573
6.6% Notes due 2037	335	335
5.9% Notes due 2038	350	350
6.5% Notes due 2039	1,588	1,588
3.758% Notes due 2042	785	785
4.3% Notes due 2044	750	750
5.2% Notes due 2045	186	186
5.95% Notes due 2046	329	329
7.9% Debentures due 2047	60	60
4.875% Notes due 2047	319	319
4.85% Notes due 2048	219	219
3.8% Notes due 2052	1,100	1,100
5.3% Notes due 2053	1,100	1,100
5.55% Notes due 2054	1,000	1,000
5.5% Notes due 2055	1,300	1,300
4.025% Notes due 2062	1,770	1,770
5.7% Notes due 2063	700	700

5.65% Notes due 2065	650	650
Marine Terminal Revenue Refunding Bonds due 2031 at 1.23% – 5.05% during 2025 and 1.78% – 4.80% during 2024	265	265


Industrial Development Bonds due 2035 at 1.23% – 5.05% during 2025 and 1.78% – 4.22% during 2024	18		18



St. John the Baptist Parish, State of Louisiana—Revenue Refunding Bonds due 20371: $200 at 2.20%, $200 at 2.375%, $200 at 4.05%, $400 at 3.30%1	1,000		1,000

Other	13		16
Debt at face value	23,347		24,085
Finance leases	801		940
Net unamortized premiums, discounts and debt issuance costs	(704)		(701)
Total debt	23,444		24,324
Short-term debt	(1,020)		(1,035)
Long-term debt	$	22,424	23,289

these bonds any time up to the 2037 maturity date.

Accounting Policies (Policy)	12 Months Ended
Accounting Policies (Policy)	Dec. 31, 2025
Accounting Policies [Abstract]
Consolidation Principles and Investments	Consolidation Principles and Investments—Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and, if applicable, variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates’ operating and financial policies. When we do not have the ability to exert significant influence, the investment is measured at fair value except when the investment does not have a readily determinable fair value. For those exceptions, it will be measured at cost minus impairment, plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. Undivided interests in oil and gas joint ventures, pipelines, natural gas plants and terminals are consolidated on a proportionate basis. We manage our operations through five operating segments, defined by geographic region: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; and Asia Pacific.
Foreign Currency Translation	Foreign Currency Translation—Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income (loss) in common stockholders’ equity. Foreign currency transaction gains and losses are included in current earnings. Some of our foreign operations use their local currency as the functional currency.
Use of Estimates	Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition—Revenues associated with the sales of crude oil, bitumen, natural gas, NGLs, LNG and other items are recognized at the point in time when the customer obtains control of the asset. In evaluating when a customer has control of the asset, we primarily consider whether the transfer of legal title and physical delivery has occurred, whether the customer has significant risks and rewards of ownership and whether the customer has accepted delivery and a right to payment exists. These products are typically sold at prevailing market prices. We allocate variable market-based consideration to deliveries (performance obligations) in the current period as that consideration relates specifically to our efforts to transfer control of current period deliveries to the customer and represents the amount we expect to be entitled to in exchange for the related products. Payment is typically due within 30 days or less. Transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into “in contemplation” of one another, are combined and reported net (i.e., on the same income statement line).
Shipping and Handling Costs	Shipping and Handling Costs—We typically incur shipping and handling costs prior to control transferring to the customer and account for these activities as fulfillment costs. Accordingly, we include shipping and handling costs in production and operating expenses for production activities. Transportation costs related to marketing activities are recorded in purchased commodities. Freight costs billed to customers are treated as a component of the transaction price and recorded as a component of revenue when the customer obtains control.
Cash Equivalents	Cash Equivalents—Cash equivalents are highly liquid, short-term investments that are readily convertible to known amounts of cash and have original maturities of 90 days or less from their date of purchase. They are carried at cost plus accrued interest, which approximates fair value.
Short-Term Investments	Short-Term Investments—Short-term investments include investments in bank time deposits and marketable securities (commercial paper and government obligations) which are carried at cost plus accrued interest and have original maturities of greater than 90 days but within one year or when the remaining maturities are within one year. We also invest in financial instruments classified as available for sale debt securities which are carried at fair value. Those instruments are included in short-term investments when they have remaining maturities of one year or less, as of the balance sheet date.
Long-Term Investments in Debt Securities	Long-Term Investments in Debt Securities—Long-term investments in debt securities includes financial instruments classified as available for sale debt securities with remaining maturities greater than one year as of the balance sheet date. They are carried at fair value and presented within the “Investments and long-term receivables” line of our consolidated balance sheet.
Inventories	Inventories—We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. The majority of our commodity-related inventories are recorded at cost using the LIFO basis. We measure these inventories at the lower-of-cost-or-market in the aggregate. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual/nonrecurring costs or research and development costs. Materials, supplies and other miscellaneous inventories, such as tubular goods and well equipment, are valued using various methods, including the weighted-average-cost method and the FIFO method, consistent with industry practice.
Fair Value Measurements	Fair Value Measurements—Assets and liabilities measured at fair value and required to be categorized within the fair value hierarchy are categorized into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or our assumptions about pricing by market participants.
Derivative Instruments	Derivative Instruments—Derivative instruments are recorded on the balance sheet at fair value. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the balance sheet and the collateral payable or receivable is netted against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from recording and adjusting a derivative to fair value depends on the purpose for issuing or holding the derivative. Gains and losses from derivatives not accounted for as hedges are recognized immediately in earnings. We do not apply hedge accounting to our commodity derivative instruments.
Oil and Gas Exploration and Development	Oil and Gas Exploration and Development—Oil and gas exploration and development costs are accounted for using the successful efforts method of accounting. Property Acquisition Costs—Oil and gas leasehold acquisition costs are capitalized and included in the balance sheet caption PP&E. Leasehold impairment is recognized based on exploratory experience and management’s judgment. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated leasehold costs are reclassified to proved properties. Exploratory Costs—Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. Exploratory well costs are capitalized, or “suspended,” on the balance sheet pending further evaluation of whether economically recoverable reserves have been found. If economically recoverable reserves are not found, exploratory well costs are expensed as dry holes. If exploratory wells encounter potentially economic quantities of oil and gas, the well costs remain capitalized on the balance sheet as long as sufficient progress assessing the reserves and the economic and operating viability of the project is being made. For complex exploratory discoveries, it is not unusual to have exploratory wells remain suspended on the balance sheet for several years while we perform additional appraisal drilling and seismic work on the potential oil and gas field or while we seek government or coventurer approval of development plans or seek environmental permitting. Once all required approvals and permits have been obtained, the projects are moved into the development phase, and the oil and gas resources are designated as proved reserves. Management reviews suspended well balances quarterly, continuously monitors the results of the additional appraisal drilling and seismic work, and expenses the suspended well costs as dry holes when it judges the potential field does not warrant further investment in the near term. See Note 5. Development Costs—Costs incurred to drill and equip development wells, including unsuccessful development wells, are capitalized. Depletion and Amortization—Leasehold costs of producing properties are depleted using the unit-of-production method based on estimated proved developed and proved undeveloped oil and gas reserves. Amortization of development costs is based on the unit-of-production method using estimated proved developed oil and gas reserves.
Capitalized Interest	Capitalized Interest—Interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets.
Depreciation and Amortization	Depreciation and Amortization—Depreciation and amortization of PP&E on producing hydrocarbon properties and SAGD facilities are determined by the unit-of-production method. Depreciation and amortization of all other PP&E are determined by either the individual-unit-straight-line method or the group-straight-line method (for those individual units that are highly integrated with other units).
Impairment of Properties, Plants and Equipment	Impairment of Properties, Plants and Equipment—Long-lived assets used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If there is an indication the carrying amount of an asset may not be recovered, a recoverability test is performed using management’s assumptions for prices, volumes and future development plans. If the sum of the undiscounted cash flows before income-taxes is less than the carrying value of the asset group, the carrying value is written down to estimated fair value and reported as an impairment in the period in which the determination is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets—generally on a field-by-field basis for E&P assets. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, or based on a multiple of operating cash flow validated with historical market transactions of similar assets where possible. The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future production volumes, commodity prices, operating costs and capital decisions, considering all available evidence at the date of review. The impairment review includes cash flows from proved developed and undeveloped reserves, including any development expenditures necessary to achieve that production. Additionally, when probable and possible reserves exist, an appropriate risk-adjusted amount of these reserves may be included in the impairment calculation. Long-lived assets committed by management for disposal within one year are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described.
Maintenace and Repairs	Maintenance and Repairs—Costs of maintenance and repairs, which are not significant improvements, are expensed when incurred.
Property Dispositions	Property Dispositions—When complete units of depreciable property are sold, the asset cost and related accumulated depreciation are eliminated, with any gain or loss reflected in the “Gain (loss) on dispositions” line of our consolidated income statement. When partial units of depreciable property are sold or retired which do not significantly alter the DD&A rate, the asset cost and accumulated depreciation are eliminated such that no gain or loss is recorded.
Asset Retirement Obligations and Environmental Costs	Asset Retirement Obligations and Environmental Costs—The fair value of legal obligations to retire and remove long-lived assets are recorded in the period in which the obligation is incurred (typically when the asset is installed at the production location). Fair value is estimated using a present value approach, incorporating assumptions about estimated amounts and timing of settlements and impacts of the use of technologies. See Note 6. Environmental expenditures are expensed or capitalized, depending upon their future economic benefit. Expenditures relating to an existing condition caused by past operations, and those having no future economic benefit, are expensed. Liabilities for environmental expenditures are recorded on an undiscounted basis (unless acquired through a business combination, which we record on a discounted basis) when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is probable and estimable.
Impairment of Investments in Nonconsolidated Entities	Impairment of Investments in Nonconsolidated Entities—Investments in nonconsolidated entities are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value has occurred. When such a condition is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment is based on quoted market prices, if available, or upon the present value of expected future cash flows using discount rates and prices believed to be consistent with those used by principal market participants, plus market analysis of comparable assets owned by the investee, if appropriate.
Guarantees	Guarantees—The fair value of a guarantee is determined and recorded as a liability at the time the guarantee is given. The initial liability is subsequently reduced as we are released from exposure under the guarantee. We amortize the guarantee liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of guarantee. In cases where the guarantee term is indefinite, we reverse the liability when we have information indicating the liability is essentially relieved or amortize it over an appropriate time period as the fair value of our guarantee exposure declines over time. We amortize the guarantee liability to the related income statement line item based on the nature of the guarantee. When it becomes probable that we will have to perform on a guarantee, we accrue a separate liability if it is reasonably estimable, based on the facts and circumstances at that time. We reverse the fair value liability only when there is no further exposure under the guarantee.
Share-Based Compensation	Share-Based Compensation—We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or the period beginning at the start of the service period and ending when an employee first becomes eligible for retirement. We have elected to recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting.
Income Taxes	Income Taxes—Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial reporting basis and the tax basis of our assets and liabilities, except for deferred taxes on income and temporary differences related to the cumulative translation adjustment considered to be permanently reinvested in certain foreign subsidiaries and foreign corporate joint ventures. Allowable tax credits are applied currently as reductions of the provision for income taxes. Interest related to unrecognized tax benefits is reflected in interest and debt expense, and penalties related to unrecognized tax benefits are reflected in production and operating expenses.
Taxes Collected from Customers and Remitted to Governmental Authorities	Taxes Collected from Customers and Remitted to Governmental Authorities—Sales and value-added taxes are recorded net.
Net Income (Loss) Per Share of Common Stock	Net Income (Loss) Per Share of Common Stock—Basic net income (loss) per share is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock (including fully vested stock and unit awards that have not yet been issued as common stock) and participating securities. ConocoPhillips grants Restricted Stock Units (RSUs) under its share-based compensation programs, the majority of which entitle recipients to receive non-forfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the company’s common stock. See Note 14. These unvested RSUs meet the definition of participating securities based on their respective rights to receive non-forfeitable dividends and are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS. Diluted EPS includes the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Diluted net loss per share does not assume conversion or exercise of securities that would have an antidilutive effect. Treasury stock is excluded from the daily weighted-average number of common shares outstanding in both calculations.
New Accounting Standards	In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses” to improve the disclosures about a public business entity’s expenses (including purchases of inventory, employee compensation, depreciation, depletion and amortization) in commonly presented expense captions. The ASU will impact our financial statement disclosures only and will be applied prospectively with retrospective application permitted. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU.

Non-Mineral Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 447	$ 325	$ 229
Finance lease cost, amortization of right-of-use-assets	171	173	180
Finance lease cost, interest on lease liabilities	24	29	35
Short-term lease cost	65	49	40
Total lease cost	$ 707	$ 576	$ 484

Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information [Abstract]

Cash Flow Information


	Millions of Dollars
	2025		2024	2023
Noncash Investing and Financing Activities
Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations, excluding acquisitions	$	12	268	727
Fair value of contingent consideration on acquisition	—		—	320

Cash Payments

Interest	757		806	701

Income Taxes
Federal taxes	1,077		296	757
Foreign taxes
Norway	1,758		1,580	2,758
Libya	1,461		1,280	1,317
Other foreign	374		304	349
State taxes	152		161	225
Total income taxes	$	4,822	3,621	5,406

Net Sales (Purchases) of Investments
Short-term investments purchased	$	(1,249)	(2,606)	(1,463)
Short-term investments sold	1,751		3,567	3,574
Long-term Investments purchased	(861)		(747)	(867)
Long-term Investments sold	304		201	129
Total sales (purchases) of investments	$	(55)	415	1,373

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

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

Accumulated Other Comprehensive Income (Loss)

Note 16—Accumulated Other Comprehensive Income (Loss)

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


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

December 31, 2022	$	(448)	(11)	(5,541)	—	(6,000)
Other comprehensive income (loss)	55		13	197	62	327
December 31, 2023	(393)		2	(5,344)	62	(5,673)
Other comprehensive income (loss)	3		1	(760)	(44)	(800)
December 31, 2024	(390)		3	(6,104)	18	(6,473)
Other comprehensive income (loss)	55		5	502	—	562
December 31, 2025	$	(335)	8	(5,602)	18	(5,911)

Derivative and Financial Instruments - Fair Value Amounts of Derivatives, Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent, Prepaid Expense and Other Assets, Current
Commodity \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	$ 491	$ 394
Commodity \| Other assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	113	94
Commodity \| Other accruals
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	438	397
Commodity \| Other liabilities and deferred credits
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	$ 100	$ 83

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes Charged to Income (Loss)

Components of income tax provision (benefit) were:


	Millions of Dollars
	2025		2024	2023
Income Taxes
Federal
Current	$	655	629	1,054
Deferred	537		247	825
Foreign
Current	3,287		3,249	2,931
Deferred	33		71	254
State and local
Current	177		182	202
Deferred	(21)		49	65
Total tax provision (benefit)	$	4,668	4,427	5,331

Components of Deferred Tax Liabilities and Assets


	Millions of Dollars
	2025		2024
Deferred Tax Liabilities
PP&E and intangibles	$	16,244	15,609
Inventory	15		91
Other	160		155
Total deferred tax liabilities	16,419		15,855

Deferred Tax Assets
Benefit plan accruals	330		432
Asset retirement obligations and accrued environmental costs	2,985		2,799
Investments in joint ventures	2,356		2,269
Other financial accruals and deferrals	507		497
Loss and credit carryforwards	4,048		4,910
Other	103		187
Total deferred tax assets	10,329		11,094
Less: valuation allowance	(5,926)		(6,435)
Total deferred tax assets net of valuation allowance	4,403		4,659
Net deferred tax liabilities	$	12,016	11,196

Reconciliation of Deferred Tax Asset Valuation Allowance

The following table shows a reconciliation of the beginning and ending deferred tax asset valuation allowance for 2025, 2024 and 2023:


	Millions of Dollars
	2025		2024	2023

Balance at January 1	$	6,435	7,656	8,049
Charged to expense (benefit)	(59)		(409)	(2)
Other*	(450)		(812)	(391)
Balance at December 31	$	5,926	6,435	7,656

