0001163165-26-000018 | 10-Q | XBRL Viewer

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Derivative and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2023
Derivative [Line Items]
Percentage of term loans converted from floating to fixed				60.00%
Proceeds from sales and redemptions of investments in debt securities classified as available for sale	$ 209	$ 211
Derivative, net liability position, aggregate fair value	73		$ 73
Collateral already posted, aggregate fair value	0		$ 0
Interest Rate Swap
Derivative [Line Items]
Unrealized gain (loss)	(9)	$ 15
In event of downgrade below investment grade
Derivative [Line Items]
Additional collateral, aggregate fair value	$ 34
Maximum
Derivative [Line Items]
Investments and long-term receivables, remaining maturity	12 years
Minimum
Derivative [Line Items]
Investments and long-term receivables, remaining maturity	1 year

Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

Note 2—Inventories


	Millions of Dollars
	March 31 2026		December 31 2025
Crude oil and products	$	1,054	1,000
Materials and supplies	856		873
Total inventories	$	1,910	1,873

Inventories valued on the LIFO basis	$	672	609

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1—Basis of Presentation The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature, unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report; therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2025 Annual Report on Form 10-K. Certain prior year financial statement line items have been reclassified to conform to the current year presentation.

Sales and Other Operating Revenues - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Accounts receivable, after allowance for credit loss, current	$ 4	$ 4
Accounts receivable, after allowance for credit loss	$ 5,842	$ 4,416

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	35.10%	36.20%
Valuation allowance, decrease	$ 56

Derivative and Financial Instruments - Schedule of Net Carrying Amount of Held to Maturity Investments (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	$ 5,875	$ 6,497
Short-term investments, carried at cost plus accrued interest	27	31
Cash
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	416	543
Demand deposits
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	3,605	3,781
Time deposits \| 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	1,543	975
Short-term investments, carried at cost plus accrued interest	14	6
Time deposits \| 91 to 180 days
Schedule of Held-to-maturity Securities [Line Items]
Short-term investments, carried at cost plus accrued interest	5	17
Time deposits \| Within one year
Schedule of Held-to-maturity Securities [Line Items]
Short-term investments, carried at cost plus accrued interest	8	8
U.S. government obligations \| 1 to 90 days
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents, carried at cost plus accrued interest	$ 311	$ 1,198

Derivative and Financial Instruments

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Financial Instruments

Note 7—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
	March 31 2026		December 31 2025
Assets
Prepaid expenses and other current assets	$	1,173	491
Other assets	147		113
Liabilities
Other accruals	1,103		438
Other liabilities and deferred credits	141		100

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


	Millions of Dollars
	Three Months Ended March 31
	2026		2025

Sales and other operating revenues	$	159	59
Other income	(5)		(4)
Purchased commodities	(69)		(39)

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


	Open Position Long (Short)
	March 31 2026	December 31 2025
Commodity
Natural gas and power (BCF equivalent)
Fixed price	(20)	(15)
Basis	(15)	(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 three-month period ended March 31, 2026, and March 31, 2025, we recognized a loss of $9 million and a gain of $15 million, respectively, in “Equity in earnings of affiliates” related to the 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 March 31, 2026, and December 31, 2025:


	Millions of Dollars
	Carrying Amount
	Cash and cash equivalents			Short-term investments
	March 31 2026		December 31 2025	March 31 2026	December 31 2025
Cash	$	416	543
Demand deposits	3,605		3,781
Time deposits
1 to 90 days	1,543		975	14	6
91 to 180 days				5	17
Within one year				8	8
U.S. government obligations
1 to 90 days	311		1,198	—	—
	$	5,875	6,497	27	31

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at March 31, 2026, and December 31, 2025:


	Millions of Dollars
	Carrying Amount
	Cash and cash equivalents			Short-term investments		Investments and long-term receivables
	March 31 2026		December 31 2025	March 31 2026	December 31 2025	March 31 2026	December 31 2025
Major Security Type
Corporate bonds	$	—	—	365	308	634	651
Commercial paper	2		—	45	72
U.S. government obligations	—		—	24	46	257	224
U.S. government agency obligations				—	—	1	1
Foreign government obligations				8	9	10	9
Asset-backed securities				17	18	266	263
	$	2	—	459	453	1,168	1,148

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 12 years.

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


	Millions of Dollars
	Amortized Cost Basis			Fair Value
	March 31 2026		December 31 2025	March 31 2026	December 31 2025
Major Security Type
Corporate bonds	$	998	953	999	959
Commercial paper	47		72	47	72
U.S. government obligations	281		268	281	270
U.S. government agency obligations	1		1	1	1
Foreign government obligations	18		18	18	18
Asset-backed securities	283		280	283	281
	$	1,628	1,592	1,629	1,601

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

For the three-month periods ended March 31, 2026, and March 31, 2025, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $209 million and $211 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 subject to concentrations of credit risk primarily include cash equivalents, short‑ and long‑term investments in high‑quality debt securities, OTC derivative contracts, and trade receivables. Cash and investments are diversified across high‑quality commercial paper, government money market funds, U.S. government and agency obligations, high-quality corporate bonds and asset‑backed securities, foreign government obligations and deposits with major financial institutions. Credit risk from OTC derivatives is managed through counterparty credit limits, margining and collateral requirements, while exchange‑cleared derivatives carry minimal risk but expose us to broker receivables related to margin postings. Trade receivables are broadly diversified geographically, generally have short payment terms and are actively monitored with collateral and netting arrangements used where appropriate.

Certain of our derivative contracts require us to post collateral if exposure exceeds fixed or credit‑rating‑dependent thresholds, which generally decrease with lower ratings and fall to zero below investment grade, with cash as the primary form of collateral and letters of credit permitted in some cases. The aggregate fair value of all derivative instruments with such credit risk-related contingent features that were in a liability position was $73 million at both March 31, 2026, and December 31, 2025. For these instruments, no collateral was posted at March 31, 2026, or December 31, 2025. If our credit rating had been downgraded below investment grade at March 31, 2026, we would have been required to post $34 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

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2026
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	Note 18—New Accounting Standards In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses” to disaggregate 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.

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Changes in Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Schedule of Changes in Equity


	Millions of Dollars

	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2026
Balances at December 31, 2025	$	23	77,728	(76,217)	(5,911)	68,864	64,487
Net income (loss)						2,183	2,183
Other comprehensive income (loss)					(117)		(117)

Dividend declared ($0.84 per common share)						(1,032)	(1,032)

Repurchase of company common stock				(1,006)			(1,006)
Excise tax on share repurchases				(7)			(7)
Distributed under benefit plans			33				33
Other				(1)		1	—
Balances at March 31, 2026	$	23	77,761	(77,231)	(6,028)	70,016	64,541



	Millions of Dollars
	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2025
Balances at December 31, 2024	$	23	77,529	(71,152)	(6,473)	64,869	64,796
Net income (loss)						2,849	2,849
Other comprehensive income (loss)					79		79

Dividend declared ($0.78 per common share)						(998)	(998)

Repurchase of company common stock				(1,500)			(1,500)
Excise tax on share repurchases				(13)			(13)
Distributed under benefit plans			25				25
Other				(1)		1	—
Balances at March 31, 2025	$	23	77,554	(72,666)	(6,394)	66,721	65,238