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

Schedule of Unrecognized Tax Benefits Roll Forward

The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2025, 2024 and 2023:


	Millions of Dollars
	2025		2024	2023

Balance at January 1	$	377	387	710
Additions based on tax positions related to the current year	—		3	5
Additions for tax positions of prior years	13		127	1
Reductions for tax positions of prior years	—		—	(9)
Settlements	(3)		(121)	(96)
Lapse of statute	(13)		(19)	(224)
Balance at December 31	$	374	377	387

Effective Income Tax Rate Reconciliation


	Millions of Dollars				Percent of Pre-Tax Income (Loss)
	2025		2024	2023	2025		2024	2023
Income (loss) before income taxes
United States	$	6,176	6,731	9,472	48.8	%	49.2	58.2
Foreign	6,480		6,941	6,816	51.2		50.8	41.8
	$	12,656	13,672	16,288	100.0	%	100.0	100.0

U.S. federal statutory tax rate	$	2,658	2,871	3,421	21.0	%	21.0	21.0
State income taxes, net of federal Income tax effect*	127		187	214	1.0		1.4	1.3
Foreign tax effects
Norway
Statutory tax rate difference between Norway and U.S.	1,020		1,205	1,298	8.1		8.8	8.0
Other	(48)		(97)	(96)	(0.4)		(0.7)	(0.5)
Libya					—		—	—
Additional foreign income tax	1,087		1,027	1,072	8.6		7.5	6.6
Other	(25)		(17)	(11)	(0.2)		(0.1)	(0.1)
Australia					—		—	—
Equity in earnings, net of tax	(160)		(230)	(242)	(1.3)		(1.7)	(1.5)
Other	(6)		(3)	(12)	—		—	(0.1)
Other foreign jurisdictions	102		(126)	51	0.8		(0.9)	0.3
Effect of cross-border tax laws	44		59	21	0.4		0.4	0.1
Tax Credits	(21)		—	—	(0.2)		—	—
Valuation allowances	(60)		(409)	(25)	(0.5)		(3.0)	(0.2)
Nontaxable or nondeductible items	(24)		18	(44)	(0.2)		0.1	(0.3)
Changes in unrecognized tax benefits	(11)		(54)	(312)	(0.1)		(0.4)	(1.9)
Other Adjustments	(15)		(4)	(4)	(0.1)		—	—
Total	$	4,668	4,427	5,331	36.9	%	32.4	32.7

Guarantees (Details) $ in Millions	12 Months Ended
Guarantees (Details) $ in Millions	Dec. 31, 2025 USD ($)
Australia Pacific APLNG
Guarantor Obligations [Line Items]
Ownership percentage in equity investment	47.50%
Finance Reserve Guarantee \| Australia Pacific APLNG
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	5 years
Maximum potential amount of future payments	$ 210
Carrying value of the guarantee to third-party lenders	14
Max Potential Future Payments-Prorata Share \| Australia Pacific APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	600
Max potential Future Payments-Reckless Breach \| Australia Pacific APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	1,000
Continued Development \| Australia Pacific APLNG
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	520
Carrying value of the guarantee to third-party lenders	$ 35
Continued Development \| Australia Pacific APLNG \| Minimum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	11 years
Continued Development \| Australia Pacific APLNG \| Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	20 years
Joint Venture Obligation Guarantee \| QatarEnergy LNG Limited Gurantee
Guarantor Obligations [Line Items]
Carrying value of the guarantee to third-party lenders	$ 14
Guarantor obligations, term	30 years
Payment Guarantee \| Equatorial Guinea Gurantees
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	2 years
Maximum potential amount of future payments	$ 116
Carrying value of the guarantee to third-party lenders	4
Other Guarantees
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	580
Carrying value of the guarantee to third-party lenders	$ 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]
Carrying value of the guarantee to third-party lenders	$ 30

Employee Benefit Plans - Severance Accrual (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Accrued partner recoveries	$ 73
Restructuring reserve	300
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning balance	331	$ 12	$ 31
Accruals	365	328	1
Benefit payments	(320)	(9)	(20)
Foreign currency translation adjustment	2	0	0
Ending balance	$ 378	$ 331	$ 12

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Employee Benefit Plans - Amounts Recognized in Balance Sheet and Assumptions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Noncurrent liabilities	$ (969)	$ (1,022)
Pension Benefits \| U.S.
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Noncurrent assets	29	1
Current liabilities	(81)	(28)
Noncurrent liabilities	(127)	(223)
Total recognized	$ (179)	$ (250)
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.25%	5.70%
Rate of compensation increase	4.50%	5.00%
Interest crediting rate for applicable benefits	4.75%	4.30%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.70%	5.35%
Expected return on plan assets	5.30%	5.30%
Rate of compensation increase	5.00%	5.00%
Interest crediting rate for applicable benefits	4.35%	4.20%
Pension Benefits \| Int’l.
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Noncurrent assets	$ 744	$ 553
Current liabilities	(10)	(10)
Noncurrent liabilities	(239)	(227)
Total recognized	$ 495	$ 316
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	4.95%	4.90%
Rate of compensation increase	4.05%	4.05%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	4.90%	4.10%
Expected return on plan assets	6.20%	5.40%
Rate of compensation increase	4.10%	3.65%
Other Benefits
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Noncurrent assets	$ 0	$ 0
Current liabilities	(24)	(26)
Noncurrent liabilities	(102)	(119)
Total recognized	$ (126)	$ (145)
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.60%	5.60%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	4.25%	5.35%

Other Financial Information

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Other Financial Information

Note 20—Other Financial Information


	Millions of Dollars
	2025		2024	2023
Interest and Debt Expense
Incurred
Debt	$	1,176	941	824
Other	63		90	109
	1,239		1,031	933
Capitalized	(384)		(248)	(153)
Expensed	$	855	783	780

Other Income
Interest income	$	311	402	412

Other, net	227		50	73
Total	$	538	452	485


Research and Development Expenditures—expensed	$	78	81	81

Shipping and Handling Costs	$	2,438	1,958	1,695

Foreign Currency Transaction (Gains) Losses—after-tax
Alaska	$	—	—	—
Lower 48	—		—	—
Canada	20		(35)	11
Europe, Middle East and North Africa	30		(37)	(39)
Asia Pacific	(33)		(1)	12
Segments Total	17		(73)	(16)
Corporate and Other	(17)		36	86
Total	$	—	(37)	70


	Millions of Dollars
	2025		2024
Properties, Plants and Equipment
Proved properties	$	167,969	155,364
Unproved properties	10,822		15,490
Other	4,844		4,574
Gross properties, plants and equipment	183,635		175,428
Less: Accumulated depreciation, depletion and amortization	(90,396)		(81,072)
Net properties, plants and equipment	$	93,239	94,356

Acquisitions and Dispositions - Schedule of Business Combination - Surmont (Details) $ in Millions, $ in Billions	Oct. 04, 2023 USD ($)	Oct. 04, 2023 CAD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Oct. 31, 2024 USD ($)
Business Combination [Line Items]
Contingent consideration			$ 0	$ 145
Surmont
Business Combination [Line Items]
Cash paid	$ 2,635
Contingent consideration					$ 320
Total consideration	$ 3,000	$ 4.1

- 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 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-47

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
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+ Details

Derivative and Financial Instruments - Financial Instruments, Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	$ 6,497	$ 5,607
Within one year \| Carrying Amount
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents		2
Short-term investments	453	495
Within one year \| Carrying Amount \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Short-term investments	308	338
Within one year \| Carrying Amount \| Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents		2
Short-term investments	72	77
Within one year \| Carrying Amount \| U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Short-term investments	46	43
Within one year \| Carrying Amount \| Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Short-term investments	9	4
Within one year \| Carrying Amount \| Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Short-term investments	18	33
One year through eight years \| Carrying Amount
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	1,148	1,054
One year through eight years \| Carrying Amount \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	651	612
One year through eight years \| Carrying Amount \| U.S. Government Obligations
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	224	218
One year through eight years \| Carrying Amount \| U.S. Government Agency Obligations
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	1	7
One year through eight years \| Carrying Amount \| Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	9	12
One year through eight years \| Carrying Amount \| Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	$ 263	$ 205

Derivative and Financial Instruments - Net Exposures from Outstanding Derivative Contracts (Details) - Short - Commodity - Bcf	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fixed price
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	(15)	(17)
Basis
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	(17)	0

- 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 + Details

Fair Value Measurement - Fair Value Hierarchy for Gross Financial Assets and Liabilities (Details) $ in Millions	Dec. 31, 2025 USD ($) $ / Boe	Dec. 31, 2024 USD ($) $ / Boe
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	$ 1,601	$ 1,551
Commodity derivatives	604	488
Total assets	2,205	2,039
Commodity derivatives	538	480
Contingent consideration	0	145
Total liabilities	538	625
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	270	261
Commodity derivatives	306	201
Total assets	576	462
Commodity derivatives	354	275
Contingent consideration	0	0
Total liabilities	354	275
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	1,331	1,290
Commodity derivatives	230	252
Total assets	1,561	1,542
Commodity derivatives	124	160
Contingent consideration	0	0
Total liabilities	124	160
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	0	0
Commodity derivatives	68	35
Total assets	68	35
Commodity derivatives	60	45
Contingent consideration	0	145
Total liabilities	$ 60	$ 190
Level 3 \| Minimum \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurment input \| $ / Boe	43.17	48.63
Level 3 \| Maximum \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurment input \| $ / Boe	51.97	57.53
Level 3 \| Arithmetic Average \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurment input \| $ / Boe	46.47	53.38

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2025
Accounting Policies [Abstract]
New Accounting Standards	Note 23—New Accounting Standards In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses” to improve the disclosures about a public business entity’s expenses (including purchases of inventory, employee compensation, depreciation, depletion and amortization) in commonly presented expense captions. The ASU will impact our financial statement disclosures only and will be applied prospectively with retrospective application permitted. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, 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.

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-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Cash Flow Information

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information [Abstract]

Cash Flow Information

Note 17—Cash Flow Information


	Millions of Dollars
	2025		2024	2023
Noncash Investing and Financing Activities
Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations, excluding acquisitions	$	12	268	727
Fair value of contingent consideration on acquisition	—		—	320

Cash Payments

Interest	757		806	701

Income Taxes
Federal taxes	1,077		296	757
Foreign taxes
Norway	1,758		1,580	2,758
Libya	1,461		1,280	1,317
Other foreign	374		304	349
State taxes	152		161	225
Total income taxes	$	4,822	3,621	5,406

Net Sales (Purchases) of Investments
Short-term investments purchased	$	(1,249)	(2,606)	(1,463)
Short-term investments sold	1,751		3,567	3,574
Long-term Investments purchased	(861)		(747)	(867)
Long-term Investments sold	304		201	129
Total sales (purchases) of investments	$	(55)	415	1,373

The following items are included in the "Cash flows from operating activities" section of our consolidated cash flows.

In 2025, we made a total of $116 million in contributions to our U.S. qualified pension plan.

For additional information on cash and non-cash changes to our consolidated balance sheet, see Note 3 and Note 11 for our acquisition of Marathon Oil and acquisition of the remaining working interest in Surmont.

Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity

Note 12—Equity

Common Stock

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


	Shares
	2025	2024	2023
Issued
Beginning of year	2,250,672,734	2,103,772,516	2,100,885,134
Acquisition of Marathon Oil	—	142,941,624	—
Distributed under benefit plans	2,845,548	3,958,594	2,887,382
End of year	2,253,518,282	2,250,672,734	2,103,772,516

Held in Treasury
Beginning of year	974,806,010	925,670,961	877,029,062
Repurchase of common stock	53,544,176	49,135,049	48,641,899
End of year	1,028,350,186	974,806,010	925,670,961

Preferred Stock

We have authorized 500 million shares of preferred stock, par value $0.01 per share, none of which was issued or outstanding at December 31, 2025 or 2024.

Repurchase of Common Stock

In late 2016, we initiated our current share repurchase program. In October 2024, our Board of Directors approved an increase from our prior authorization of $45 billion by a total of the lesser of $20 billion or the number of shares issued in our acquisition of Marathon Oil, such that the company is not to exceed $65 billion in aggregate purchases. Since inception of our current program, shares repurchased totaled 486 million shares at a cost of $39.3 billion through the end of December 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
-Paragraph 8A
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Non-Mineral Leases - Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 385	$ 248	$ 173
Operating cash flows from finance leases	24	29	33
Financing cash flows from finance leases	175	172	169
Right-of-use assets obtained in exchange for operating lease liabilities	320	628	355
Right-of-use assets obtained in exchange for finance lease liabilities	$ 25	$ 0	$ 9

Derivative and Financial Instruments - Gain (Loss) Amounts of Derivatives, Income Statement Location (Details) - Commodity - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	$ 230	$ 133	$ 86
Other income
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	(8)	(4)	(6)
Purchased commodities
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from commodity derivatives	$ (97)	$ (133)	$ (90)

- 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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended			108 Months Ended
	Oct. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025	Sep. 30, 2024
Equity [Abstract]
Preferred stock, authorized (in shares)		500,000,000	500,000,000		500,000,000
Preferred stock, par value per share (in dollars per share)		$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)		0	0		0
Preferred stock, share outstanding (in shares)		0	0		0
Stock repurchase program authorized	$ 65,000					$ 45,000
Stock repurchase program, maximum amount	$ 20,000
Treasury stock, shares acquired (in shares)					486,000,000
Repurchase of company common stock		$ 5,018	$ 5,463	$ 5,400	$ 39,300

Derivative and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Percentage of term loans converted			60.00%
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	962	868
Collateral was posted for derivative instruments in a liability position	0	0
In Event of Lowered Credit Rating
Derivative [Line Items]
Derivative, liability position, aggregate fair value	73	70
In Event of Downgrade Below Investment Grade
Derivative [Line Items]
Additional collateral, either in the form of cash or letters of credit	$ 32
Maximum
Derivative [Line Items]
Investments and long-term receivables, remaining maturity	13 years
Maximum \| Trade Receivables
Derivative [Line Items]
Terms of financial instruments and trade receivables	30 days
Minimum
Derivative [Line Items]
Investments and long-term receivables, remaining maturity	1 year
Interest Rate Swap \| Income (Loss) From Equity Method Investments
Derivative [Line Items]
Unrealized gain (loss) on hedging activities	$ 18	35
Interest Rate Swap \| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
Derivative [Line Items]
Unrealized gain (loss) on hedging activities		$ (56)	$ 78

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 14—Employee Benefit Plans

Pension and Postretirement Plans

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


	Millions of Dollars
	Pension Benefits					Other Benefits
	2025			2024		2025	2024
	U.S.		Int’l.	U.S.	Int’l.
Change in Benefit Obligation
Benefit obligation at January 1	$	1,806	2,591	1,525	2,866	145	107
Service cost	58		34	49	38	2	1
Interest cost	93		130	76	114	8	5
Plan participant contributions	—		—	—	—	14	12
Plan amendments	—		—	—	57	(2)	—
Business combinations				237			42
Actuarial (gain) loss	89		(59)	(4)	(202)	(3)	5
Benefits paid	(204)		(142)	(98)	(134)	(39)	(27)
Curtailment	3		(8)	8	—	1	—
Recognition of termination benefits	—		—	13	—	—	—
Foreign currency exchange rate change	—		243	—	(148)	—	—
Benefit obligation at December 31*	$	1,845	2,789	1,806	2,591	126	145
*Accumulated benefit obligation portion of above at December 31:	$	1,767	2,577	1,703	2,392

Change in Fair Value of Plan Assets
Fair value of plan assets at January 1	$	1,556	2,907	1,306	3,085	—	—
Actual return on plan assets	166		192	66	18	—	—
Company contributions	148		50	83	88	25	15
Plan participant contributions	—		—	—	—	14	12
Business combinations				199
Benefits paid	(204)		(142)	(98)	(134)	(39)	(27)
Foreign currency exchange rate change	—		277	—	(150)	—	—
Fair value of plan assets at December 31	$	1,666	3,284	1,556	2,907	—	—
Funded Status	$	(179)	495	(250)	316	(126)	(145)


	Millions of Dollars
	Pension Benefits						Other Benefits
	2025				2024		2025	2024
	U.S.			Int’l.	U.S.	Int’l.

Amounts Recognized in the Consolidated Balance Sheet at December 31
Noncurrent assets	$	29		744	1	553	—	—
Current liabilities	(81)			(10)	(28)	(10)	(24)	(26)
Noncurrent liabilities	(127)			(239)	(223)	(227)	(102)	(119)
Total recognized	$	(179)		495	(250)	316	(126)	(145)

Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate	5.25		%	4.95	5.70	4.90	5.60	5.60
Rate of compensation increase	4.50			4.05	5.00	4.05
Interest crediting rate for applicable benefits	4.75				4.30

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount rate	5.70		%	4.90	5.35	4.10	4.25	5.35
Expected return on plan assets	5.30			6.20	5.30	5.40
Rate of compensation increase	5.00			4.10	5.00	3.65
Interest crediting rate for applicable benefits	4.35				4.20

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

During 2025, the actuarial losses related to the benefit obligations for U.S. plans were primarily related to a decrease in the discount rate and an increase in compensation and benefits. In addition, international plans recognized actuarial gains due to higher discount rates and lower inflation rate assumptions. During 2024, the actuarial gains related to the benefit obligations for international plans were primarily related to an increase in the discount rates.

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


	Millions of Dollars
	Pension Benefits
	2025			2024
	U.S.		Int’l.	U.S.	Int’l.

Pension Plans with Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation	$	208	258	450	242
Fair value of plan assets	—		9	199	6

Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation	$	190	223	425	210
Fair value of plan assets	—		9	199	6

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


	Millions of Dollars
	Pension Benefits					Other Benefits
	2025			2024		2025	2024
	U.S.		Int’l.	U.S.	Int’l.

Unrecognized net actuarial loss (gain)	$	92	364	112	445	—	2
Unrecognized prior service cost (credit)	—		61	—	58	1	(21)


	Millions of Dollars
	Pension Benefits					Other Benefits
	2025			2024		2025	2024
	U.S.		Int’l.	U.S.	Int’l.

Sources of Change in Other Comprehensive Income (Loss)
Net gain (loss) arising during the period	$	5	34	3	83	3	(5)
Amortization of actuarial (gain) loss included in income (loss)*	15		47	8	57	(1)	—
Net change during the period	$	20	81	11	140	2	(5)

Prior service credit (cost) arising during the period	$	—	2	—	(57)	2	—
Amortization of prior service cost (credit) included in income (loss)	—		3	—	—	(24)	(38)
Net change during the period	$	—	5	—	(57)	(22)	(38)

*Includes settlement (gains) losses recognized in 2025 and 2024.

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


	Millions of Dollars
	Pension Benefits							Other Benefits
	2025			2024		2023		2025	2024	2023
	U.S.		Int’l.	U.S.	Int’l.	U.S.	Int’l.

Components of Net Periodic Benefit Cost
Service cost	$	58	34	49	38	51	38	2	1	1
Interest cost	93		130	76	114	77	113	8	5	5
Expected return on plan assets	(77)		(189)	(66)	(163)	(58)	(148)	—	—	—
Amortization of prior service credit	—		3	—	—	—	—	(24)	(38)	(38)
Recognized net actuarial loss (gain)	10		47	8	58	12	67	—	—	(3)
Settlements loss (gain)	5		—	—	(1)	6	—	—	—	—
Curtailment loss (gain)	8		(3)	8	—	—	—	1	—	—
Net periodic benefit cost	$	97	22	75	46	88	70	(13)	(32)	(35)

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

We recognized a pension settlement loss of $5 million in 2025, a gain of $1 million in 2024, and a loss of $6 million in 2023 as lump-sum benefit payments from certain U.S. and international pension plans exceeded the sum of service and interest costs for those plans and led to recognition of settlement gains or losses.

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

We have multiple non-pension postretirement benefit plans for health and life insurance. The health care plans are contributory and subject to various cost sharing features, most with participant and company contributions adjusted annually; the life insurance plans are noncontributory. The measurement of the U.S. pre-65 retiree medical accumulated postretirement benefit obligation assumes a health care cost trend rate of 6.50 percent in 2026 that declines to 5 percent by 2032. The measurement of the U.S. post-65 retiree medical accumulated postretirement benefit obligation assumes a health care cost trend rate of 4.7 percent in 2026 that increases to 5 percent by 2030.

Plan Assets

We follow a policy of broadly diversifying pension plan assets across asset classes and individual holdings. As a result, our plan assets have no significant concentrations of credit risk. Asset classes that are considered appropriate include U.S. equities, non-U.S. equities, U.S. fixed income, non-U.S. fixed income, real estate and private equity investments. Plan fiduciaries may consider and add other asset classes to the investment program from time to time. The target allocations for plan assets, aggregated across U.S. and international plans, are 28 percent in equity securities, 68 percent in debt securities and 4 percent in real estate. Generally, the plan investments are publicly traded; therefore, minimizing liquidity risk in the portfolio.

The following is a description of the valuation methodologies used for the pension plan assets. There have been no changes in the methodologies used at December 31, 2025 and 2024.

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

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

market prices (e.g., observable inputs such as benchmark yields, reported trades and issuer spreads for similar securities), and these securities are categorized in Level 3 of the fair value hierarchy.

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

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

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

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

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

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

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

•A portion of U.S. pension plan assets is held as a participating interest in an insurance annuity contract, which is calculated as the market value of investments held under this contract, less the accumulated benefit obligation covered by the contract. The participating interest is classified as Level 3 in the fair value hierarchy as the fair value is determined via a combination of quoted market prices, recently executed transactions and an actuarial present value computation for contract obligations. At December 31, 2025, the participating interest in the annuity contract was valued at $40 million and consisted of $107 million in debt securities, less $67 million for the accumulated benefit obligation covered by the contract. At December 31, 2024, the participating interest in the annuity contract was valued at $42 million and consisted of $113 million in debt securities, less $71 million for the accumulated benefit obligation covered by the contract. The participating interest is not available for meeting general pension benefit obligations in the near term. No future company contributions are required and no new benefits are being accrued under this insurance annuity contract.

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


	Millions of Dollars
	U.S.					International
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
2025
Equity securities

International	1		—	—	1	1	—	—	1
Mutual funds	20		—	—	20	514	103	—	617
Debt securities
Corporate	—		—	1	1	—	—	—	—
Mutual funds	—		—	—	—	572	—	—	572
Private equity funds				2	2
Cash and cash equivalents	1		—	—	1	18	—	—	18
Insurance contracts				4	4
Real estate	—		—	2	2	—	—	169	169
Total in fair value hierarchy	$	22	—	9	31	1,105	103	169	1,377

Investments measured at net asset value*
Equity securities
Common/collective trusts					353				325
Debt securities
Common/collective trusts					1,213				1,579
Cash and cash equivalents					9				—
Real estate					21				—
Total**	$	22	—	9	1,627	1,105	103	169	3,281

**Excludes the participating interest in the insurance annuity contract with a net asset of $40 million and net receivables related to security transactions of $2 million.

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


	Millions of Dollars
	U.S.					International
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
2024
Equity securities
U.S.	$	5	—	—	5	—	—	—	—
International	38		—	—	38	—	—	—	—
Mutual funds	17		—	—	17	445	77	—	522
Debt securities
Corporate	—		1	—	1	—	—	—	—
Mutual funds	—		—	—	—	451	—	—	451
Private equity funds				3	3
Cash and cash equivalents	—		—	—	—	25	—	—	25
Insurance contracts				4	4
Real estate	—		—	3	3	—	—	136	136
Total in fair value hierarchy	$	60	1	10	71	921	77	136	1,134

Investments measured at net asset value*
Equity securities
Common/collective trusts					479				194
Debt securities
Common/collective trusts					938				1,575
Cash and cash equivalents					3				—
Real estate					22				—
Total**	$	60	1	10	1,513	921	77	136	2,903

**Excludes the participating interest in the insurance annuity contract with a net asset of $42 million and net receivables related to security transactions of $5 million.

Level 3 activity was not material for all periods presented.

Our funding policy for U.S. plans is to contribute at least the minimum required by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended. Contributions to foreign plans are dependent upon local laws and tax regulations. In 2026, we expect to contribute approximately $160 million to our domestic qualified and nonqualified pension and postretirement benefit plans and $60 million to our international qualified and nonqualified pension and postretirement benefit plans.

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


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

2026	$	511	135	17
2027	279		139	17
2028	164		142	16
2029	161		146	14
2030	151		151	13
2031–2035	628		799	52

Restructuring Costs

During 2025, we announced certain restructuring initiatives and reduced our overall employee workforce, resulting in associated severance expense of $286 million, with $214 million reported as “Production and operating expenses” and $72 million reported as “Selling, general and administrative expenses” on the consolidated income statement. Approximately $43 million was in Alaska, $87 million in Lower 48, $29 million in Canada, $48 million in Europe, Middle East and North Africa, $7 million in Asia Pacific and $72 million in Corporate and Other.

In 2024, accruals included severance costs associated with contractual termination benefits applicable to officers and employees of Marathon Oil as of the acquisition date. See Note 3.

The following table summarizes our severance accrual activity:


	Millions of Dollars
	2025		2024	2023

Balance at January 1	$	331	12	31
Accruals*	365		328	1
Benefit payments	(320)		(9)	(20)
Foreign currency translation adjustment	2		—	—
Balance at December 31**	$	378	331	12

*Partner recoveries of $73 million are accrued as receivables as of December 31, 2025. The expenses in our consolidated income statement are presented net of this amount.

**Of the remaining balance at December 31, 2025, $300 million is classified as short-term.

Defined Contribution Plans

Most U.S. employees are eligible to participate in a defined contribution plan. Company contributions can vary based on employee compensation and contribution elections, whether the employee is accruing benefits in a defined benefit plan and company discretion. Company contributions charged to expense for U.S. defined contribution plans were $160 million in 2025, $152 million in 2024 and $151 million in 2023.

We have several defined contribution plans for our international employees, each with its own terms and eligibility depending on location. Total compensation expense recognized for these international plans was approximately $27 million in 2025, $25 million in 2024 and $23 million in 2023.

Share-Based Compensation Plans

The 2023 Omnibus Stock and Performance Incentive Plan of ConocoPhillips (Omnibus Plan) was approved by shareholders in May 2023, replacing similar prior plans and providing that no new awards shall be granted under the prior plans. Over its 10-year life, the Omnibus Plan allows the issuance of up to 36 million shares of our common stock for compensation to our employees and directors, but the available shares (i) are reduced by awards granted under the prior plan between the board adoption date (February 15, 2023) and the shareholder approval date (May 16, 2023) and (ii) are increased by any shares of common stock represented by awards granted under the Omnibus Plan or the prior plans that

are forfeited, expire or are cancelled without delivery of shares of common stock or which result in the forfeiture of shares of common stock back to the company, excluding shares surrendered in payment of the exercise of a stock option or stock appreciation right, shares not issued in connection with the stock settlement of a stock appreciation right, or shares reacquired by the company using cash proceeds from the exercise of a stock option. The Human Resources and Compensation Committee of our Board of Directors is authorized to determine the types, terms, conditions and limitations of awards granted. Awards may be granted in the form of, but not limited to, stock options, RSUs and performance share units (PSU) to employees and non-employee directors who contribute to the company’s continued success and profitability.

Total share-based compensation expense is measured using the grant date fair value for our equity-classified awards and the settlement date fair value for our liability-classified awards. We recognize share-based compensation expense over the shorter of the service period (i.e., the stated period of time required to earn the award) or, for awards that provide for retirement-based vesting, the period beginning at the start of the service period and ending upon the date when an employee first becomes eligible for retirement vesting under award terms. Other than certain retention awards, our share-based compensation programs generally provide accelerated vesting in whole or in part (i.e., a waiver of the remaining period of service required to earn an award) for awards held by employees at the time of their retirement. Some of our share-based awards vest ratably (i.e., portions of the award vest at different times) while some of our awards cliff vest (i.e., all of the award vests at the same time). We recognize expense on a straight-line basis over the service period for the entire award, whether the award was granted with ratable or cliff vesting.

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


	Millions of Dollars
	2025		2024	2023

Compensation cost	$	336	268	334
Tax benefit	79		67	84

Stock Options—Stock options granted under the provisions of the Omnibus Plan and prior plans permit purchase of our common stock at exercise prices equivalent to the average fair market value of ConocoPhillips common stock on the date the options were granted. The options have terms of 10 years and generally vest ratably on the first, second and third anniversaries of the date of grant. Options awarded to certain employees already eligible for retirement vest within six months of the grant date, but those options do not become exercisable until the end of the normal vesting period. Beginning in 2018, stock option grants were discontinued.

The following summarizes our stock option activity for the year ended December 31, 2025:


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

Outstanding at December 31, 2024	2,051,075	$	43.16	$	113
Exercised	(1,086,350)	38.71		60

Outstanding at December 31, 2025	964,725	$	48.17	$	44
Vested at December 31, 2025	964,725	$	48.17	$	44
Exercisable at December 31, 2025	964,725	$	48.17	$	44

The weighted-average remaining contractual term of outstanding options, vested options and exercisable options at December 31, 2025, were all 1.03 years. The aggregate intrinsic value of options exercised was $63 million in 2024 and $58 million in 2023.

During 2025, we received $15 million in cash and $27 million in cashless exercises and realized a tax benefit of $13 million from the exercise of options. At December 31, 2025, all outstanding stock options were fully vested with no remaining compensation cost to be recorded.

Stock Unit Programs—RSUs granted annually under the provisions of the Omnibus Plan and the general and executive RSU programs vest in one installment on the third anniversary of the grant date. RSUs granted under the Omnibus Plan for a variable long-term incentive retention program vest ratably on the first, second and third anniversaries of the grant date. RSUs are also granted ad hoc to attract or retain key personnel, or assumed as a result of an acquisition, and the terms and conditions under which these RSUs vest vary by award.

Stock-Settled

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

The following summarizes our stock-settled RSU activity for the year ended December 31, 2025:


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

Outstanding at December 31, 2024	6,471,773	$	104.89
Granted	2,998,555	99.26
Forfeited	(274,989)	103.37
Issued	(2,938,338)	98.14		$	285
Outstanding at December 31, 2025	6,257,001	$	105.43
Not Vested at December 31, 2025	4,300,663	$	105.25

At December 31, 2025, the remaining unrecognized compensation cost from the unvested stock-settled RSUs was $188 million, which will be recognized over a weighted-average period of 1.71 years, the longest period being 3.42 years. The weighted-average grant date fair value of stock-settled RSUs granted during 2024 and 2023 was $109.79 and $110.91, respectively. The total fair value of stock-settled RSUs issued during 2024 and 2023 was $410 million and $284 million, respectively.

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

Stock-Settled

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

The following summarizes our stock-settled Performance Share Program activity for the year ended December 31, 2025:


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

Outstanding at December 31, 2024	774,503	$	50.75
Granted	4,737	100.90

Issued	(193,286)	52.05		$	18
Outstanding at December 31, 2025	585,954	$	50.73

At December 31, 2025, there was no remaining unrecognized compensation cost to be recorded on the unvested stock-settled performance shares. The weighted-average grant date fair value of stock-settled PSUs granted during 2024 and 2023 was $110.39 and $112.50, respectively. The total fair value of stock-settled PSUs issued during 2024 and 2023 was $23 million and $29 million, respectively.

Cash-Settled

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

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

periods beginning in 2018 or later, recipients of the PSUs receive an accrued reinvested dividend equivalent that is charged to compensation expense. The accrued reinvested dividend is paid at the time of settlement, subject to the terms and conditions of the award.