Contingencies, Commitments, and Accrued Environmental Costs - Narrative (Details) $ in Millions		1 Months Ended			3 Months Ended
	Aug. 02, 2019 USD ($)	Oct. 31, 2020	Mar. 31, 2019 USD ($)	Apr. 30, 2018 USD ($)	Mar. 31, 2026 USD ($) affiliate award	Dec. 31, 2025 USD ($)
Loss Contingencies [Line Items]
Total environmental accrual included in balance sheet					$ 230	$ 220
Performance obligations secured by letters of credit					$ 391
Outer Continental Shelf Lease \| Phillips Petroleum Company
Loss Contingencies [Line Items]
Ownership percentage in equity investment		25.00%
Sale of interest, duration		30 years
US and Canada \| Cleanup Remediation Activities
Loss Contingencies [Line Items]
Environmental loss contingencies, term					30 years
Venezuela \| ConocoPhillips Versus Petroleos de Venezuela ICISD
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party			$ 8,700
Litigation settlement amount awarded from other party revised					$ 8,500
Venezuela \| ConocoPhillips vs Petroleos De Venezuela ICC
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party	$ 33			$ 2,000
Number of affiliates \| affiliate					3
Number Of ongoing awards \| award					3
Proceeds from legal settlements					$ 795

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost


	Millions of Dollars
	Pension Benefits					Other Benefits
	2026			2025		2026	2025
	U.S.		Int'l.	U.S.	Int'l.
Components of net periodic benefit cost
Three months ended March 31
Service cost	$	11	8	15	8	—	—
Interest cost	21		34	23	31	1	2
Expected return on plan assets	(20)		(53)	(19)	(45)
Amortization of prior service cost (credit)	—		—	—	—	(1)	(6)
Recognized net actuarial loss (gain)	2		9	3	11	—	—
Settlements	9		—	—	1	—	—


Net periodic benefit cost	$	23	(2)	22	6	—	(4)

Summary of Severance Accruals

The following table summarizes our severance accrual activity for the three-month period ended March 31, 2026:


	Millions of Dollars
Balance at December 31, 2025	$	378
Accruals	10
Benefit payments	(248)
Foreign currency translation adjustment	(1)
Balance at March 31, 2026*	$	139

*Of the balance at March 31, 2026, $82 million is classified as short-term. Partner recoveries of $53 million are accrued as receivables as of March 31, 2026.

Investments and Long-Term Receivables - Narrative (Details) $ in Billions	Mar. 31, 2026 USD ($)
APLNG
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	47.50%
Line of credit facility value outstanding	$ 3.1
Equity method investment	$ 5.0
PALNG
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	30.00%
Equity method investment	$ 1.6
N3
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	30.00%
N3 \| Qatar Energy
Schedule of Equity Method Investments [Line Items]
Ownership percentage	68.50%
N3 \| Mitsui & Co., Ltd
Schedule of Equity Method Investments [Line Items]
Ownership percentage	1.50%
NFE4
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%
NFE4 \| Qatar Energy
Schedule of Equity Method Investments [Line Items]
Ownership percentage	70.00%
NFE4 \| China National Petroleum Corporation
Schedule of Equity Method Investments [Line Items]
Ownership percentage	5.00%
NFS3
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%
NFS3 \| Qatar Energy
Schedule of Equity Method Investments [Line Items]
Ownership percentage	75.00%
Qatar
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 1.8

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share, Basic and Diluted

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


	Millions of Dollars (except per share amounts)
	Three Months Ended March 31
	2026		2025
Basic earnings per share

Net income (loss)	$	2,183	2,849
Less: Dividends and undistributed earnings
allocated to participating securities	6		9
Net income (loss) available to common shareholders	$	2,177	2,840
Weighted-average common shares outstanding (in millions)	1,224		1,273

Net income (loss) per share of common stock	$	1.78	2.23

Diluted earnings per share

Net income (loss) available to common shareholders	$	2,177	2,840
Weighted-average common shares outstanding (in millions)	1,224		1,273
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs (in millions)	1		2
Weighted-average diluted shares outstanding (in millions)	1,225		1,275

Net income (loss) per share of common stock	$	1.78	2.23

Sales and Other Operating Revenues (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Millions of Dollars
	Three Months Ended March 31
	2026		2025
Revenue from contracts with customers	$	13,500	14,479
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative	2,139		1,970
Financial derivative contracts	122		68
Consolidated sales and other operating revenues	$	15,761	16,517

Investments and Long-Term Receivables	3 Months Ended
Investments and Long-Term Receivables	Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]
Investments and Long-Term Receivables	Note 3—Investments and Long-Term Receivables Australia Pacific LNG Pty Ltd. (APLNG) In Australia, we hold a 47.5 percent shareholding interest in APLNG. At March 31, 2026, the outstanding balance of APLNG's debt was $3.1 billion. The last principal and interest payment on the debt is due in September 2032. See Note 5. At March 31, 2026, the carrying value of our equity method investment in APLNG was approximately $5.0 billion. Port Arthur LNG (PALNG) We hold a 30 percent direct equity investment in PALNG, a joint venture for the development of a large-scale LNG facility. At March 31, 2026, the carrying value of our equity method investment in PALNG was approximately $1.6 billion. Qatar LNG Our equity method investments in Qatar include the following: •QatarEnergy LNG N(3) (N3)—30 percent owned joint venture with affiliates of QatarEnergy (68.5 percent) and Mitsui & Co., Ltd. (1.5 percent)—produces and liquefies natural gas from Qatar’s North Field, as well as exports LNG. •QatarEnergy LNG NFE(4) (NFE4)—25 percent owned joint venture with affiliates of QatarEnergy (70 percent) and China National Petroleum Corporation (5 percent)—participant in the North Field East LNG project. •QatarEnergy LNG NFS(3) (NFS3)—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field South LNG project. At March 31, 2026, the carrying value of our equity method investments in Qatar was approximately $1.8 billion.

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2026

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

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

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


	Millions of Dollars
	Defined Benefit Plans		Unrealized Holding Gain/(Loss) on Securities	Foreign Currency Translation	Unrealized Gain/(Loss) on Hedging Activities	Accumulated Other Comprehensive Income/(Loss)
December 31, 2025	$	(335)	8	(5,602)	18	(5,911)
Other comprehensive income (loss)	(16)		(6)	(95)	—	(117)
March 31, 2026	$	(351)	2	(5,697)	18	(6,028)

Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt	$ 23,300	$ 23,400
Retired debt	67
Variable Rate Debt Bonds
Debt Instrument [Line Items]
Debt at face value	$ 283
6.875% Debentures due 2026 \| Debentures
Debt Instrument [Line Items]
Stated interest rate	6.875%

- 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 815
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-Name Accounting Standards Codification
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-Paragraph 8A
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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+ Details

Derivative and Financial Instruments - Schedule of Net Exposures from Outstanding Commodity Derivative Contracts (Details) - Short - Commodity Contract - Bcf	3 Months Ended	9 Months Ended
	Mar. 31, 2026	Sep. 30, 2025
Natural Gas and Power, Fixed Price
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	(20)	(15)
Natural Gas and Power, Basis
Trading Activity, Gains and Losses, Net [Line Items]
Commodity derivatives - volumetric material net exposures	(15)	(17)

- 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

Derivative and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives

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


	Millions of Dollars
	March 31 2026		December 31 2025
Assets
Prepaid expenses and other current assets	$	1,173	491
Other assets	147		113
Liabilities
Other accruals	1,103		438
Other liabilities and deferred credits	141		100