The following summarizes our cash-settled Performance Share Program activity for the year ended December 31, 2025:


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

Outstanding at December 31, 2024	89,583	$	98.20
Granted	647,382	100.90
Settled	(659,340)	100.14		$	66
Outstanding at December 31, 2025	77,625	$	94.00

At December 31, 2025, all outstanding cash-settled performance awards were fully vested with no remaining compensation cost to be recorded. The weighted-average grant date fair value of cash-settled PSUs granted during 2024 and 2023 was $110.39 and $112.50, respectively. The total fair value of cash-settled performance share awards settled during 2024 and 2023 was $171 million and $111 million, respectively.

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

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

The following summarizes the aggregate activity of these restricted shares and units for the year ended December 31, 2025:


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

Outstanding at December 31, 2024	629,681	$	60.22
Granted	43,292	98.68

Issued	(110,284)	52.23		$	12
Outstanding at December 31, 2025	562,689	$	64.75

At December 31, 2025, all outstanding restricted stock and RSUs were fully vested with no remaining compensation cost to be recorded. The weighted-average grant date fair value of awards granted during 2024 and 2023 was $111.91 and $115.88, respectively. The total fair value of awards issued during 2024 and 2023 was $35 million and $46 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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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
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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
-Topic 715
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-Paragraph 1
-Subparagraph (r)(1)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for accounts and notes receivable	$ 4	$ 7
Accumulated depreciation, depletion and amortization	$ 90,396	$ 81,072
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)	2,253,518,282	2,250,672,734
Treasury stock, shares (in shares)	1,028,350,186	974,806,010

Suspended Wells and Exploration Expenses - Net Changes in Suspended Exploratory Well Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Oil and Gas, Capitalized Exploratory Well Cost [Roll Forward]
Beginning balance	$ 196	$ 184	$ 527
Additions pending the determination of proved reserves	113	32	0
Reclassifications to proved properties	0	(2)	(285)
Sales of suspended wells	(30)	0	0
Charged to dry hole expense	(36)	(18)	(58)
Ending balance	$ 243	$ 196	$ 184

Consolidated Income Statement - USD ($) shares in Thousands	12 Months Ended
Consolidated Income Statement - USD ($) shares in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues and other income
Sales and other operating revenues	$ 58,944,000,000	$ 54,745,000,000	$ 56,141,000,000
Equity in earnings of affiliates	1,335,000,000	1,705,000,000	1,720,000,000
Gain (loss) on dispositions	731,000,000	51,000,000	228,000,000
Other income	538,000,000	452,000,000	485,000,000
Total revenues and other income	61,548,000,000	56,953,000,000	58,574,000,000
Costs and expenses
Purchased commodities	22,325,000,000	20,012,000,000	21,975,000,000
Production and operating expenses	10,331,000,000	8,751,000,000	7,693,000,000
Selling, general and administrative expenses	893,000,000	1,158,000,000	705,000,000
Exploration expenses	407,000,000	355,000,000	398,000,000
Depreciation, depletion and amortization	11,500,000,000	9,599,000,000	8,270,000,000
Impairments	26,000,000	80,000,000	14,000,000
Taxes other than income taxes	2,146,000,000	2,087,000,000	2,074,000,000
Accretion on discounted liabilities	378,000,000	325,000,000	283,000,000
Interest and debt expense	855,000,000	783,000,000	780,000,000
Foreign currency transaction (gain) loss	11,000,000	(50,000,000)	92,000,000
Other expenses	20,000,000	181,000,000	2,000,000
Total costs and expenses	48,892,000,000	43,281,000,000	42,286,000,000
Income (loss) before income taxes	12,656,000,000	13,672,000,000	16,288,000,000
Income tax provision (benefit)	4,668,000,000	4,427,000,000	5,331,000,000
Net income (loss)	$ 7,988,000,000	$ 9,245,000,000	$ 10,957,000,000
Net income (loss) per share of common stock (dollars)
Basic (in dollars per share)	$ 6.36	$ 7.82	$ 9.08
Diluted (in dollars per share)	$ 6.35	$ 7.81	$ 9.06
Weighted-average common shares outstanding (in thousands)
Basic (in shares)	1,252,042	1,178,920	1,202,757
Diluted (in shares)	1,253,446	1,180,871	1,205,675

Contingencies and Commitments	12 Months Ended
Contingencies and Commitments	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Note 9—Contingencies and Commitments A number of lawsuits involving a variety of claims arising in the ordinary course of business have been filed against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the low end of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. We accrue receivables for insurance or other third-party recoveries when applicable. With respect to income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. See Note 15, for additional information about income tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations and record accruals for environmental liabilities based on management’s best estimates. These estimates are based on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience, and data released by the U.S. EPA or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the U.S. EPA or the agency concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, and some of the indemnifications are subject to dollar limits and time limits. We are currently participating in environmental assessments and cleanups at numerous federal Superfund and 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. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. See Note 6 for a summary of our accrued environmental liabilities. Litigation and Other Contingencies We are subject to various lawsuits and claims including but not limited to matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, climate change, personal injury and property damage. Our primary exposures for such matters relate to alleged royalty and tax underpayments on certain federal, state and privately owned properties, claims of alleged environmental contamination and damages from historic operations, and climate change. We will continue to defend ourselves vigorously in these matters. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. In addition, at December 31, 2025, we had performance obligations secured by letters of credit of $331 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, the government of Venezuela expropriated ConocoPhillips’ interests in the Petrozuata and Hamaca heavy oil ventures, as well as the offshore Corocoro development project. In response, ConocoPhillips initiated international arbitration proceedings before the ICSID. In March 2019, an ICSID tribunal unanimously ordered the government of Venezuela to pay ConocoPhillips approximately $8.7 billion (later reduced to $8.5 billion) plus interest for the unlawful expropriation of the projects. On January 22, 2025, an ICSID annulment committee dismissed Venezuela’s application to annul the tribunal’s decision and upheld the $8.5 billion award plus interest in full. Separate arbitrations before the ICC resulted in additional awards against Petróleos de Venezuela, S.A. (PDVSA) and three of its affiliates, including an award for approximately $2 billion plus interest, for the Petrozuata and Hamaca projects, and a $33 million award, for the Corocoro project, plus interest. Cumulatively, as of December 31, 2025, the company has received approximately $794 million in connection with the first ICC award. Collection actions for all three awards are ongoing. ConocoPhillips has ensured that all actions related to these arbitration awards 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 entities and individuals 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 related 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 several of the lawsuits and will vigorously defend against them. 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 while assessing options for early resolution. 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 Resources Inc. (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. On April 7, 2025, the court certified a class. We believe the allegations in the action are without merit and are vigorously defending this litigation. ConocoPhillips is involved in a pending dispute with commercial counterparties relating to the propriety of its force majeure notices following Winter Storm Uri in 2021. We believe this claim is without merit and we are vigorously defending the dispute. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements We have certain throughput agreements and take-or-pay agreements in support of financing arrangements. The agreements are primarily related to LNG offtake purchase commitments. The fixed and determinable portion of the remaining estimated payments under these various agreements as of December 31, 2025 is: 2026—$7 million; 2027—$7 million; 2028—$397 million; 2029—$558 million; 2030—$602 million; and 2031 and after—$23 billion. Generally, variable components of these obligations include commodity futures prices and estimated future inflation rates. Purchases of LNG under these commitments are expected to be offset in the same or approximately same periods by cash received from the related sales transactions. Total payments under these agreements were $25 million in 2025, $24 million in 2024 and $26 million in 2023.

Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
Cash Flow Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations, excluding acquisitions	$ 12	$ 268	$ 727
Fair value of contingent consideration on acquisition	0	0	320
Interest	757	806	701
Federal taxes	1,077	296	757
State taxes	152	161	225
Total income taxes	4,822	3,621	5,406
Short-term investments purchased	(1,249)	(2,606)	(1,463)
Short-term investments sold	1,751	3,567	3,574
Long-term Investments purchased	(861)	(747)	(867)
Long-term Investments sold	304	201	129
Total sales (purchases) of investments	(55)	415	1,373
U.S.
Cash and Cash Equivalents [Line Items]
Expected future employer contributions, next fiscal year	160
U.S. \| Pension Benefits
Cash and Cash Equivalents [Line Items]
Expected future employer contributions, next fiscal year	116
Norway
Cash and Cash Equivalents [Line Items]
Foreign taxes	1,758	1,580	2,758
Libya
Cash and Cash Equivalents [Line Items]
Foreign taxes	1,461	1,280	1,317
Other foreign jurisdictions
Cash and Cash Equivalents [Line Items]
Foreign taxes	$ 374	$ 304	$ 349

Fair Value Measurement - Net Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Financial assets
Investments in debt securities	$ 1,601	$ 1,551
Carrying Amount
Financial assets
Commodity derivatives	237	210
Investments in debt securities	1,601	1,551
Financial liabilities
Total debt, excluding finance leases	22,643	23,384
Carrying Amount \| Commodity
Financial liabilities
Commodity derivatives	124	129
Fair Value
Financial assets
Commodity derivatives	237	210
Investments in debt securities	1,601	1,551
Financial liabilities
Total debt, excluding finance leases	22,698	22,997
Fair Value \| Commodity
Financial liabilities
Commodity derivatives	$ 124	$ 129

- Definition

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

+ References

+ Details

- 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.

+ References

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-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

+ Details

- Definition

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

+ References

+ Details

Employee Benefit Plans - Before-Tax Amounts not Recognized in Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	$ 0	$ 2
Unrecognized prior service cost (credit)	1	(21)
U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	92	112
Unrecognized prior service cost (credit)	0	0
Int’l. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial loss (gain)	364	445
Unrecognized prior service cost (credit)	$ 61	$ 58

- 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 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 5
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

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

+ Details

Suspended Wells and Exploration Expenses

12 Months Ended

Dec. 31, 2025

Extractive Industries [Abstract]

Suspended Wells and Exploration Expenses

Note 5—Suspended Wells and Exploration Expenses

The following table reflects the net changes in suspended exploratory well costs during 2025, 2024 and 2023:


	Millions of Dollars
	2025		2024	2023

Beginning balance	$	196	184	527
Additions pending the determination of proved reserves	113		32	—
Reclassifications to proved properties	—		(2)	(285)
Sales of suspended wells	(30)		—	—
Charged to dry hole expense	(36)		(18)	(58)
Ending balance	$	243	196	184

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


	Millions of Dollars
	2025		2024	2023

Exploratory well costs capitalized for a period of one year or less	$	110	33	—
Exploratory well costs capitalized for a period greater than one year	133		163	184
Ending balance	$	243	196	184

Number of projects with exploratory well costs capitalized for a period greater than one year	13		13	14

The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December 31, 2025:


	Millions of Dollars
			Suspended Since
	Total		2021-2024	2018-2020	2017 and Prior
PL891—Norway(1)	31		—	31	—
West Willow—Alaska(2)	30		—	30	—
Narwhal Trend—Alaska(1)	25		—	25	—

Montney—Canada(2)	15		7	8	—
Other of $10 million or less each(1)(2)	32		4	—	28
Total	$	133	11	94	28

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

(2)Additional appraisal wells planned.

Exploration Expenses

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

2025

We divested certain Lower 48 offshore interests in partner-operated assets, which included $30 million of suspended wells costs.

We recognized dry hole expenses of $80 million in our Asia Pacific segment, which included $36 million related to certain previously suspended wells that were capitalized for a period greater than one year.

2024

In our Europe, Middle East and North Africa segment, we recorded approximately $40 million before-tax as dry hole expenses, which included $22 million for two partner-operated exploration wells in the Alvheim area in the Norwegian sector of the North Sea, and $18 million for the Busta suspended discovery well on license PL782S in the North Sea.

2023

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

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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas
Auditor Firm ID	42

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

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

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

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


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

December 31, 2022	$	(448)	(11)	(5,541)	—	(6,000)
Other comprehensive income (loss)	55		13	197	62	327
December 31, 2023	(393)		2	(5,344)	62	(5,673)
Other comprehensive income (loss)	3		1	(760)	(44)	(800)
December 31, 2024	(390)		3	(6,104)	18	(6,473)
Other comprehensive income (loss)	55		5	502	—	562
December 31, 2025	$	(335)	8	(5,602)	18	(5,911)

Segment Disclosures and Related Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of Segment Level Net Income (Loss)

2025 Segment level net income (loss)


Year Ended December 31, 2025	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segments Total	Corporate	Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues	$	5,638	41,404	5,600	6,485	1,770	60,897	63	60,960
Intersegment eliminations	—		(9)	(1,975)	(1)	—	(1,985)	(31)	(2,016)
Consolidated sales and other operating revenues#*	5,638		41,395	3,625	6,484	1,770	58,912	32	58,944

Significant segment expenses
Production and operating expenses	2,158		5,856	833	962	367	10,176	155	10,331
DD&A	1,399		8,121	556	912	460	11,448	52	11,500
Income tax provision (benefit)	271		1,380	236	2,820	238	4,945	(277)	4,668
Total	3,828		15,357	1,625	4,694	1,065	26,569	(70)	26,499

Other segment items
Equity in earnings of affiliates	(1)		(11)	—	(558)	(762)	(1,332)	(3)	(1,335)
Interest income	—		—	—	—	(8)	(8)	(303)	(311)




Interest and debt expense	—		—	—	—	—	—	855	855
Other**	1,081		20,785	1,259	1,124	308	24,557	691	25,248
Total	1,080		20,774	1,259	566	(462)	23,217	1,240	24,457

Net income (loss)	$	730	5,264	741	1,224	1,167	9,126	(1,138)	7,988
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $5.7 billion, $0.7 billion and $0.8 billion, respectively.
*In 2025, sales by our L48 segment to a certain pipeline company accounted for approximately $5.3 billion or approximately 10 percent of our total consolidated sales and other operating revenues.

**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on disposition: L48, EMENA and Corporate
Other income: L48, Canada, EMENA, AP and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses, Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate


Impairments: Alaska, L48 and Canada

Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, Canada, EMENA and Corporate

2024 Segment level net income (loss)


Year Ended December 31, 2024	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segments Total	Corporate	Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues	$	6,553	37,028	5,636	5,788	1,847	56,852	54	56,906
Intersegment eliminations	—		(2)	(2,122)	—	—	(2,124)	(37)	(2,161)
Consolidated sales and other operating revenues#*	6,553		37,026	3,514	5,788	1,847	54,728	17	54,745

Significant segment expenses
Production and operating expenses	1,951		4,751	902	671	384	8,659	92	8,751
DD&A	1,299		6,442	639	761	425	9,566	33	9,599
Income tax provision (benefit)	480		1,462	228	2,854	211	5,235	(808)	4,427
Total	3,730		12,655	1,769	4,286	1,020	23,460	(683)	22,777

Other segment items
Equity in earnings of affiliates	1		(5)	—	(586)	(1,089)	(1,679)	(26)	(1,705)
Interest income	—		—	—	—	(8)	(8)	(394)	(402)




Interest and debt expense	—		—	—	—	—	—	783	783
Other**	1,496		19,201	1,033	899	200	22,829	1,218	24,047
Total	1,497		19,196	1,033	313	(897)	21,142	1,581	22,723

Net income (loss)	$	1,326	5,175	712	1,189	1,724	10,126	(881)	9,245
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $4.2 billion, $0.5 billion and $0.8 billion, respectively.
*In 2024, sales by our L48 segment to a certain pipeline company accounted for approximately $6.7 billion or approximately 12 percent of our total consolidated sales and other operating revenues.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48, Canada, EMENA and Corporate
Other income; Selling, general and administrative expenses; Exploration expenses; Taxes other than income taxes; and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate



Purchased Commodities and Impairments: Alaska, L48, Canada and EMENA

Foreign currency transaction (gain) loss: Canada, EMENA and Corporate
Other expenses: Alaska, L48, EMENA and Corporate

2023 Segment level net income (loss)


Year Ended December 31, 2023	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segment Totals	Corporate	Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues	$	7,098	38,244	4,873	5,854	1,913	57,982	63	58,045
Intersegment eliminations	—		(7)	(1,867)	—	—	(1,874)	(30)	(1,904)
Consolidated sales and other operating revenues#*	7,098		38,237	3,006	5,854	1,913	56,108	33	56,141

Significant segment expenses
Production and operating expenses	1,829		4,199	619	593	391	7,631	62	7,693
DD&A	1,061		5,722	420	587	455	8,245	25	8,270
Income tax provision (benefit)	642		1,763	26	3,065	42	5,538	(207)	5,331
Total	3,532		11,684	1,065	4,245	888	21,414	(120)	21,294

Other segment items
Equity in earnings of affiliates	(1)		9	—	(580)	(1,151)	(1,723)	3	(1,720)
Interest income	—		—	—	(1)	(8)	(9)	(403)	(412)




Interest and debt expense	—		—	—	—	—	—	780	780
Other**	1,789		20,083	1,539	1,001	223	24,635	607	25,242
Total	1,788		20,092	1,539	420	(936)	22,903	987	23,890

Net income (loss)	$	1,778	6,461	402	1,189	1,961	11,791	(834)	10,957
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $6.6 billion, $1.3 billion and $0.3 billion, respectively.
*In 2023, sales by our Lower 48 segment to a certain pipeline company accounted for approximately $5.8 billion or approximately 10 percent of our total consolidated sales and other operating revenues.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: Alaska, L48, AP and Corporate
Other income; Selling, general and administrative expenses; Exploration expenses; Taxes other than income taxes; and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Impairments: L48, Canada and Corporate




Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, EMENA and Corporate

Other Segment Disclosures

Other segment disclosures


Year Ended December 31, 2025	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segments Total	Corporate	Consolidated Total
Equity investments	$	3	—	—	2,268	4,926	7,197	1,636	8,833
Total assets	20,224		61,933	9,978	10,554	8,273	110,962	10,977	121,939
Capital expenditures and investments	3,607		6,702	593	1,194	342	12,438	115	12,553

Other segment disclosures


Year Ended December 31, 2024	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segments Total	Corporate	Consolidated Total
Equity investments	$	3	123	—	1,948	4,977	7,051	1,559	8,610
Total assets	18,030		66,977	9,513	9,770	8,390	112,680	10,100	122,780
Capital expenditures and investments	3,194		6,510	551	1,021	370	11,646	472	12,118

Other segment disclosures


Year Ended December 31, 2023	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segment Totals	Corporate	Consolidated Total
Equity investments	$	32	118	—	1,191	5,419	6,760	1,145	7,905
Total assets	16,174		42,415	10,277	8,396	8,903	86,165	9,759	95,924
Capital expenditures and investments	1,705		6,487	456	1,111	354	10,113	1,135	11,248

Sales and Other Operating Revenues by Product


Sales and Other Operating Revenues by Product

Consolidated sales and other operating revenues
	Millions of Dollars
	2025		2024	2023
Crude oil	$	39,068	39,010	37,833
Natural gas	8,854		6,444	10,725
Natural gas liquids	3,705		2,889	2,609
Other*	7,317		6,402	4,974
Total	$	58,944	54,745	56,141

*Includes bitumen, power and LNG.


Revenue from physical contracts meeting the definition of a derivative outside the scope of ASC Topic 606
	Millions of Dollars
	2025		2024	2023


Crude oil	$	494	376	143
Natural gas	5,465		3,753	6,622
Power	1,242		1,354	1,438
Total	$	7,201	5,483	8,203

Geographic Information


	Millions of Dollars
	Sales and Other Operating Revenues*				Long-Lived Assets**
	2025		2024	2023	2025	2024	2023

U.S.	$	46,611	43,480	45,101	77,453	79,141	53,955
International	12,333		11,265	11,040	24,619	23,825	23,994











Worldwide consolidated	$	58,944	54,745	56,141	102,072	102,966	77,949

*Sales and other operating revenues are attributable to countries based on the location of their selling operation.

** Defined as net PP&E plus equity investments and advances to affiliated companies.

Employee Benefit Plans - Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Compensation cost	$ 336	$ 268	$ 334
Tax benefit	$ 79	$ 67	$ 84

Debt - Narrative 2025 (Details) $ in Millions	12 Months Ended
Debt - Narrative 2025 (Details) $ in Millions	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Long-term debt, excluding finance lease obligations, 2026	$ 713
Long-term debt, excluding finance lease obligations, 2027	786
Long-term debt, excluding finance lease obligations, 2028	670
Long-term debt, excluding finance lease obligations, 2029	992
Long-term debt, excluding finance lease obligations, 2030	1,599
Retirement of debt	700
Municipal Bonds
Debt Instrument [Line Items]
Long-term debt, excluding finance lease obligations, 2026	600
3.35% Notes due 2025 \| Notes Payable to Banks
Debt Instrument [Line Items]
Retirement of debt	$ 200
Stated interest rate	3.35%
2.4% Notes due 2025 \| Notes Payable to Banks
Debt Instrument [Line Items]
Retirement of debt	$ 400
Stated interest rate	2.40%
8.2% Debentures due 2025 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	8.20%
8.2% Debentures due 2025 \| Debentures
Debt Instrument [Line Items]
Retirement of debt	$ 100
Stated interest rate	8.20%

Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Changes in Shares of Common Stock

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


	Shares
	2025	2024	2023
Issued
Beginning of year	2,250,672,734	2,103,772,516	2,100,885,134
Acquisition of Marathon Oil	—	142,941,624	—
Distributed under benefit plans	2,845,548	3,958,594	2,887,382
End of year	2,253,518,282	2,250,672,734	2,103,772,516

Held in Treasury
Beginning of year	974,806,010	925,670,961	877,029,062
Repurchase of common stock	53,544,176	49,135,049	48,641,899
End of year	1,028,350,186	974,806,010	925,670,961

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Note 2—Inventories

Inventories at December 31 were:


	Millions of Dollars
	2025		2024

Crude oil and products	$	1,000	907
Materials and supplies	873		902
Total inventories	$	1,873	1,809

Inventories valued on the LIFO basis	$	609	578

The estimated excess of current replacement cost over LIFO cost of inventories was approximately $65 million and $113 million at December 31, 2025 and 2024, respectively.

Consolidated Statement of Changes in Equity - USD ($)	Total	Marathon Oil Corporation	Par Value	Par Value Marathon Oil Corporation	Capital in Excess of Par	Capital in Excess of Par Marathon Oil Corporation	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance at Dec. 31, 2022	$ 48,003,000,000		$ 21,000,000		$ 61,142,000,000		$ (60,189,000,000)	$ (6,000,000,000)	$ 53,029,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	10,957,000,000								10,957,000,000
Other comprehensive income (loss)	327,000,000							327,000,000
Dividends declared, ordinary	(2,550,000,000)								(2,550,000,000)
Dividends declared - variable return of cash	(2,170,000,000)								(2,170,000,000)
Repurchase of company common stock	(5,400,000,000)						(5,400,000,000)
Excise tax on share repurchases	(50,000,000)						(50,000,000)
Distributed under benefit plans	161,000,000				161,000,000
Other	1,000,000						(1,000,000)		2,000,000
Ending balance at Dec. 31, 2023	49,279,000,000		21,000,000		61,303,000,000		(65,640,000,000)	(5,673,000,000)	59,268,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	9,245,000,000	$ 66,000,000							9,245,000,000
Other comprehensive income (loss)	(800,000,000)							(800,000,000)
Dividends declared, ordinary	(2,942,000,000)								(2,942,000,000)
Dividends declared - variable return of cash	(704,000,000)								(704,000,000)
Acquisition of Marathon Oil		$ 16,039,000,000		$ 2,000,000		$ 16,037,000,000
Repurchase of company common stock	(5,463,000,000)						(5,463,000,000)
Excise tax on share repurchases	(50,000,000)						(50,000,000)
Distributed under benefit plans	189,000,000				189,000,000
Other	3,000,000						1,000,000		2,000,000
Ending balance at Dec. 31, 2024	64,796,000,000		23,000,000		77,529,000,000		(71,152,000,000)	(6,473,000,000)	64,869,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	7,988,000,000								7,988,000,000
Other comprehensive income (loss)	562,000,000							562,000,000
Dividends declared, ordinary	(3,995,000,000)								(3,995,000,000)
Repurchase of company common stock	(5,018,000,000)						(5,018,000,000)
Excise tax on share repurchases	(47,000,000)						(47,000,000)
Distributed under benefit plans	199,000,000				199,000,000
Other	2,000,000								2,000,000
Ending balance at Dec. 31, 2025	$ 64,487,000,000		$ 23,000,000		$ 77,728,000,000		$ (76,217,000,000)	$ (5,911,000,000)	$ 68,864,000,000

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Nov. 30, 2024
Debt Instrument [Line Items]
Finance leases	$ 801	$ 940
Net unamortized premiums, discounts and debt issuance costs	(704)	(701)
Total debt	23,444	24,324
Short-term debt	(1,020)	(1,035)
Long-term debt	22,424	23,289
Debt at face value	23,347	24,085
Notes Payable to Banks \| Marathon Oil Corporation
Debt Instrument [Line Items]
Debt at face value			$ 4,600
Variable Rate Debt Bonds
Debt Instrument [Line Items]
Debt at face value	$ 283	283
2.4% Notes due 2025 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	2.40%
Long-term and short-term, combined amount, gross	$ 0	366
8.2% Debentures due 2025 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	8.20%
Long-term and short-term, combined amount, gross	$ 0	134
3.35% Notes due 2025 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	3.35%
3.35% Notes due 2025 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	3.35%
Long-term and short-term, combined amount, gross	$ 0	199
6.875% Debentures due 2026 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	6.875%
Long-term and short-term, combined amount, gross	$ 67	$ 67
7.8% Debentures due 2027 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate		7.80%
Debt at face value		$ 203
7.8% Debentures due 2027 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	7.80%
Long-term and short-term, combined amount, gross	$ 120	120
4.4% Notes due 2027 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.40%
Long-term and short-term, combined amount, gross	$ 422	$ 424
4.4% Notes due 2027 \| Notes Payable to Banks \| Marathon Oil Corporation
Debt Instrument [Line Items]
Stated interest rate		4.40%	4.40%
Debt at face value			$ 1,000
3.75% Notes due 2027 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	3.75%
Long-term and short-term, combined amount, gross	$ 196	$ 196
4.3% Notes due 2028 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.30%
Long-term and short-term, combined amount, gross	$ 223	$ 223
7.375% Debentures due 2029 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate		7.375%
Debt at face value		$ 92
7.375% Debentures due 2029 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	7.375%
Long-term and short-term, combined amount, gross	$ 66	$ 66
7.0% Debentures due 2029 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate		7.00%
Debt at face value		$ 112
7.0% Debentures due 2029 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	7.00%
Long-term and short-term, combined amount, gross	$ 95	95
5.3% Notes due 2029 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.30%
Long-term and short-term, combined amount, gross	$ 84	$ 86
5.3% Notes due 2029 \| Notes Payable to Banks \| Marathon Oil Corporation
Debt Instrument [Line Items]
Stated interest rate			5.30%
Debt at face value			$ 600
6.95% Notes due 2029 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	6.95%	6.95%
Long-term and short-term, combined amount, gross	$ 705	$ 705
Debt at face value		1,195
4.7% Notes due 2030 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.70%
Long-term and short-term, combined amount, gross	$ 1,350	$ 1,350
8.125% Notes due 2030 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	8.125%	8.125%
Long-term and short-term, combined amount, gross	$ 207	$ 207
Debt at face value		390
2.4% Notes due 2031 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	2.40%
Long-term and short-term, combined amount, gross	$ 227	227
7.2% Notes due 2031 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	7.20%
Long-term and short-term, combined amount, gross	$ 447	$ 447
7.25% Notes due 2031 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	7.25%	7.25%
Long-term and short-term, combined amount, gross	$ 268	$ 268
Debt at face value		$ 400
7.4% Notes due 2031 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	7.40%	7.40%
Long-term and short-term, combined amount, gross	$ 232	$ 232
Debt at face value		382
4.85% Notes due 2032 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.85%
Long-term and short-term, combined amount, gross	$ 650	650
6.8% Notes due 2032 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	6.80%
Long-term and short-term, combined amount, gross	$ 180	$ 180
6.8% Notes due 2032 \| Notes Payable to Banks \| Marathon Oil Corporation
Debt Instrument [Line Items]
Stated interest rate		6.80%	6.80%
Debt at face value			$ 550
5.9% Notes due 2032 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.90%
Long-term and short-term, combined amount, gross	$ 505	$ 505
5.05% Notes due 2033 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.05%
Long-term and short-term, combined amount, gross	$ 1,000	1,000
5.7% Notes due 2034 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.70%
Long-term and short-term, combined amount, gross	$ 103	$ 103
5.7% Notes due 2034 \| Notes Payable to Banks \| Marathon Oil Corporation
Debt Instrument [Line Items]
Stated interest rate		5.70%	5.70%
Debt at face value			$ 600
4.15% Notes due 2034 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.15%
Long-term and short-term, combined amount, gross	$ 246	$ 246
5.0% Notes due 2035 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.00%
Long-term and short-term, combined amount, gross	$ 1,250	1,250
5.95% Notes due 2036 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.95%
Long-term and short-term, combined amount, gross	$ 326	326
5.951% Notes serially maturing 2022 through 2037 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.951%
Long-term and short-term, combined amount, gross	$ 541	573
6.6% Notes due 2037 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	6.60%
Long-term and short-term, combined amount, gross	$ 335	$ 335
6.6% Notes due 2037 \| Notes Payable to Banks \| Marathon Oil Corporation
Debt Instrument [Line Items]
Stated interest rate		6.60%	6.60%
Debt at face value			$ 750
5.9% Notes due 2038 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.90%
Long-term and short-term, combined amount, gross	$ 350	$ 350
6.5% Notes due 2039 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	6.50%
Long-term and short-term, combined amount, gross	$ 1,588	1,588
3.758% Notes due 2042 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	3.758%
Long-term and short-term, combined amount, gross	$ 785	785
4.3% Notes due 2044 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.30%
Long-term and short-term, combined amount, gross	$ 750	750
5.2% Notes due 2045 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.20%
Long-term and short-term, combined amount, gross	$ 186	$ 186
5.2% Notes due 2045 \| Notes Payable to Banks \| Marathon Oil Corporation
Debt Instrument [Line Items]
Stated interest rate		5.20%	5.20%
Debt at face value			$ 500
5.95% Notes due 2046 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.95%
Long-term and short-term, combined amount, gross	$ 329	$ 329
7.9% Debentures due 2047 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	7.90%
Long-term and short-term, combined amount, gross	$ 60	60
4.875% Notes due 2047 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.875%
Long-term and short-term, combined amount, gross	$ 319	319
4.85% Notes due 2048 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.85%
Long-term and short-term, combined amount, gross	$ 219	219
3.8% Notes due 2052 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	3.80%
Long-term and short-term, combined amount, gross	$ 1,100	1,100
5.3% Notes due 2053 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.30%
Long-term and short-term, combined amount, gross	$ 1,100	1,100
5.55% Notes due 2054 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.55%
Long-term and short-term, combined amount, gross	$ 1,000	1,000
5.5% Notes due 2055 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.50%
Long-term and short-term, combined amount, gross	$ 1,300	1,300
4.025% Notes due 2062 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	4.025%
Long-term and short-term, combined amount, gross	$ 1,770	1,770
5.7% Notes due 2063 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.70%
Long-term and short-term, combined amount, gross	$ 700	700
5.65% Notes due 2065 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated interest rate	5.65%
Long-term and short-term, combined amount, gross	$ 650	650
Marine Terminal Revenue Refunding Bonds due 2031 at 1.23% – 5.05% during 2025 and 1.78% – 4.80% during 2024 \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross	$ 265	$ 265
Marine Terminal Revenue Refunding Bonds due 2031 at 1.23% – 5.05% during 2025 and 1.78% – 4.80% during 2024 \| Variable Rate Debt Bonds \| Minimum
Debt Instrument [Line Items]
Stated interest rate	1.23%	1.78%
Marine Terminal Revenue Refunding Bonds due 2031 at 1.23% – 5.05% during 2025 and 1.78% – 4.80% during 2024 \| Variable Rate Debt Bonds \| Maximum
Debt Instrument [Line Items]
Stated interest rate	5.05%	4.80%
Industrial Development Bonds due 2035 at 1.23% – 5.05% during 2025 and 1.78% – 4.22% during 2024 \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross	$ 18	$ 18
Industrial Development Bonds due 2035 at 1.23% – 5.05% during 2025 and 1.78% – 4.22% during 2024 \| Variable Rate Debt Bonds \| Minimum
Debt Instrument [Line Items]
Stated interest rate	1.23%	1.78%
Industrial Development Bonds due 2035 at 1.23% – 5.05% during 2025 and 1.78% – 4.22% during 2024 \| Variable Rate Debt Bonds \| Maximum
Debt Instrument [Line Items]
Stated interest rate	5.05%	4.22%
2.20% Revenue Refunding Bonds
Debt Instrument [Line Items]
Stated interest rate			2.20%
Debt at face value			$ 200
2.20% Revenue Refunding Bonds \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross	$ 200
2.20% Revenue Refunding Bonds \| Variable Rate Debt Bonds \| Marathon Oil Corporation
Debt Instrument [Line Items]
Stated interest rate	2.20%
2.375% Revenue Refunding Bonds
Debt Instrument [Line Items]
Stated interest rate			2.375%
Debt at face value			$ 200
2.375% Revenue Refunding Bonds \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross	$ 200
2.375% Revenue Refunding Bonds \| Variable Rate Debt Bonds \| Marathon Oil Corporation
Debt Instrument [Line Items]
Stated interest rate	2.375%
4.05% Revenue Refunding Bonds
Debt Instrument [Line Items]
Stated interest rate			4.05%
Debt at face value			$ 200
4.05% Revenue Refunding Bonds \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross	$ 200
4.05% Revenue Refunding Bonds \| Variable Rate Debt Bonds \| Marathon Oil Corporation
Debt Instrument [Line Items]
Stated interest rate	4.05%
3.30% Revenue Refunding Bonds \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Stated interest rate	3.30%
Long-term and short-term, combined amount, gross	$ 400
Revenue Refunding Bonds Due 2037 \| Variable Rate Debt Bonds
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross	1,000	$ 1,000
Other
Debt Instrument [Line Items]
Long-term and short-term, combined amount, gross	$ 13	$ 16

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

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 2025 or 2024.