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

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


	Millions of Dollars
	Three Months Ended March 31
	2026		2025

Sales and other operating revenues	$	159	59
Other income	(5)		(4)
Purchased commodities	(69)		(39)

Schedule of Net Exposures from Outstanding Commodity Derivative Contracts

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


	Open Position Long (Short)
	March 31 2026	December 31 2025
Commodity
Natural gas and power (BCF equivalent)
Fixed price	(20)	(15)
Basis	(15)	(17)

Schedule of Net Carrying Amount of Held to Maturity Investments

The following investments are carried on our consolidated balance sheet at cost plus accrued interest, and the table reflects remaining maturities at March 31, 2026, and December 31, 2025:


	Millions of Dollars
	Carrying Amount
	Cash and cash equivalents			Short-term investments
	March 31 2026		December 31 2025	March 31 2026	December 31 2025
Cash	$	416	543
Demand deposits	3,605		3,781
Time deposits
1 to 90 days	1,543		975	14	6
91 to 180 days				5	17
Within one year				8	8
U.S. government obligations
1 to 90 days	311		1,198	—	—
	$	5,875	6,497	27	31

Schedule of Debt Securities Carried at Fair Value

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at March 31, 2026, and December 31, 2025:


	Millions of Dollars
	Carrying Amount
	Cash and cash equivalents			Short-term investments		Investments and long-term receivables
	March 31 2026		December 31 2025	March 31 2026	December 31 2025	March 31 2026	December 31 2025
Major Security Type
Corporate bonds	$	—	—	365	308	634	651
Commercial paper	2		—	45	72
U.S. government obligations	—		—	24	46	257	224
U.S. government agency obligations				—	—	1	1
Foreign government obligations				8	9	10	9
Asset-backed securities				17	18	266	263
	$	2	—	459	453	1,168	1,148

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


	Millions of Dollars
	Amortized Cost Basis			Fair Value
	March 31 2026		December 31 2025	March 31 2026	December 31 2025
Major Security Type
Corporate bonds	$	998	953	999	959
Commercial paper	47		72	47	72
U.S. government obligations	281		268	281	270
U.S. government agency obligations	1		1	1	1
Foreign government obligations	18		18	18	18
Asset-backed securities	283		280	283	281
	$	1,628	1,592	1,629	1,601

- Definition

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

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Sales and Other Operating Revenues - Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from contracts with customers	$ 13,500,000,000	$ 14,479,000,000
Consolidated sales and other operating revenues	15,761,000,000	16,517,000,000
Physical contracts meeting the definition of a derivative
Revenue from contracts outside the scope of ASC Topic 606	2,139,000,000	1,970,000,000
Financial derivative contracts
Revenue from contracts outside the scope of ASC Topic 606	$ 122,000,000	$ 68,000,000

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Segment Disclosures and Related Information - Summary of Segment Level Net Income (Loss) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 15,761,000,000	$ 16,517,000,000
Production and operating expenses	2,276,000,000	2,506,000,000
Depreciation, depletion and amortization	2,906,000,000	2,746,000,000
Income tax provision (benefit)	1,180,000,000	1,617,000,000
Total	6,362,000,000	6,869,000,000
Equity in earnings of affiliates	(247,000,000)	(392,000,000)
Interest income	(109,000,000)	(76,000,000)
Interest and debt expense	198,000,000	205,000,000
Other	7,374,000,000	7,062,000,000
Total	7,216,000,000	6,799,000,000
Net income (loss)	2,183,000,000	2,849,000,000
Physical contracts meeting the definition of a derivative
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	2,139,000,000	1,970,000,000
Operating Segments And Corporate Nonsegment
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	16,432,000,000	17,072,000,000
Intersegment eliminations
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	(671,000,000)	(555,000,000)
Segments Total
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	15,748,000,000	16,507,000,000
Production and operating expenses	2,254,000,000	2,487,000,000
Depreciation, depletion and amortization	2,897,000,000	2,728,000,000
Income tax provision (benefit)	1,299,000,000	1,654,000,000
Total	6,450,000,000	6,869,000,000
Equity in earnings of affiliates	(259,000,000)	(383,000,000)
Interest income	0	(2,000,000)
Interest and debt expense	0	0
Other	7,215,000,000	6,920,000,000
Total	6,956,000,000	6,535,000,000
Net income (loss)	2,342,000,000	3,103,000,000
Segments Total \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	16,410,000,000	17,054,000,000
Segments Total \| Intersegment eliminations
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	(662,000,000)	(547,000,000)
Alaska
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,523,000,000	1,610,000,000
Production and operating expenses	475,000,000	506,000,000
Depreciation, depletion and amortization	352,000,000	355,000,000
Income tax provision (benefit)	92,000,000	139,000,000
Total	919,000,000	1,000,000,000
Equity in earnings of affiliates	0	0
Interest income	0	0
Interest and debt expense	0	0
Other	310,000,000	283,000,000
Total	310,000,000	283,000,000
Net income (loss)	294,000,000	327,000,000
Alaska \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,523,000,000	1,610,000,000
Alaska \| Intersegment eliminations
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	0	0
L48
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	11,080,000,000	11,548,000,000
Production and operating expenses	1,253,000,000	1,491,000,000
Depreciation, depletion and amortization	2,051,000,000	1,904,000,000
Income tax provision (benefit)	395,000,000	448,000,000
Total	3,699,000,000	3,843,000,000
Equity in earnings of affiliates	0	(4,000,000)
Interest income	0	0
Interest and debt expense	0	0
Other	5,978,000,000	5,919,000,000
Total	5,978,000,000	5,915,000,000
Net income (loss)	1,403,000,000	1,790,000,000
L48 \| Physical contracts meeting the definition of a derivative
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	1,700,000,000	1,500,000,000
L48 \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	11,086,000,000	11,548,000,000
L48 \| Intersegment eliminations
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	(6,000,000)	0
Canada
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,017,000,000	985,000,000
Production and operating expenses	189,000,000	201,000,000
Depreciation, depletion and amortization	152,000,000	131,000,000
Income tax provision (benefit)	27,000,000	81,000,000
Total	368,000,000	413,000,000
Equity in earnings of affiliates	0	0
Interest income	0	0
Interest and debt expense	0	0
Other	564,000,000	316,000,000
Total	564,000,000	316,000,000
Net income (loss)	85,000,000	256,000,000
Canada \| Physical contracts meeting the definition of a derivative
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	200,000,000	200,000,000
Canada \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,673,000,000	1,532,000,000
Canada \| Intersegment eliminations
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	(656,000,000)	(547,000,000)
EMENA
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,627,000,000	1,940,000,000
Production and operating expenses	257,000,000	224,000,000
Depreciation, depletion and amortization	239,000,000	219,000,000
Income tax provision (benefit)	725,000,000	922,000,000
Total	1,221,000,000	1,365,000,000
Equity in earnings of affiliates	(95,000,000)	(173,000,000)
Interest income	0	0
Interest and debt expense	0	0
Other	236,000,000	329,000,000
Total	141,000,000	156,000,000
Net income (loss)	265,000,000	419,000,000
EMENA \| Physical contracts meeting the definition of a derivative
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	200,000,000	300,000,000
EMENA \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	1,627,000,000	1,940,000,000
EMENA \| Intersegment eliminations
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	0	0
AP
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	501,000,000	424,000,000
Production and operating expenses	80,000,000	65,000,000
Depreciation, depletion and amortization	103,000,000	119,000,000
Income tax provision (benefit)	60,000,000	64,000,000
Total	243,000,000	248,000,000
Equity in earnings of affiliates	(164,000,000)	(206,000,000)
Interest income	0	(2,000,000)
Interest and debt expense	0	0
Other	127,000,000	73,000,000
Total	(37,000,000)	(135,000,000)
Net income (loss)	295,000,000	311,000,000
AP \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	501,000,000	424,000,000
AP \| Intersegment eliminations
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	0	0
Corporate
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	13,000,000	10,000,000
Production and operating expenses	22,000,000	19,000,000
Depreciation, depletion and amortization	9,000,000	18,000,000
Income tax provision (benefit)	(119,000,000)	(37,000,000)
Total	(88,000,000)	0
Equity in earnings of affiliates	12,000,000	(9,000,000)
Interest income	(109,000,000)	(74,000,000)
Interest and debt expense	198,000,000	205,000,000
Other	159,000,000	142,000,000
Total	260,000,000	264,000,000
Net income (loss)	(159,000,000)	(254,000,000)
Corporate \| Corporate
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	22,000,000	18,000,000
Corporate \| Intersegment eliminations
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ (9,000,000)	$ (8,000,000)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Note 17—Income Taxes Our effective tax rate for the three-month periods ended March 31, 2026, and March 31, 2025, was 35.1 percent and 36.2 percent, respectively. The change in the effective tax rate for the three-month period ended March 31, 2026, is primarily due to a shift in our mix of income among taxing jurisdictions, partially offset by the March 31, 2025 change to our valuation allowance, described below. During the first quarter of 2025, our valuation allowance decreased $56 million, relating to the expected utilization of previously unrecognized capital loss carryforwards due to our agreement to sell our interests in the Ursa and Europa fields, and the Ursa Oil Pipeline Company LLC to Shell Offshore Inc. and Shell Pipeline Company LP, respectively. The company has ongoing income tax audits in a number of jurisdictions. The government agents in charge of these audits regularly request additional time to complete audits, which we generally grant, and conversely, occasionally close audits unpredictably.

- 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)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-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
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Subparagraph (b)
-Publisher FASB
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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)
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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

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Crude oil and products	$ 1,054	$ 1,000
Materials and supplies	856	873
Total inventories	1,910	1,873
Inventories valued on the LIFO basis	$ 672	$ 609

Earnings Per Share - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Basic earnings per share
Net income (loss)	$ 2,183	$ 2,849
Less: Dividends and undistributed earnings allocated to participating securities	6	9
Net income (loss) available to common shareholders	$ 2,177	$ 2,840
Weighted-average common shares outstanding (in shares)	1,224,036	1,273,350
Net Income (Loss) Per Share of Common Stock, Basic (in dollars per share)	$ 1.78	$ 2.23
Diluted earnings per share
Net income (loss) available to common shareholders	$ 2,177	$ 2,840
Add: Dilutive impact of options and unvested non-participating RSU/PSUs	1,000	2,000
Weighted-average diluted shares outstanding (in shares)	1,224,960	1,274,879
Net Income (Loss) Per Share of Common Stock, Diluted (in dollars per share)	$ 1.78	$ 2.23

Derivative and Financial Instruments - Schedule of Amortized Cost Basis and Fair Value of Investments in Debt Securities Classified as Available for Sale (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 1,628	$ 1,592
Fair Value	1,629	1,601
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	998	953
Fair Value	999	959
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	47	72
Fair Value	47	72
U.S. government obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	281	268
Fair Value	281	270
U.S. government agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	1	1
Fair Value	1	1
Foreign government obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	18	18
Fair Value	18	18
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	283	280
Fair Value	$ 283	$ 281

- 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
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2026

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

Accumulated Other Comprehensive Income (Loss)

Note 10—Accumulated Other Comprehensive Income (Loss)

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


	Millions of Dollars
	Defined Benefit Plans		Unrealized Holding Gain/(Loss) on Securities	Foreign Currency Translation	Unrealized Gain/(Loss) on Hedging Activities	Accumulated Other Comprehensive Income/(Loss)
December 31, 2025	$	(335)	8	(5,602)	18	(5,911)
Other comprehensive income (loss)	(16)		(6)	(95)	—	(117)
March 31, 2026	$	(351)	2	(5,697)	18	(6,028)

Derivative and Financial Instruments - Schedule of Balance Sheet Location and Fair Value Amounts of Derivatives (Details) - Commodity Contract - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	$ 1,173	$ 491
Other assets
Derivatives, Fair Value [Line Items]
Commodity derivative assets	147	113
Other accruals
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	1,103	438
Other liabilities and deferred credits
Derivatives, Fair Value [Line Items]
Commodity derivative liabilities	$ 141	$ 100

Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0	$ 0
Interest cost	1	2
Expected return on plan assets
Amortization of prior service cost (credit)	(1)	(6)
Recognized net actuarial loss (gain)	0	0
Settlements	0	0
Net periodic benefit cost	0	(4)
U.S. \| Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	11	15
Interest cost	21	23
Expected return on plan assets	(20)	(19)
Amortization of prior service cost (credit)	0	0
Recognized net actuarial loss (gain)	2	3
Settlements	9	0
Net periodic benefit cost	23	22
Int'l. \| Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	8	8
Interest cost	34	31
Expected return on plan assets	(53)	(45)
Amortization of prior service cost (credit)	0	0
Recognized net actuarial loss (gain)	9	11
Settlements	0	1
Net periodic benefit cost	$ (2)	$ 6

Fair Value Measurement - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Millions	Mar. 31, 2026 USD ($) $ / Boe	Dec. 31, 2025 USD ($) $ / Boe
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration \| $	$ 78	$ 0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration \| $	$ 78	$ 0
Level 3 \| Minimum \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	81.58	43.17
Level 3 \| Maximum \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	84.28	51.97
Level 3 \| Arithmetic Average \| Measurement Input, Commodity Price Outlook \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	82.93	46.47

Cash Flow Information - Schedule of Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash payments
Interest	$ 296	$ 214
Income taxes	669	1,188
Net Sales (Purchases) of Investments
Short-term investments purchased	(7)	(419)
Short-term investments sold	162	158
Long-term investments purchased	(232)	(192)
Long-term investments sold	47	53
Net sales (purchases) of investments	$ (30)	$ (400)

Fair Value Measurement - Narrative (Details) - Surmont $ in Billions	1 Months Ended	3 Months Ended	30 Months Ended
	Oct. 31, 2023 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Oct. 31, 2023 CAD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of interest acquired	50.00%			50.00%
Business acquisition, maximum payment				$ 0.4
Business combination, contingent, consideration arrangements, term	5 years			5 years
Business acquisition, cost per every dollar exceeding threshold	$ 2,000,000
Business acquisition, threshold (dollars per barrel)	52
Contingent consideration, outcome, high	$ 300,000,000
Contingent consideration payments		$ 0	$ 237,000,000

Fair Value Measurement

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 8—Fair Value Measurement

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

The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. There were no material transfers into or out of Level 3 during the three-month period ended March 31, 2026, or during the year ended December 31, 2025.

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.