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 associated with the 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 consideration for the acquisition included a contingent consideration arrangement requiring payment of 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 was up to $0.3 billion USD at closing.

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


	Millions of Dollars
	December 31, 2025					December 31, 2024
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets

Investments in debt securities	$	270	1,331	—	1,601	261	1,290	—	1,551
Commodity derivatives	306		230	68	604	201	252	35	488
Total assets	$	576	1,561	68	2,205	462	1,542	35	2,039

Liabilities
Commodity derivatives	$	354	124	60	538	275	160	45	480
Contingent consideration	—		—	—	—	—	—	145	145
Total liabilities	$	354	124	60	538	275	160	190	625

For the year ended December 31, 2025, we have made payments of $80 million, and $237 million in total under the contingent consideration arrangement since the date of the Surmont acquisition, included in the "Other" line within the financing activities section of our consolidated statement of cash flows. As of December 31, 2025, the fair value of the contingent consideration liability was zero due to the commodity price outlook over the remaining term. 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:

December 31, 2025

—

Discounted cash flow

Commodity price outlook* ($/BOE)

$43.17 - $51.97 ($46.47)

December 31, 2024

145

$48.63 - $57.53 ($53.38)

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

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


	Millions of Dollars
				Amounts Subject to Right of Setoff
	Gross Amounts Recognized		Amounts Not Subject to Right of Setoff	Gross Amounts	Gross Amounts Offset	Net Amounts Presented	Cash Collateral	Net Amounts
December 31, 2025
Assets	$	604	2	602	361	241	6	235
Liabilities	538		1	537	361	176	53	123

December 31, 2024
Assets	$	488	—	488	278	210	—	210
Liabilities	480		—	480	278	202	73	129

At December 31, 2025 and 2024, 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
	2025	2024	2025	2024
Financial assets

Commodity derivatives	237	210	237	210
Investments in debt securities	1,601	1,551	1,601	1,551

Financial liabilities
Total debt, excluding finance leases	22,643	23,384	22,698	22,997
Commodity derivatives	124	129	124	129

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Derivative and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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


	Millions of Dollars
	2025		2024
Assets
Prepaid expenses and other current assets	$	491	394
Other assets	113		94
Liabilities
Other accruals	438		397
Other liabilities and deferred credits	100		83

Gain (Loss) Amounts of Derivatives, Income Statement Location

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


	Millions of Dollars
	2025		2024	2023

Sales and other operating revenues	$	230	133	86
Other income	(8)		(4)	(6)
Purchased commodities	(97)		(133)	(90)

Net Exposures from Outstanding Derivative Contracts

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


	Open Position Long/(Short)
	2025	2024
Commodity
Natural gas and power (BCF equivalent)
Fixed price	(15)	(17)
Basis	(17)	—

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

The following investments are carried on our consolidated balance sheet at cost, plus accrued interest and the table reflects remaining maturities at December 31, 2025 and 2024:


	Millions of Dollars
	Carrying Amount
	Cash and cash equivalents			Short-term investments
	2025		2024	2025	2024

Cash	$	543	770
Demand Deposits	3,781		3,211
Time Deposits
1 to 90 days	975		1,364	6	1
91 to 180 days				17	5
Within one year				8	6
U.S. Government Obligations
1 to 90 days	1,198		260	—	—
	$	6,497	5,605	31	12

Debt Securities, Available-for-Sale

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at December 31, 2025 and 2024:


	Millions of Dollars
	Carrying Amount
	Cash and cash equivalents			Short-term investments		Investments and long-term receivables
	2025		2024	2025	2024	2025	2024
Major Security Type
Corporate Bonds	$	—	—	308	338	651	612
Commercial Paper	—		2	72	77
U.S. Government Obligations	—		—	46	43	224	218
U.S. Government Agency Obligations				—	—	1	7
Foreign Government Obligations				9	4	9	12
Asset-backed Securities				18	33	263	205
	$	—	2	453	495	1,148	1,054

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


	Millions of Dollars
	Amortized Cost Basis			Fair Value
	2025		2024	2025	2024
Major Security Type
Corporate Bonds	$	953	947	959	950
Commercial Paper	72		79	72	79
U.S. Government Obligations	268		262	270	261
U.S. Government Agency Obligations	1		7	1	7
Foreign Government Obligations	18		16	18	16
Asset-backed Securities	280		237	281	238
	$	1,592	1,548	1,601	1,551

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ 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
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

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

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

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

+ Details

Non-Mineral Lease (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Right-of-Use Assets and Lease Liabilities

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


	Millions of Dollars
	2025			2024
	Operating Leases		Finance Leases	Operating Leases	Finance Leases
Right-of-Use Assets
Properties, plants and equipment
Gross			2,007		1,983
Accumulated DD&A			(1,507)		(1,336)
Net PP&E*			500		647

Other assets	950			1,017

Lease Liabilities
Short-term debt**			306		292
Other accruals	383			329
Long-term debt***			495		648
Other liabilities and deferred credits	567			695
Total lease liabilities	$	950	801	1,024	940

* Includes proportionately consolidated finance lease assets of $83 million at December 31, 2025 and $107 million at December 31, 2024.

** Includes proportionately consolidated finance lease liabilities of $188 million at December 31, 2025 and $181 million at December 31, 2024.

*** Includes proportionately consolidated finance lease liabilities of $192 million at December 31, 2025 and $259 million at December 31, 2024.

Lease Cost

The following table summarizes our lease costs:


	Millions of Dollars
	2025		2024	2023
Lease Cost*
Operating lease cost	$	447	325	229
Finance lease cost
Amortization of right-of-use assets	171		173	180
Interest on lease liabilities	24		29	35
Short-term lease cost**	65		49	40
Total lease cost***	$	707	576	484

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

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

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

Lease Term and Discount Rate

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


Lease Term and Discount Rate	2025	2024

Weighted-average term (years)
Operating leases	4.06	4.41
Finance leases	4.18	4.86

Weighted-average discount rate (percent)
Operating leases	4.58	4.62
Finance leases	3.47	3.40

Other Information

The following table summarizes other lease information:


	Millions of Dollars
	2025		2024	2023
Other Information*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	385	248	173
Operating cash flows from finance leases	24		29	33
Financing cash flows from finance leases	175		172	169

Right-of-use assets obtained in exchange for operating lease liabilities	$	320	628	355
Right-of-use assets obtained in exchange for finance lease liabilities	25		—	9

Maturity of Lease Liabilities

The following table summarizes future lease payments for operating and finance leases at December 31, 2025:


	Millions of Dollars
	Operating Leases		Finance Leases
Maturity of Lease Liabilities
2026	$	417	363
2027	219		164
2028	143		181
2029	102		91
2030	55		57
Remaining years	109		48
Total	1,045		904
Less: portion representing imputed interest	(95)		(103)
Total lease liabilities	$	950	801

Suspended Wells and Exploration Expenses - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) well	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Dry hole expense	$ 40
Exploratory well costs capitalized for a period greater than one year	133	$ 163	$ 184
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs	407	$ 355	398
Asia Pacific
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Dry hole expense	80
Exploratory well costs capitalized for a period greater than one year	36
Alvheim, Norwegian Sector of the North Sea
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Dry hole expense	$ 22
Number of partner operating exploration wells \| well	2
PL782S - Norway
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Dry hole expense	$ 18
Norwegian Warka PL1009
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs			37
Alaska Bear-1
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Before-tax impairment related to the associated carrying value of capitalized undeveloped leasehold costs			$ 31
Certain Lower 48 Offshore Interests
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Increase in capitalized costs	$ (30)

Non-Mineral Lease - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Line Items]
Total payments under agreement	$ 25	$ 24	$ 26
Time-Chartered LNG Vessels
Leases [Line Items]
Total payments under agreement	$ 1,000	$ 0

Consolidated Statement of Cash Flows - USD ($)	12 Months Ended
Consolidated Statement of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 7,988,000,000	$ 9,245,000,000	$ 10,957,000,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion and amortization	11,500,000,000	9,599,000,000	8,270,000,000
Impairments	26,000,000	80,000,000	14,000,000
Dry hole costs and leasehold impairments	181,000,000	46,000,000	162,000,000
Accretion on discounted liabilities	378,000,000	325,000,000	283,000,000
Deferred taxes	549,000,000	367,000,000	1,145,000,000
Distributions more (less) than income from equity affiliates	200,000,000	564,000,000	964,000,000
(Gain) loss on dispositions	(731,000,000)	(51,000,000)	(228,000,000)
Other	(219,000,000)	130,000,000	(220,000,000)
Working capital adjustments
Decrease (increase) in accounts and notes receivable	803,000,000	(262,000,000)	1,333,000,000
Decrease (increase) in inventories	(116,000,000)	(68,000,000)	(103,000,000)
Decrease (increase) in prepaid expenses and other current assets	(24,000,000)	79,000,000	337,000,000
Increase (decrease) in accounts payable	(212,000,000)	(543,000,000)	(1,118,000,000)
Increase (decrease) in taxes and other accruals	(527,000,000)	613,000,000	(1,831,000,000)
Net cash provided by operating activities	19,796,000,000	20,124,000,000	19,965,000,000
Cash flows from investing activities
Capital expenditures and investments	(12,553,000,000)	(12,118,000,000)	(11,248,000,000)
Working capital changes associated with investing activities	546,000,000	302,000,000	30,000,000
Acquisition of businesses, net of cash acquired	0	(24,000,000)	(2,724,000,000)
Proceeds from asset dispositions	3,248,000,000	261,000,000	632,000,000
Net sales (purchases) of investments	(55,000,000)	415,000,000	1,373,000,000
Other	(22,000,000)	14,000,000	(63,000,000)
Net cash used in investing activities	(8,836,000,000)	(11,150,000,000)	(12,000,000,000)
Cash flows from financing activities
Issuance of debt	0	5,591,000,000	3,787,000,000
Repayment of debt	(913,000,000)	(4,981,000,000)	(1,379,000,000)
Issuance of company common stock	(100,000,000)	(78,000,000)	(52,000,000)
Repurchase of company common stock	(5,018,000,000)	(5,463,000,000)	(5,400,000,000)
Dividends paid	(3,995,000,000)	(3,646,000,000)	(5,583,000,000)
Other	(76,000,000)	(258,000,000)	(34,000,000)
Net cash used in financing activities	(10,102,000,000)	(8,835,000,000)	(8,661,000,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	153,000,000	(133,000,000)	(99,000,000)
Net change in cash, cash equivalents and restricted cash	1,011,000,000	6,000,000	(795,000,000)
Cash, cash equivalents and restricted cash at beginning of period	5,905,000,000	5,899,000,000	6,694,000,000
Cash, cash equivalents and restricted cash at end of period	$ 6,916,000,000	$ 5,905,000,000	$ 5,899,000,000

Employee Benefit Plans - Change in Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits \| U.S.
Change in Benefit Obligation
Benefit obligation, beginning balance	$ 1,806	$ 1,525
Service cost	58	49	$ 51
Interest cost	93	76	77
Plan participant contributions	0	0
Plan amendments	0	0
Business combinations		237
Actuarial (gain) loss	89	(4)
Benefits paid	(204)	(98)
Curtailment	3	8
Recognition of termination benefits	0	13
Foreign currency exchange rate change	0	0
Benefit obligation, ending balance	1,845	1,806	1,525
Accumulated benefit obligation	1,767	1,703
Change in Fair Value of Plan Assets
Fair value of plan assets, beginning balance	1,556	1,306
Actual return on plan assets	166	66
Company contributions	148	83
Plan participant contributions	0	0
Business combinations		199
Benefits paid	(204)	(98)
Foreign currency exchange rate change	0	0
Fair value of plan assets, ending balance	1,666	1,556	1,306
Funded Status	(179)	(250)
Pension Benefits \| Int’l.
Change in Benefit Obligation
Benefit obligation, beginning balance	2,591	2,866
Service cost	34	38	38
Interest cost	130	114	113
Plan participant contributions	0	0
Plan amendments	0	57
Business combinations
Actuarial (gain) loss	(59)	(202)
Benefits paid	(142)	(134)
Curtailment	(8)	0
Recognition of termination benefits	0	0
Foreign currency exchange rate change	243	(148)
Benefit obligation, ending balance	2,789	2,591	2,866
Accumulated benefit obligation	2,577	2,392
Change in Fair Value of Plan Assets
Fair value of plan assets, beginning balance	2,907	3,085
Actual return on plan assets	192	18
Company contributions	50	88
Plan participant contributions	0	0
Business combinations
Benefits paid	(142)	(134)
Foreign currency exchange rate change	277	(150)
Fair value of plan assets, ending balance	3,284	2,907	3,085
Funded Status	495	316
Other Benefits
Change in Benefit Obligation
Benefit obligation, beginning balance	145	107
Service cost	2	1	1
Interest cost	8	5	5
Plan participant contributions	14	12
Plan amendments	(2)	0
Business combinations		42
Actuarial (gain) loss	(3)	5
Benefits paid	(39)	(27)
Curtailment	1	0
Recognition of termination benefits	0	0
Foreign currency exchange rate change	0	0
Benefit obligation, ending balance	126	145	107
Change in Fair Value of Plan Assets
Fair value of plan assets, beginning balance	0	0
Actual return on plan assets	0	0
Company contributions	25	15
Plan participant contributions	14	12
Business combinations
Benefits paid	(39)	(27)
Foreign currency exchange rate change	0	0
Fair value of plan assets, ending balance	0	0	$ 0
Funded Status	$ (126)	$ (145)

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Note 21—Earnings Per Share


	Millions of Dollars (except per share amounts)
Years Ended December 31	2025		2024	2023

Basic earnings per share

Net income (loss)	$	7,988	9,245	10,957
Less: Dividends and undistributed earnings
allocated to participating securities	27		27	35
Net income (loss) available to common shareholders	$	7,961	9,218	10,922
Weighted-average common shares outstanding (in millions)	1,252		1,179	1,203
Net income (loss) per share of common stock	$	6.36	7.82	9.08