•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
	March 31, 2026					December 31, 2025
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets
Investments in debt securities	$	281	1,348	—	1,629	270	1,331	—	1,601
Commodity derivatives	992		255	73	1,320	306	230	68	604
Total assets	$	1,273	1,603	73	2,949	576	1,561	68	2,205

Liabilities
Commodity derivatives	$	980	181	83	1,244	354	124	60	538
Contingent consideration	—		—	78	78	—	—	—	—
Total liabilities	$	980	181	161	1,322	354	124	60	538

For the three-month period ended March 31, 2026, we made no payments under the contingent consideration arrangement, and a total of $237 million has been paid since the date of the Surmont acquisition, included in the "Other" line within the financing activities section of our consolidated statement of cash flows. The range and arithmetic average of the significant unobservable inputs used in the Level 3 fair value measurement were as follows:

Fair Value
(Millions of
Dollars)

Valuation
Technique

Unobservable
Input

Range

(Arithmetic Average)

Contingent consideration - Surmont as of:

March 31, 2026

Discounted cash flow

Commodity price outlook* ($/BOE)

$81.58 - $84.28 ($82.93)

December 31, 2025

—

$43.17 - $51.97 ($46.47)

*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
March 31, 2026
Assets	$	1,320	5	1,315	1,017	298	42	256
Liabilities	1,244		1	1,243	1,017	226	45	181

December 31, 2025
Assets	$	604	2	602	361	241	6	235
Liabilities	538		1	537	361	176	53	123

At March 31, 2026, and December 31, 2025, 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 7.

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

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

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

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


	Millions of Dollars
	Carrying Amount			Fair Value
	March 31 2026		December 31 2025	March 31 2026	December 31 2025
Financial assets
Commodity derivatives	$	261	237	261	237
Investments in debt securities	1,629		1,601	1,629	1,601

Financial liabilities
Total debt, excluding finance leases	22,573		22,643	22,420	22,698
Commodity derivatives	182		124	182	124

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Cover	3 Months Ended
Cover	Mar. 31, 2026 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-32395
Entity Registrant Name	ConocoPhillips
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0562944
Entity Address, Address Line One	925 N. Eldridge Parkway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	281
Local Phone Number	293-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	1,218,294,007
Entity Central Index Key	0001163165
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	COP
Security Exchange Name	NYSE
7% Debentures due 2029
Entity Listings [Line Items]
Title of 12(b) Security	7% Debentures due 2029
Trading Symbol	CUSIP—718507BK1
Security Exchange Name	NYSE

Derivative and Financial Instruments - Schedule of Debt Securities Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	$ 5,877	$ 6,497
Short-Term Investments	486	484
Investments and long-term receivables	10,320	10,185
Within one year \| Reported Value Measurement
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	2	0
Short-Term Investments	459	453
Within one year \| Reported Value Measurement \| Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	365	308
Within one year \| Reported Value Measurement \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	2	0
Short-Term Investments	45	72
Within one year \| Reported Value Measurement \| U.S. government obligations
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	24	46
Within one year \| Reported Value Measurement \| Foreign government obligations
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	8	9
Within one year \| Reported Value Measurement \| Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Short-Term Investments	17	18
Investments and long-term receivables \| Reported Value Measurement
Debt Securities, Available-for-sale [Line Items]
Investments and long-term receivables	1,168	1,148
Investments and long-term receivables \| Reported Value Measurement \| Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Investments and long-term receivables	634	651
Investments and long-term receivables \| Reported Value Measurement \| U.S. government obligations
Debt Securities, Available-for-sale [Line Items]
Investments and long-term receivables	257	224
Investments and long-term receivables \| Reported Value Measurement \| U.S. government agency obligations
Debt Securities, Available-for-sale [Line Items]
Investments and long-term receivables	1	1
Investments and long-term receivables \| Reported Value Measurement \| Foreign government obligations
Debt Securities, Available-for-sale [Line Items]
Investments and long-term receivables	10	9
Investments and long-term receivables \| Reported Value Measurement \| Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Investments and long-term receivables	$ 266	$ 263

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

Note 12—Related Party Transactions

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


	Millions of Dollars
	March 31 2026		December 31 2025
Balance Sheet
Accounts and notes receivable	$	74	79
Accounts payable	51		64


	Millions of Dollars
	Three Months Ended March 31
	2026		2025
Income Statement
Operating revenues and other income	$	11	24
Purchased commodities	(3)		2
Production and operating expenses and selling, general and administrative expenses	45		85

- Definition

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

+ References

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

Reference 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 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Changes in Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 64,487	$ 64,796
Net income (loss)	2,183	2,849
Other comprehensive income (loss)	(117)	79
Dividends declared, ordinary	(1,032)	(998)
Repurchase of company common stock	(1,006)	(1,500)
Excise tax on share repurchases	(7)	(13)
Distributed under benefit plans	33	25
Other	0	0
Ending Balance	$ 64,541	$ 65,238
Dividends declared, ordinary (in dollars per share)	$ 0.84	$ 0.78
Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 23	$ 23
Ending Balance	23	23
Capital in Excess of Par
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	77,728	77,529
Distributed under benefit plans	33	25
Ending Balance	77,761	77,554
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(76,217)	(71,152)
Repurchase of company common stock	(1,006)	(1,500)
Excise tax on share repurchases	(7)	(13)
Other	(1)	(1)
Ending Balance	(77,231)	(72,666)
Accum. Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(5,911)	(6,473)
Other comprehensive income (loss)	(117)	79
Ending Balance	(6,028)	(6,394)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	68,864	64,869
Net income (loss)	2,183	2,849
Dividends declared, ordinary	(1,032)	(998)
Other	1	1
Ending Balance	$ 70,016	$ 66,721

Segment Disclosures and Related Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Disclosures and Related Information

Note 16—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.

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.

Intersegment sales are at prices that approximate market.

Analysis of Results by Operating Segment


Three Months Ended March 31, 2026	Millions of Dollars
	Alaska		L48	Canada	EMENA	AP	Segments Total	Corporate	Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues#	$	1,523	11,086	1,673	1,627	501	16,410	22	16,432
Intersegment eliminations	—		(6)	(656)	—	—	(662)	(9)	(671)
Consolidated sales and other operating revenues	1,523		11,080	1,017	1,627	501	15,748	13	15,761

Significant segment expenses*
Production and operating expenses	475		1,253	189	257	80	2,254	22	2,276
DD&A	352		2,051	152	239	103	2,897	9	2,906
Income tax provision (benefit)	92		395	27	725	60	1,299	(119)	1,180
Total	919		3,699	368	1,221	243	6,450	(88)	6,362

Other segment items
Equity in earnings of affiliates	—		—	—	(95)	(164)	(259)	12	(247)
Interest income	—		—	—	—	—	—	(109)	(109)
Interest and debt expense	—		—	—	—	—	—	198	198
Other**	310		5,978	564	236	127	7,215	159	7,374
Total	310		5,978	564	141	(37)	6,956	260	7,216

Net income (loss)	$	294	1,403	85	265	295	2,342	(159)	2,183
#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 $1.7 billion, $0.2 billion and $0.2 billion, respectively.
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48 and Corporate
Other income: L48, Canada, EMENA and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses: L48, Canada, EMENA, AP and Corporate
Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: Alaska and L48
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: EMENA and Corporate

Other Segment Disclosures


Three Months Ended March 31, 2026	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segment Totals	Corporate	Consolidated Total
Equity investments	$	3	1	—	2,354	4,950	7,308	1,648	8,956
Total assets	20,808		62,678	9,892	10,839	8,328	112,545	10,180	122,725
Capital expenditures and investments	949		1,505	121	262	82	2,919	29	2,948


Three Months Ended March 31, 2025	Millions of Dollars
	Alaska		L48	Canada	EMENA	AP	Segment Totals	Corporate	Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues#	$	1,610	11,548	1,532	1,940	424	17,054	18	17,072
Intersegment eliminations	—		—	(547)	—	—	(547)	(8)	(555)
Consolidated sales and other operating revenues	1,610		11,548	985	1,940	424	16,507	10	16,517

Significant segment expenses*
Production and operating expenses	506		1,491	201	224	65	2,487	19	2,506
DD&A	355		1,904	131	219	119	2,728	18	2,746
Income tax provision (benefit)	139		448	81	922	64	1,654	(37)	1,617
Total	1,000		3,843	413	1,365	248	6,869	—	6,869

Other segment items
Equity in earnings of affiliates	—		(4)	—	(173)	(206)	(383)	(9)	(392)
Interest income	—		—	—	—	(2)	(2)	(74)	(76)
Interest and debt expense	—		—	—	—	—	—	205	205
Other**	283		5,919	316	329	73	6,920	142	7,062
Total	283		5,915	316	156	(135)	6,535	264	6,799

Net income (loss)	$	327	1,790	256	419	311	3,103	(254)	2,849
#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 $1.5 billion, $0.2 billion and $0.3 billion, respectively.
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48 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: EMENA

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

Other Segment Disclosures


Three Months Ended March 31, 2025	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segment Totals	Corporate	Consolidated Total
Equity investments	$	4	125	—	2,056	4,988	7,173	1,589	8,762
Total assets	18,587		66,294	9,604	10,191	8,331	113,007	11,247	124,254
Capital expenditures and investments	1,046		1,814	165	274	54	3,353	25	3,378


	Millions of Dollars
	Three Months Ended March 31
	2026		2025

Consolidated sales and other operating revenues
Crude oil	$	10,258	10,833
Natural gas	2,504		2,832
Natural gas liquids	922		1,055
Other*	2,077		1,797
Total	$	15,761	16,517

*Includes bitumen, power and LNG.


	Millions of Dollars
	Three Months Ended March 31
	2026		2025
Revenue from physical contracts meeting the definition of a derivative outside the scope of ASC Topic 606
Crude oil	$	110	109
Natural gas	1,701		1,646
Power	328		215
Total	$	2,139	1,970


Sales and other operating revenues by geographic location	Millions of Dollars
	Three Months Ended March 31
	2026		2025

U.S.	$	12,516	13,112









International	3,245		3,405
Worldwide consolidated	$	15,761	16,517

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

- 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

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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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+ Details

Guarantees - Narrative (Details) $ in Millions	3 Months Ended
Guarantees - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Other Guarantees
Guarantor Obligations [Line Items]
Maximum potential future payments	$ 560
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
Indemnification Agreement
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 30
APLNG \| Finance Reserve Guarantee
Guarantor Obligations [Line Items]
Maximum potential future payments	1,680
Guarantor obligations, current carrying value	$ 49
APLNG \| Finance Reserve Guarantee \| Minimum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	7 years
APLNG \| Finance Reserve Guarantee \| Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	20 years
NFE4 and NFS3 \| Joint Venture Obligation Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 14
Guarantor obligations, term	30 years
Equatorial Guinea Gurantees \| Payment Guarantee
Guarantor Obligations [Line Items]
Guarantor obligations, remaining term	2 years
Maximum potential future payments	$ 116
Guarantor obligations, current carrying value	$ 4

Derivative and Financial Instruments - Schedule of Income Statement Location and Gain (Loss) Amounts of Derivatives (Details) - Commodity Contract - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Sales and other operating revenues
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) from commodity derivatives	$ 159	$ 59
Other income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) from commodity derivatives	(5)	(4)
Purchased commodities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) from commodity derivatives	$ (69)	$ (39)

- 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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+ Details

Employee Benefit Plans

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 13—Employee Benefit Plans

Pension and Postretirement Plans


	Millions of Dollars
	Pension Benefits					Other Benefits
	2026			2025		2026	2025
	U.S.		Int'l.	U.S.	Int'l.
Components of net periodic benefit cost
Three months ended March 31
Service cost	$	11	8	15	8	—	—
Interest cost	21		34	23	31	1	2
Expected return on plan assets	(20)		(53)	(19)	(45)
Amortization of prior service cost (credit)	—		—	—	—	(1)	(6)
Recognized net actuarial loss (gain)	2		9	3	11	—	—
Settlements	9		—	—	1	—	—


Net periodic benefit cost	$	23	(2)	22	6	—	(4)

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

During the three-month period ended March 31, 2026, lump-sum benefit payments exceeded the sum of service and interest costs for the year for the U.S. qualified pension plan. As a result, we recognized a proportionate share of prior actuarial losses from other comprehensive income as pension settlement expense of $9 million. In conjunction with the recognition of pension settlement expense, the fair market value of the pension plan assets was updated, and the pension benefit obligation of the U.S. qualified pension plan was remeasured at March 31, 2026. At the measurement date, the net pension liability increased by $39 million, primarily due to lower than premised return on assets, partially offset by an increase in the discount rate, resulting in a corresponding decrease to other comprehensive income.

Severance Accrual

The following table summarizes our severance accrual activity for the three-month period ended March 31, 2026:


	Millions of Dollars
Balance at December 31, 2025	$	378
Accruals	10
Benefit payments	(248)
Foreign currency translation adjustment	(1)
Balance at March 31, 2026*	$	139

*Of the balance at March 31, 2026, $82 million is classified as short-term. Partner recoveries of $53 million are accrued as receivables as of March 31, 2026.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities


	Millions of Dollars
	March 31, 2026					December 31, 2025
	Level 1		Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets
Investments in debt securities	$	281	1,348	—	1,629	270	1,331	—	1,601
Commodity derivatives	992		255	73	1,320	306	230	68	604
Total assets	$	1,273	1,603	73	2,949	576	1,561	68	2,205

Liabilities
Commodity derivatives	$	980	181	83	1,244	354	124	60	538
Contingent consideration	—		—	78	78	—	—	—	—
Total liabilities	$	980	181	161	1,322	354	124	60	538

Schedule of Fair Value Measurement Inputs and Valuation Techniques

Fair Value
(Millions of
Dollars)

Valuation
Technique

Unobservable
Input

Range

(Arithmetic Average)

Contingent consideration - Surmont as of:

March 31, 2026

Discounted cash flow

Commodity price outlook* ($/BOE)

$81.58 - $84.28 ($82.93)

December 31, 2025

—

$43.17 - $51.97 ($46.47)

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

Schedule of Commodity Derivative Balances Subject to Right of Setoff


	Millions of Dollars
				Amounts Subject to Right of Setoff
	Gross Amounts Recognized		Amounts Not Subject to Right of Setoff	Gross Amounts	Gross Amounts Offset	Net Amounts Presented	Cash Collateral	Net Amounts
March 31, 2026
Assets	$	1,320	5	1,315	1,017	298	42	256
Liabilities	1,244		1	1,243	1,017	226	45	181

December 31, 2025
Assets	$	604	2	602	361	241	6	235
Liabilities	538		1	537	361	176	53	123

Schedule of Net Fair Value of Financial Instruments

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


	Millions of Dollars
	Carrying Amount			Fair Value
	March 31 2026		December 31 2025	March 31 2026	December 31 2025
Financial assets
Commodity derivatives	$	261	237	261	237
Investments in debt securities	1,629		1,601	1,629	1,601

Financial liabilities
Total debt, excluding finance leases	22,573		22,643	22,420	22,698
Commodity derivatives	182		124	182	124