Diluted earnings per share

Net income (loss) available to common shareholders	$	7,961	9,218	10,922
Weighted-average common shares outstanding (in millions)	1,252		1,179	1,203
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs	1		2	3
Weighted-average diluted shares outstanding (in millions)	1,253		1,181	1,206
Net income (loss) per share of common stock	$	6.35	7.81	9.06

Segment Disclosures and Related Information - Geographic Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 58,944,000,000	$ 54,745,000,000	$ 56,141,000,000
Long-Lived Assets	102,072,000,000	102,966,000,000	77,949,000,000
U.S.
Segment Reporting Information [Line Items]
Sales and other operating revenues	46,611,000,000	43,480,000,000	45,101,000,000
Long-Lived Assets	77,453,000,000	79,141,000,000	53,955,000,000
International
Segment Reporting Information [Line Items]
Sales and other operating revenues	12,333,000,000	11,265,000,000	11,040,000,000
Long-Lived Assets	$ 24,619,000,000	$ 23,825,000,000	$ 23,994,000,000

- Definition

+ References

+ Details

Employee Benefit Plans - Restricted Stock Unit and Performance Share Program Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units (RSUs) \| Discontinued Operations
Stock Units
Stock Units, Outstanding, beginning balance (in shares)	629,681
Stock Units, Granted (in shares)	43,292
Stock Units, Issued (in shares)	(110,284)
Stock Units, Outstanding, ending balance (in shares)	562,689	629,681
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share)	$ 60.22
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	98.68	$ 111.91	$ 115.88
Weighted-Average Grant Date Fair Value, Issued (in dollars per share)	52.23
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share)	$ 64.75	$ 60.22
Total fair value, issued	$ 12	$ 35	$ 46
RSU Stock Settled
Stock Units
Stock Units, Outstanding, beginning balance (in shares)	6,471,773
Stock Units, Granted (in shares)	2,998,555
Stock Units, Settled (in shares)	(274,989)
Stock Units, Issued (in shares)	(2,938,338)
Stock Units, Outstanding, ending balance (in shares)	6,257,001	6,471,773
Stock Units, Not Vested at end of year (in shares)	4,300,663
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share)	$ 104.89
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	99.26	$ 109.79	$ 110.91
Weighted-Average Grant Date Fair Value, Settled (in dollars per share)	103.37
Weighted-Average Grant Date Fair Value, Issued (in dollars per share)	98.14
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share)	105.43	$ 104.89
Weighted-Average Grant Date Not Vested at end of year (in dollars per share)	$ 105.25
Total fair value, issued	$ 285	$ 410	$ 284
PSU Stock Settled
Stock Units
Stock Units, Outstanding, beginning balance (in shares)	774,503
Stock Units, Granted (in shares)	4,737
Stock Units, Issued (in shares)	(193,286)
Stock Units, Outstanding, ending balance (in shares)	585,954	774,503
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share)	$ 50.75
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	100.90	$ 110.39	$ 112.50
Weighted-Average Grant Date Fair Value, Issued (in dollars per share)	52.05
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share)	$ 50.73	$ 50.75
Total fair value, issued	$ 18	$ 23	$ 29
PSU Cash Settled Program
Stock Units
Stock Units, Outstanding, beginning balance (in shares)	89,583
Stock Units, Granted (in shares)	647,382
Stock Units, Settled (in shares)	(659,340)
Stock Units, Outstanding, ending balance (in shares)	77,625	89,583
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Outstanding, beginning balance (in dollars per share)	$ 98.20
Weighted-Average Grant Date Fair Value, Granted (in dollars per share)	100.90	$ 110.39	$ 112.50
Weighted-Average Grant Date Fair Value, Settled (in dollars per share)	100.14
Weighted-Average Grant Date Fair Value, Outstanding, ending balance (in dollars per share)	$ 94.00	$ 98.20
Total fair value, issued	$ 66	$ 171	$ 111

Acquisitions and Dispositions - Schedule of Business Combination - Marathon Oil (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Nov. 22, 2024	Nov. 30, 2024
Business Combination [Line Items]
Share price (in dollars per share)	$ 111.93
Marathon Oil Corporation
Business Combination [Line Items]
Value of ConocoPhilips common stock issued		$ 15,972
Cash consideration		451
Value attributable to Marathon Oil share-based awards		67
Other liabilities incurred		17
Total consideration	$ 16,500	$ 16,507
Additional shares of ConocoPhillips common stock issued as consideration (in shares)	143,000,000
Business acquisition, entity shares issued per acquiree share	0.255	0.255

Employee Benefit Plans - Projected and Accumulated Benefit Obligations in Excess of Fair Value (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
U.S.
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 208	$ 450
Fair value of plan assets	0	199
Accumulated benefit obligation	190	425
Fair value of plan assets	0	199
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	258	242
Fair value of plan assets	9	6
Accumulated benefit obligation	223	210
Fair value of plan assets	$ 9	$ 6

- 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

+ Details

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Crude oil and products	$ 1,000	$ 907
Materials and supplies	873	902
Total inventories	1,873	1,809
Inventories valued on the LIFO basis	$ 609	$ 578

Derivative and Financial Instruments

12 Months Ended

Dec. 31, 2025

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 customer needs, capture market opportunities and manage foreign exchange currency risk.

Commodity Derivative Instruments

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

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

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


	Millions of Dollars
	2025		2024
Assets
Prepaid expenses and other current assets	$	491	394
Other assets	113		94
Liabilities
Other accruals	438		397
Other liabilities and deferred credits	100		83

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


	Millions of Dollars
	2025		2024	2023

Sales and other operating revenues	$	230	133	86
Other income	(8)		(4)	(6)
Purchased commodities	(97)		(133)	(90)

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


	Open Position Long/(Short)
	2025	2024
Commodity
Natural gas and power (BCF equivalent)
Fixed price	(15)	(17)
Basis	(17)	—

Interest Rate Derivative Instruments

In 2023, PALNG executed interest rate swaps that had the effect of converting 60 percent of the projected term loans outstanding to finance the cost of development and construction of Phase 1 from floating- to fixed-rate. In 2024, PALNG dedesignated a portion of the interest rate swaps as a cash flow hedge and the remaining portion was dedesignated during the first quarter of 2025. Changes in the fair value of the dedesignated hedging instruments are reported in the "Equity in earnings of affiliates" line on our consolidated income statement.

For the years ended December 31, 2025 and 2024, we recognized gains of $18 million and $35 million, respectively, in "Equity in earnings of affiliates" related to these swaps. For the year ended December 31, 2025, unrealized gains/losses recognized in other comprehensive income (loss) related to these swaps was nil. For the years ended December 31, 2024 and 2023, we recognized an unrealized loss of $56 million and an unrealized gain of $78 million, respectively, in other comprehensive income (loss) related to these swaps.

Financial Instruments

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

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

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

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

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

•Foreign government obligations: Securities issued by foreign governments.

•Corporate bonds: Unsecured debt securities issued by corporations.

•Asset-backed securities: Collateralized debt securities.

The following investments are carried on our consolidated balance sheet at cost, plus accrued interest and the table reflects remaining maturities at December 31, 2025 and 2024:


	Millions of Dollars
	Carrying Amount
	Cash and cash equivalents			Short-term investments
	2025		2024	2025	2024

Cash	$	543	770
Demand Deposits	3,781		3,211
Time Deposits
1 to 90 days	975		1,364	6	1
91 to 180 days				17	5
Within one year				8	6
U.S. Government Obligations
1 to 90 days	1,198		260	—	—
	$	6,497	5,605	31	12

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at December 31, 2025 and 2024:


	Millions of Dollars
	Carrying Amount
	Cash and cash equivalents			Short-term investments		Investments and long-term receivables
	2025		2024	2025	2024	2025	2024
Major Security Type
Corporate Bonds	$	—	—	308	338	651	612
Commercial Paper	—		2	72	77
U.S. Government Obligations	—		—	46	43	224	218
U.S. Government Agency Obligations				—	—	1	7
Foreign Government Obligations				9	4	9	12
Asset-backed Securities				18	33	263	205
	$	—	2	453	495	1,148	1,054

Cash and cash equivalents and short-term investments have remaining maturities within one year. Investments and long-term receivables have remaining maturities that vary from greater than one year through 13 years.

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


	Millions of Dollars
	Amortized Cost Basis			Fair Value
	2025		2024	2025	2024
Major Security Type
Corporate Bonds	$	953	947	959	950
Commercial Paper	72		79	72	79
U.S. Government Obligations	268		262	270	261
U.S. Government Agency Obligations	1		7	1	7
Foreign Government Obligations	18		16	18	16
Asset-backed Securities	280		237	281	238
	$	1,592	1,548	1,601	1,551

No allowance for credit losses has been recorded on investments in debt securities which are in an unrealized loss position.

For the years ended December 31, 2025 and 2024, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $962 million and $868 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 could be 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 December 31, 2025 and 2024, was $73 million and $70 million, respectively. For these instruments, no collateral was posted at December 31, 2025 and 2024. If our credit rating had been downgraded below investment grade at December 31, 2025, we would have been required to post $32 million of additional collateral, either with cash or letters of credit.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Accounting Policies (Details)	12 Months Ended
Accounting Policies (Details)	Dec. 31, 2025 segment
Accounting Policies [Abstract]
Number of operating segments	5

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories at December 31 were:


	Millions of Dollars
	2025		2024

Crude oil and products	$	1,000	907
Materials and supplies	873		902
Total inventories	$	1,873	1,809

Inventories valued on the LIFO basis	$	609	578

Acquisitions and Dispositions - Schedule of Assets Acquired and Liabilities Assumed - Marathon Oil (Details) - Marathon Oil Corporation - USD ($) $ in Millions	Nov. 30, 2024	Nov. 22, 2024
Assets acquired
Cash and cash equivalents		$ 385
Accounts receivable, net		976
Inventories		302
Net properties, plants and equipment		24,215
Investments and long-term receivables		562
Other assets		215
Total assets acquired		26,655
Liabilities Assumed
Accounts payable		1,183
Accrued income and other taxes		201
Employee benefit obligations		187
Long-term debt	$ 4,700	4,719
Asset retirement obligations		781
Deferred income taxes		2,471
Other liabilities		606
Total liabilities assumed		10,148
Total identifiable net assets		$ 16,507

Investments, Loans and Long-Term Receivables - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) facility	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022	Dec. 31, 2012 USD ($)
Schedule of Equity Method Investments [Line Items]
Retained earnings, undistributed earnings of affiliated companies	$ 112
Dividends from affiliates	1,531	$ 2,283	$ 2,684
Carrying value of equity method investment	$ 8,833	$ 8,611
APLNG
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment	47.50%
Project finance facility, maximum borrowing capacity					$ 8,500
Line of credit facility, outstanding	$ 3,400
Carrying value of equity method investment	$ 4,900
Port Arthur LNG
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment	30.00%		30.00%
Carrying value of equity method investment	$ 1,600
QatarEnergy LNG N3
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment	30.00%
QatarEnergy LNG NFE4
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment	25.00%
QatarEnergy LNG NFS3
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investment	25.00%			25.00%
QatarEnergy
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investment	$ 1,700
Origin Energy \| APLNG
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	27.50%
Sinopec \| APLNG
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	25.00%
QatarEnergy \| QatarEnergy LNG N3
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	68.50%
QatarEnergy \| QatarEnergy LNG NFE4
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	70.00%
QatarEnergy \| QatarEnergy LNG NFS3
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	75.00%
Mitsui & Co., Ltd. \| QatarEnergy LNG N3
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	1.50%
China National Petroleum Corporation \| QatarEnergy LNG NFE4
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	5.00%
QatarEnergy LNG NFE4 \| North Field East LNG Project
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	12.50%
QatarEnergy LNG NFS3 \| North Field East LNG Project
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	25.00%
U S Private Placement Bond \| APLNG
Schedule of Equity Method Investments [Line Items]
Number of note facilities \| facility	2