Guarantees	3 Months Ended
Guarantees	Mar. 31, 2026
Guarantees [Abstract]
Guarantees	Note 5—Guarantees At March 31, 2026, 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 We have multiple outstanding guarantees in connection with our 47.5 percent ownership interest in APLNG. These guarantees have remaining terms of seven to 20 years, and the maximum potential future payments related to these guarantees are approximately $1,680 million. At March 31, 2026, the carrying value of these guarantees was approximately $49 million. QatarEnergy LNG Guarantees We have guaranteed our portion of certain fiscal and other joint venture obligations as a shareholder in NFE4 and NFS3. These guarantees have an approximate 30-year term with no maximum limit. At March 31, 2026, 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 are approximately $116 million. At March 31, 2026, the carrying value of these guarantees was approximately $4 million. Other Guarantees We have other guarantees with maximum future potential payment amounts totaling approximately $560 million, which consist primarily of guarantees of the residual value of leased office buildings and guarantees of the residual value of corporate aircraft. These guarantees have remaining terms of one to five years and would become payable if certain asset values are lower than guaranteed amounts at the end of the lease or contract term, business conditions decline at guaranteed entities or as a result of nonperformance of contractual terms by guaranteed parties. At March 31, 2026, 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 indemnification obligations at March 31, 2026, 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 6 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

Segment Disclosures and Related Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	5
Number Of Reportable Segments Not Disclosed Flag	segment

Fair Value Measurement - Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	$ 1,629	$ 1,601
Commodity derivatives	1,320	604
Total assets	2,949	2,205
Commodity derivatives	1,244	538
Contingent consideration	78	0
Total liabilities	1,322	538
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	281	270
Commodity derivatives	992	306
Total assets	1,273	576
Commodity derivatives	980	354
Contingent consideration	0	0
Total liabilities	980	354
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	1,348	1,331
Commodity derivatives	255	230
Total assets	1,603	1,561
Commodity derivatives	181	124
Contingent consideration	0	0
Total liabilities	181	124
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities	0	0
Commodity derivatives	73	68
Total assets	73	68
Commodity derivatives	83	60
Contingent consideration	78	0
Total liabilities	$ 161	$ 60

Segment Disclosures and Related Information - Other Segment Disclosure (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting Information [Line Items]
Equity investments	$ 8,956	$ 8,762
Total assets	122,725	124,254	$ 121,939
Capital expenditures and investments	2,948	3,378
Corporate
Segment Reporting Information [Line Items]
Equity investments	1,648	1,589
Total assets	10,180	11,247
Capital expenditures and investments	29	25
Segments Total \| Operating Segments
Segment Reporting Information [Line Items]
Equity investments	7,308	7,173
Total assets	112,545	113,007
Capital expenditures and investments	2,919	3,353
Alaska \| Operating Segments
Segment Reporting Information [Line Items]
Equity investments	3	4
Total assets	20,808	18,587
Capital expenditures and investments	949	1,046
Lower 48 \| Operating Segments
Segment Reporting Information [Line Items]
Equity investments	1	125
Total assets	62,678	66,294
Capital expenditures and investments	1,505	1,814
Canada \| Operating Segments
Segment Reporting Information [Line Items]
Equity investments	0	0
Total assets	9,892	9,604
Capital expenditures and investments	121	165
EMENA \| Operating Segments
Segment Reporting Information [Line Items]
Equity investments	2,354	2,056
Total assets	10,839	10,191
Capital expenditures and investments	262	274
AP \| Operating Segments
Segment Reporting Information [Line Items]
Equity investments	4,950	4,988
Total assets	8,328	8,331
Capital expenditures and investments	$ 82	$ 54

Fair Value Measurement - Schedule of Commodity Derivative Balances Subject to Right of Setoff (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Offsetting Derivative Assets [Abstract]
Assets - gross amounts recognized	$ 1,320	$ 604
Assets - amounts without right of setoff	5	2
Assets - gross amounts	1,315	602
Assets - gross amounts offset	1,017	361
Assets - net amounts presented	298	241
Assets - cash collateral	42	6
Assets - net amounts	256	235
Offsetting Derivative Liabilities [Abstract]
Liabilities - gross amounts recognized	1,244	538
Liabilities - amounts without right of setoff	1	1
Liabilities - gross amounts recognized	1,243	537
Liabilities - gross amounts offset	1,017	361
Liabilities - net amounts presented	226	176
Liabilities - cash collateral	45	53
Liabilities - net amounts	$ 181	$ 123

Fair Value Measurement - Schedule of Net Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Financial Assets [Abstract]
Investments in debt securities	$ 1,629	$ 1,601
Carrying Amount
Financial Assets [Abstract]
Investments in debt securities	1,629	1,601
Financial Liabilities [Abstract]
Total debt, excluding finance leases	22,573	22,643
Carrying Amount \| Commodity Contract
Financial Assets [Abstract]
Commodity derivatives	261	237
Financial Liabilities [Abstract]
Commodity derivatives	182	124
Estimate of Fair Value Measurement
Financial Assets [Abstract]
Investments in debt securities	1,629	1,601
Financial Liabilities [Abstract]
Total debt, excluding finance leases	22,420	22,698
Estimate of Fair Value Measurement \| Commodity Contract
Financial Assets [Abstract]
Commodity derivatives	261	237
Financial Liabilities [Abstract]
Commodity derivatives	$ 182	$ 124

- 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.

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+ Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Consolidated Income Statement - USD ($) shares in Thousands	3 Months Ended
Consolidated Income Statement - USD ($) shares in Thousands	Mar. 31, 2026	Mar. 31, 2025
Revenues and other income
Sales and other operating revenues	$ 15,761,000,000	$ 16,517,000,000
Equity in earnings of affiliates	247,000,000	392,000,000
Gain (loss) on dispositions	5,000,000	79,000,000
Other income	41,000,000	113,000,000
Total revenues and other income	16,054,000,000	17,101,000,000
Costs and expenses
Purchased commodities	6,283,000,000	6,188,000,000
Production and operating expenses	2,276,000,000	2,506,000,000
Selling, general and administrative expenses	193,000,000	191,000,000
Exploration expenses	109,000,000	117,000,000
Depreciation, depletion and amortization	2,906,000,000	2,746,000,000
Impairments	19,000,000	1,000,000
Taxes other than income taxes	607,000,000	551,000,000
Accretion on discounted liabilities	97,000,000	94,000,000
Interest and debt expense	198,000,000	205,000,000
Foreign currency transaction (gain) loss	0	30,000,000
Other expenses	3,000,000	6,000,000
Total costs and expenses	12,691,000,000	12,635,000,000
Income (loss) before income taxes	3,363,000,000	4,466,000,000
Income tax provision (benefit)	1,180,000,000	1,617,000,000
Net income (loss)	$ 2,183,000,000	$ 2,849,000,000
Net income (loss) per share of common stock (dollars)
Basic (in dollars per share)	$ 1.78	$ 2.23
Diluted (in dollars per share)	$ 1.78	$ 2.23
Weighted-average common shares outstanding (in thousands)
Basic (in shares)	1,224,036	1,273,350
Diluted (in shares)	1,224,960	1,274,879

Related Party Transactions - Schedule of Significant Transactions with Related Parties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Balance Sheet
Accounts and notes receivable	$ 7,050		$ 5,813
Accounts payable	7,017		6,218
Income Statement
Operating revenues and other income	16,054	$ 17,101
Purchased commodities	6,283	6,188
Production and operating expenses and selling, general and administrative expenses	193	191
Related Party
Balance Sheet
Accounts and notes receivable	74		79
Accounts payable	51		$ 64
Income Statement
Operating revenues and other income	11	24
Purchased commodities	(3)	2
Production and operating expenses and selling, general and administrative expenses	$ 45	$ 85