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Assessment and Management We take a multilayered approach to cybersecurity risk management and strategy. Our IT/OT Security Program integrates administrative, technical, and physical controls against evolving cybersecurity threats, and includes enterprise IT and OT security architecture, cybersecurity operations, data privacy and governance, supply chain security, and governance, risk, and compliance. Additionally, it is designed to identify, assess, and manage cybersecurity risks and protect the confidentiality, integrity, and availability of our data, IT, and OT. Cybersecurity is a component of our IT/OT Security Program, which we periodically review and adapt to respond to new and evolving circumstances, cybersecurity threats and regulations. We evaluate security, privacy, and resiliency risks, including those related to cybersecurity, in our overall Enterprise Risk Management (ERM) program's annual risk assessment process. This annual risk assessment process takes into account broader risks based on likelihood, potential consequences, and mitigations, such as operational and economic impact; health, safety and environmental impact; and reputational and financial implications. This risk assessment is discussed with members of the ELT, Audit and Finance Committee (AFC) of the Board of Directors, and Board of Directors on at least an annual basis. We consult recognized security frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework to organize, improve, and assess our IT/OT Security Program to manage and reduce cybersecurity risk. We deploy, configure, and maintain various technologies designed to enforce security policies, detect and protect against cybersecurity threats, and help safeguard IT and OT assets. We operate a Cybersecurity Operation Center (CSOC) to ingest threat intelligence, monitor cybersecurity threats, coordinate incident response resources and manage response times. Our Global Computer Security Incident Response Plan (CSIRP) establishes the framework for our response to cybersecurity incidents. Under the CSIRP, cybersecurity incidents are escalated based on a defined incident categorization to the Chief Information Security Officer (CISO) and senior leaders, including the Chief Digital & Information Officer (CD&IO), General Counsel, Chief Financial Officer, and other cybersecurity program stakeholders, such as the AFC and/or the full Board of Directors. We also conduct incident response exercises at least annually, which are facilitated by internal team members and, in some instances, with assistance from third-party experts. Physical controls are designed to work in conjunction with digital and cybersecurity controls to help protect the company’s IT and OT assets from physical threats. Our Chief Security Officer is responsible for a physical security program including site plans, cameras, security systems monitoring, and access control and badging systems to manage physical security risks. Our governing policies, standards and procedures create a structured approach to managing cybersecurity risk. Information security requirements for employees, contractors and partners are detailed in the ConocoPhillips Information Security & Protection Policy. Our workforce is required to complete information security training annually, and we periodically communicate ways to recognize and avoid cybersecurity threats to our workforce. Engagement of Third Parties We engage third-party cybersecurity consultants and experts to supplement staffing of our CSOC, as well as to help us assess, validate, and enhance our security practices, including conducting cybersecurity maturity assessments, vulnerability assessments and penetration tests. As part of the cybersecurity incident response process described above, we engage third-party experts as needed to support incident response, such as external legal advisors, cybersecurity forensic firms and other specialists. Third-Party Service Provider Risk Management Our third-party risk management process is designed to identify, assess, and mitigate risks associated with third-party service providers, including cybersecurity risks. An initial assessment is conducted to assess the cybersecurity risks associated with a third-party provider based on various criteria, such as whether the third-party provider has access to our network, data, and information systems. Third-party providers that are identified through the initial assessment as warranting further review are subject to additional risk assessment. In parallel, we have designed a contracting process to mitigate cybersecurity risks by specifying the rights and responsibilities of the parties. Risks from Material Cybersecurity Threats While we are subject to ongoing cybersecurity threats, we do not believe that the risks from previous threats have materially affected or are reasonably likely to materially affect the company, including our business strategy, results of operations or financial condition. Nevertheless, we recognize cybersecurity threats are on-going and evolving, and our program is designed to identify and manage those threats. See Item 1A. Risk Factors—Our technologies, systems and networks are subject to cybersecurity threats for more information on our risks relating to our technologies, systems, and networks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We take a multilayered approach to cybersecurity risk management and strategy. Our IT/OT Security Program integrates administrative, technical, and physical controls against evolving cybersecurity threats, and includes enterprise IT and OT security architecture, cybersecurity operations, data privacy and governance, supply chain security, and governance, risk, and compliance. Additionally, it is designed to identify, assess, and manage cybersecurity risks and protect the confidentiality, integrity, and availability of our data, IT, and OT.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Management's Role A dedicated CISO leads the IT/OT Security Team and is responsible for our cybersecurity risk management and strategy. The CISO has over 20 years of experience in security, of which 18 years is specific to cybersecurity and has served as a CISO since 2013, having joined ConocoPhillips as CISO in 2022. The CISO holds a master’s degree and is a Certified Information Security Professional. The CISO reports to the CD&IO, who holds a master’s degree in information technology and has served as Chief Information Officer/Chief Technology Officer and various roles in information technology for over 29 years. The CD&IO reports to the Executive Vice President, Global Operations and Technical Functions. This management team assesses and manages risks associated with cybersecurity. Board of Directors' Oversight While our cybersecurity management team is responsible for the day-to-day assessment and management of material risks from cybersecurity threats, the ConocoPhillips Board of Directors has oversight responsibility for our ERM program and the individual risk management programs comprising our ERM program, including cybersecurity risk management. To help maintain effective Board of Directors' oversight across the entire enterprise, the Board of Directors delegates certain elements of its oversight function to individual committees. The AFC assists the Board of Directors in fulfilling its oversight of our ERM program and cybersecurity. The Board of Directors receives a report on cybersecurity annually, and the AFC receives reports on cybersecurity multiple times a year. For meetings where cybersecurity is not on the formal agenda, the AFC will receive a pre-read that includes cybersecurity updates or discussion topics. During these reviews, management discusses various topics, including information relating to IT/OT Security strategy, program management, cybersecurity risks and threats, and provides briefings on notable cybersecurity attacks, including those relating to third-party service providers, if known. In addition to this regular reporting, significant cybersecurity risks or threats may also be escalated on an as needed basis to the AFC and Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	A dedicated CISO leads the IT/OT Security Team and is responsible for our cybersecurity risk management and strategy.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors receives a report on cybersecurity annually, and the AFC receives reports on cybersecurity multiple times a year. For meetings where cybersecurity is not on the formal agenda, the AFC will receive a pre-read that includes cybersecurity updates or discussion topics. During these reviews, management discusses various topics, including information relating to IT/OT Security strategy, program management, cybersecurity risks and threats, and provides briefings on notable cybersecurity attacks, including those relating to third-party service providers, if known. In addition to this regular reporting, significant cybersecurity risks or threats may also be escalated on an as needed basis to the AFC and Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	A dedicated CISO leads the IT/OT Security Team and is responsible for our cybersecurity risk management and strategy. The CISO has over 20 years of experience in security, of which 18 years is specific to cybersecurity and has served as a CISO since 2013, having joined ConocoPhillips as CISO in 2022. The CISO holds a master’s degree and is a Certified Information Security Professional. The CISO reports to the CD&IO, who holds a master’s degree in information technology and has served as Chief Information Officer/Chief Technology Officer and various roles in information technology for over 29 years. The CD&IO reports to the Executive Vice President, Global Operations and Technical Functions. This management team assesses and manages risks associated with cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	A dedicated CISO leads the IT/OT Security Team and is responsible for our cybersecurity risk management and strategy. The CISO has over 20 years of experience in security, of which 18 years is specific to cybersecurity and has served as a CISO since 2013, having joined ConocoPhillips as CISO in 2022. The CISO holds a master’s degree and is a Certified Information Security Professional. The CISO reports to the CD&IO, who holds a master’s degree in information technology and has served as Chief Information Officer/Chief Technology Officer and various roles in information technology for over 29 years. The CD&IO reports to the Executive Vice President, Global Operations and Technical Functions. This management team assesses and manages risks associated with cybersecurity. Board of Directors' Oversight While our cybersecurity management team is responsible for the day-to-day assessment and management of material risks from cybersecurity threats, the ConocoPhillips Board of Directors has oversight responsibility for our ERM program and the individual risk management programs comprising our ERM program, including cybersecurity risk management. To help maintain effective Board of Directors' oversight across the entire enterprise, the Board of Directors delegates certain elements of its oversight function to individual committees. The AFC assists the Board of Directors in fulfilling its oversight of our ERM program and cybersecurity.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	A dedicated CISO leads the IT/OT Security Team and is responsible for our cybersecurity risk management and strategy. The CISO has over 20 years of experience in security, of which 18 years is specific to cybersecurity and has served as a CISO since 2013, having joined ConocoPhillips as CISO in 2022. The CISO holds a master’s degree and is a Certified Information Security Professional. The CISO reports to the CD&IO, who holds a master’s degree in information technology and has served as Chief Information Officer/Chief Technology Officer and various roles in information technology for over 29 years.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Board of Directors receives a report on cybersecurity annually, and the AFC receives reports on cybersecurity multiple times a year. For meetings where cybersecurity is not on the formal agenda, the AFC will receive a pre-read that includes cybersecurity updates or discussion topics. During these reviews, management discusses various topics, including information relating to IT/OT Security strategy, program management, cybersecurity risks and threats, and provides briefings on notable cybersecurity attacks, including those relating to third-party service providers, if known. In addition to this regular reporting, significant cybersecurity risks or threats may also be escalated on an as needed basis to the AFC and Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Non-Mineral Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average term, operating leases	4 years 21 days	4 years 4 months 28 days
Weighted-average term, finance leases	4 years 2 months 4 days	4 years 10 months 9 days
Weighted-average discount rate, operating leases	4.58%	4.62%
Weighted-average discount rate, finance leases	3.47%	3.40%

Suspended Wells and Exploration Expenses - Aging of Suspended Well Cost (Details) $ in Millions	Dec. 31, 2025 USD ($) project	Dec. 31, 2024 USD ($) project	Dec. 31, 2023 USD ($) project	Dec. 31, 2022 USD ($)
Extractive Industries [Abstract]
Exploratory well costs capitalized for a period of one year or less	$ 110	$ 33	$ 0
Exploratory well costs capitalized for a period greater than one year	133	163	184
Capitalized cost of suspended wells	$ 243	$ 196	$ 184	$ 527
Number of projects with exploratory well costs capitalized for a period greater than one year \| project	13	13	14

Asset Retirement Obligations and Accrued Environmental Costs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Site Contingency [Line Items]
Accrued environmental costs	$ 220	$ 206
Maximum number of years accrued environmental liabilities will be paid over	30 years
Expected expenditures for acquired environmental obligations, weighted-average discount factor rate	5.00%
Total environmental accrual included in balance sheet	$ 119
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Asset Retirement Obligations and Accrued Environmental Cost Non Current
Accrued environmental costs discounted	$ 133
Cleanup Remediation Activities
Site Contingency [Line Items]
Accrued environmental costs	142	139
Corporate and Other Environmental Liabilities
Site Contingency [Line Items]
Accrued environmental costs	68	56
Federal Comprehensive Environmental Response Compensation and Liability Act or Similar State Laws
Site Contingency [Line Items]
Accrued environmental costs	$ 10	$ 11

Segment Disclosures and Related Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	5
Number Of Reportable Segments Not Disclosed Flag	segment
Sales and other operating revenues	$ 58,944,000,000	$ 54,745,000,000	$ 56,141,000,000
Revenue from contracts outside the scope of ASC Topic 606	7,201,000,000	5,483,000,000	8,203,000,000
Europe, Middle East and North Africa
Segment Reporting Information [Line Items]
Sales and other operating revenues	6,484,000,000	5,788,000,000	5,854,000,000
Canada
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,625,000,000	3,514,000,000	3,006,000,000
Lower 48
Segment Reporting Information [Line Items]
Sales and other operating revenues	41,395,000,000	37,026,000,000	38,237,000,000
Physical contracts meeting the definition of a derivative
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	7,201,000,000	5,483,000,000	8,203,000,000
Physical contracts meeting the definition of a derivative \| Europe, Middle East and North Africa
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	800,000,000	800,000,000	300,000,000
Physical contracts meeting the definition of a derivative \| Canada
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	700,000,000	500,000,000	1,300,000,000
Physical contracts meeting the definition of a derivative \| Lower 48
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	5,700,000,000	4,200,000,000	6,600,000,000
Pipeline Company
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 5,300,000,000	$ 6,700,000,000	$ 5,800,000,000
Customer Concentration Risk \| Pipeline Company \| Revenue Benchmark \| Lower 48
Segment Reporting Information [Line Items]
Concentration risk percentage	10.00%	12.00%	10.00%

Employee Benefit Plans - Benefit Payments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Pension Benefits \| U.S.
Defined Benefit Plan Disclosure [Line Items]
2026	$ 511
2027	279
2028	164
2029	161
2030	151
2031–2035	628
Pension Benefits \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
2026	135
2027	139
2028	142
2029	146
2030	151
2031–2035	799
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
2026	17
2027	17
2028	16
2029	14
2030	13
2031–2035	$ 52

Other Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Other Financial Information


	Millions of Dollars
	2025		2024	2023
Interest and Debt Expense
Incurred
Debt	$	1,176	941	824
Other	63		90	109
	1,239		1,031	933
Capitalized	(384)		(248)	(153)
Expensed	$	855	783	780

Other Income
Interest income	$	311	402	412

Other, net	227		50	73
Total	$	538	452	485


Research and Development Expenditures—expensed	$	78	81	81

Shipping and Handling Costs	$	2,438	1,958	1,695

Foreign Currency Transaction (Gains) Losses—after-tax
Alaska	$	—	—	—
Lower 48	—		—	—
Canada	20		(35)	11
Europe, Middle East and North Africa	30		(37)	(39)
Asia Pacific	(33)		(1)	12
Segments Total	17		(73)	(16)
Corporate and Other	(17)		36	86
Total	$	—	(37)	70

Property Plant And Equipment


	Millions of Dollars
	2025		2024
Properties, Plants and Equipment
Proved properties	$	167,969	155,364
Unproved properties	10,822		15,490
Other	4,844		4,574
Gross properties, plants and equipment	183,635		175,428
Less: Accumulated depreciation, depletion and amortization	(90,396)		(81,072)
Net properties, plants and equipment	$	93,239	94,356

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Gross Financial Assets and Liabilities


	Millions of Dollars
	December 31, 2025					December 31, 2024
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets

Investments in debt securities	$	270	1,331	—	1,601	261	1,290	—	1,551
Commodity derivatives	306		230	68	604	201	252	35	488
Total assets	$	576	1,561	68	2,205	462	1,542	35	2,039

Liabilities
Commodity derivatives	$	354	124	60	538	275	160	45	480
Contingent consideration	—		—	—	—	—	—	145	145
Total liabilities	$	354	124	60	538	275	160	190	625

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:

December 31, 2025

—

Discounted cash flow

Commodity price outlook* ($/BOE)

$43.17 - $51.97 ($46.47)

December 31, 2024

145

$48.63 - $57.53 ($53.38)

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

Commodity Derivative Balances Subject to Right of Setoff


	Millions of Dollars
				Amounts Subject to Right of Setoff
	Gross Amounts Recognized		Amounts Not Subject to Right of Setoff	Gross Amounts	Gross Amounts Offset	Net Amounts Presented	Cash Collateral	Net Amounts
December 31, 2025
Assets	$	604	2	602	361	241	6	235
Liabilities	538		1	537	361	176	53	123

December 31, 2024
Assets	$	488	—	488	278	210	—	210
Liabilities	480		—	480	278	202	73	129

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
	2025	2024	2025	2024
Financial assets

Commodity derivatives	237	210	237	210
Investments in debt securities	1,601	1,551	1,601	1,551

Financial liabilities
Total debt, excluding finance leases	22,643	23,384	22,698	22,997
Commodity derivatives	124	129	124	129

Employee Benefit Plans - Fair Values of Pension Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Net receivables related to security transactions	$ 2	$ 5
U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	31	71
Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1,377	1,134
Insurance Contract, Rights and Obligations
Defined Benefit Plan Disclosure [Line Items]
Participating interest in annuity contract, fair value	40	42
Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1,627	1,513
Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	3,281	2,903
U.S. \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets		5
U.S. \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets		0
International \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	38
International \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	0
Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	20	17
Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	617	522
Corporate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	1
Corporate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	572	451
Private equity funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	2	3
Private equity funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Cash and cash equivalents \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	0
Cash and cash equivalents \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	18	25
Cash and cash equivalents \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	9	3
Cash and cash equivalents \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Insurance contracts \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	4	4
Insurance contracts \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Real estate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	2	3
Real estate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	169	136
Real estate \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	21	22
Real estate \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Equity securities, Common/collective trusts \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	353	479
Equity securities, Common/collective trusts \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	325	194
Debt securities, Common/collective trusts \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1,213	938
Debt securities, Common/collective trusts \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1,579	1,575
Level 1 \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	22	60
Level 1 \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1,105	921
Level 1 \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	22	60
Level 1 \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1,105	921
Level 1 \| U.S. \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets		5
Level 1 \| U.S. \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets		0
Level 1 \| International \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	38
Level 1 \| International \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	0
Level 1 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	20	17
Level 1 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	514	445
Level 1 \| Corporate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 1 \| Corporate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 1 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 1 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	572	451
Level 1 \| Private equity funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 1 \| Private equity funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 1 \| Cash and cash equivalents \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	0
Level 1 \| Cash and cash equivalents \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	18	25
Level 1 \| Insurance contracts \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 1 \| Insurance contracts \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 1 \| Real estate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 1 \| Real estate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	1
Level 2 \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	103	77
Level 2 \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	1
Level 2 \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	103	77
Level 2 \| U.S. \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets		0
Level 2 \| U.S. \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets		0
Level 2 \| International \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| International \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	103	77
Level 2 \| Corporate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	1
Level 2 \| Corporate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Private equity funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 2 \| Private equity funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 2 \| Cash and cash equivalents \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Cash and cash equivalents \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Insurance contracts \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 2 \| Insurance contracts \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 2 \| Real estate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 2 \| Real estate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	9	10
Level 3 \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	169	136
Level 3 \| Investments measured at net asset value \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	9	10
Level 3 \| Investments measured at net asset value \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	169	136
Level 3 \| U.S. \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets		0
Level 3 \| U.S. \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets		0
Level 3 \| International \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| International \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Corporate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	1	0
Level 3 \| Corporate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Mutual funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Mutual funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Private equity funds \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	2	3
Level 3 \| Private equity funds \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 3 \| Cash and cash equivalents \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Cash and cash equivalents \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	0	0
Level 3 \| Insurance contracts \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	4	4
Level 3 \| Insurance contracts \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets
Level 3 \| Real estate \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	2	3
Level 3 \| Real estate \| Int’l.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of selected plan assets	$ 169	$ 136

Suspended Wells and Exploration Expenses - Aging of Exploratory Well Cost, Capitalized for More than One Year (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	$ 133	$ 163	$ 184
2021-2024
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	11
2018-2020
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	94
2017 and Prior
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	28
PL 891 - Norway
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	31
PL 891 - Norway \| 2021-2024
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
PL 891 - Norway \| 2018-2020
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	31
PL 891 - Norway \| 2017 and Prior
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
West Willow - Alaska
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	30
West Willow - Alaska \| 2021-2024
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
West Willow - Alaska \| 2018-2020
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	30
West Willow - Alaska \| 2017 and Prior
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
Narwhal Trend - Alaska
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	25
Narwhal Trend - Alaska \| 2021-2024
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
Narwhal Trend - Alaska \| 2018-2020
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	25
Narwhal Trend - Alaska \| 2017 and Prior
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
Montney - Canada
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	15
Montney - Canada \| 2021-2024
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	7
Montney - Canada \| 2018-2020
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	8
Montney - Canada \| 2017 and Prior
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
Other of $10 Million or less each
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	32
Other of $10 Million or less each \| 2021-2024
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	4
Other of $10 Million or less each \| 2018-2020
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	0
Other of $10 Million or less each \| 2017 and Prior
Capitalized Exploratory Well Costs [Line Items]
Exploratory well costs capitalized for a period greater than one year	$ 28