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + 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

Segment Disclosures and Related Information - Geographic Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 15,761,000,000	$ 16,517,000,000
U.S.
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	12,516,000,000	13,112,000,000
International
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 3,245,000,000	$ 3,405,000,000

- Definition

+ References

+ Details

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 5,877	$ 6,497
Short-term investments	486	484
Accounts and notes receivable, net	7,050	5,813
Inventories	1,910	1,873
Prepaid expenses and other current assets	906	865
Total current assets	16,229	15,532
Investments and long-term receivables	10,320	10,185
Net properties, plants and equipment (net of accumulated DD&A of $93,460 and $90,396, respectively)	93,141	93,239
Other assets	3,035	2,983
Total assets	122,725	121,939
Liabilities
Accounts payable	7,017	6,218
Short-term debt	1,065	1,020
Accrued income and other taxes	2,129	1,835
Employee benefit obligations	505	1,136
Other accruals	1,870	1,763
Total current liabilities	12,586	11,972
Long-term debt	22,262	22,424
Asset retirement obligations and accrued environmental costs	8,366	8,214
Deferred income taxes	12,389	12,237
Employee benefit obligations	944	969
Other liabilities and deferred credits	1,637	1,636
Total liabilities	58,184	57,452
Equity
Par value	23	23
Capital in excess of par	77,761	77,728
Treasury stock (at cost: 2026—1,037,579,503 shares; 2025—1,028,350,186 shares)	(77,231)	(76,217)
Accumulated other comprehensive income (loss)	(6,028)	(5,911)
Retained earnings	70,016	68,864
Total equity	64,541	64,487
Total liabilities and equity	$ 122,725	$ 121,939

Changes in Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Changes in Equity

Note 9—Changes in Equity


	Millions of Dollars

	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2026
Balances at December 31, 2025	$	23	77,728	(76,217)	(5,911)	68,864	64,487
Net income (loss)						2,183	2,183
Other comprehensive income (loss)					(117)		(117)

Dividend declared ($0.84 per common share)						(1,032)	(1,032)

Repurchase of company common stock				(1,006)			(1,006)
Excise tax on share repurchases				(7)			(7)
Distributed under benefit plans			33				33
Other				(1)		1	—
Balances at March 31, 2026	$	23	77,761	(77,231)	(6,028)	70,016	64,541



	Millions of Dollars
	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Accum. Other Comprehensive Income (Loss)	Retained Earnings	Total
For the three months ended March 31, 2025
Balances at December 31, 2024	$	23	77,529	(71,152)	(6,473)	64,869	64,796
Net income (loss)						2,849	2,849
Other comprehensive income (loss)					79		79

Dividend declared ($0.78 per common share)						(998)	(998)

Repurchase of company common stock				(1,500)			(1,500)
Excise tax on share repurchases				(13)			(13)
Distributed under benefit plans			25				25
Other				(1)		1	—
Balances at March 31, 2025	$	23	77,554	(72,666)	(6,394)	66,721	65,238

- Definition

The entire disclosure for equity.

+ References

+ Details

Contingencies, Commitments, and Accrued Environmental Costs	3 Months Ended
	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments, and Accrued Environmental Costs	Note 6—Contingencies, Commitments and Accrued Environmental Costs A number of lawsuits involving a variety of claims arising in the ordinary course of business have been filed against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the low end of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. We accrue receivables for insurance or other third-party recoveries when applicable. With respect to income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to international, federal, state and local environmental laws and regulations and record accruals for environmental liabilities based on management’s best estimates. These estimates are based on currently available facts, existing technology and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience and data released by the U.S. EPA or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the 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 business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries. For remediation activities in the U.S. and Canada, our consolidated balance sheet included total accrued environmental costs of $230 million at March 31, 2026, compared with $220 million at December 31, 2025. We expect to incur a substantial amount of these expenditures within the next 30 years. In the future, we may be involved in additional environmental assessments, cleanups and proceedings. Litigation and Other Contingencies We are subject to various lawsuits and claims including, but not limited to, matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, climate change, personal injury and property damage. Our primary exposures for such matters relate to alleged royalty and tax underpayments on certain federal, state and privately owned properties, claims of alleged environmental contamination and damages from historic operations and climate change. We will continue to defend ourselves vigorously in these matters. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required. We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. In addition, at March 31, 2026, we had performance obligations secured by letters of credit of $391 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 March 31, 2026, the company has received approximately $795 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.

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

Note 15—Earnings Per Share


	Millions of Dollars (except per share amounts)
	Three Months Ended March 31
	2026		2025
Basic earnings per share

Net income (loss)	$	2,183	2,849
Less: Dividends and undistributed earnings
allocated to participating securities	6		9
Net income (loss) available to common shareholders	$	2,177	2,840
Weighted-average common shares outstanding (in millions)	1,224		1,273

Net income (loss) per share of common stock	$	1.78	2.23

Diluted earnings per share

Net income (loss) available to common shareholders	$	2,177	2,840
Weighted-average common shares outstanding (in millions)	1,224		1,273
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs (in millions)	1		2
Weighted-average diluted shares outstanding (in millions)	1,225		1,275

Net income (loss) per share of common stock	$	1.78	2.23

Employee Benefit Plans - Summary of Severance Accruals (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Restructuring Reserve [Roll Forward]
Severance accrual, beginning balance	$ 378
Accruals	10
Benefit payments	(248)
Foreign currency translation adjustment	(1)
Severance accrual, ending balance	139
Severance accrual, current	82
Partner recoveries	$ 53

- 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

Segment Disclosures and Related Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated


Three Months Ended March 31, 2026	Millions of Dollars
	Alaska		L48	Canada	EMENA	AP	Segments Total	Corporate	Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues#	$	1,523	11,086	1,673	1,627	501	16,410	22	16,432
Intersegment eliminations	—		(6)	(656)	—	—	(662)	(9)	(671)
Consolidated sales and other operating revenues	1,523		11,080	1,017	1,627	501	15,748	13	15,761

Significant segment expenses*
Production and operating expenses	475		1,253	189	257	80	2,254	22	2,276
DD&A	352		2,051	152	239	103	2,897	9	2,906
Income tax provision (benefit)	92		395	27	725	60	1,299	(119)	1,180
Total	919		3,699	368	1,221	243	6,450	(88)	6,362

Other segment items
Equity in earnings of affiliates	—		—	—	(95)	(164)	(259)	12	(247)
Interest income	—		—	—	—	—	—	(109)	(109)
Interest and debt expense	—		—	—	—	—	—	198	198
Other**	310		5,978	564	236	127	7,215	159	7,374
Total	310		5,978	564	141	(37)	6,956	260	7,216

Net income (loss)	$	294	1,403	85	265	295	2,342	(159)	2,183
#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 $1.7 billion, $0.2 billion and $0.2 billion, respectively.
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48 and Corporate
Other income: L48, Canada, EMENA and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses: L48, Canada, EMENA, AP and Corporate
Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: Alaska and L48
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: EMENA and Corporate


Three Months Ended March 31, 2025	Millions of Dollars
	Alaska		L48	Canada	EMENA	AP	Segment Totals	Corporate	Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues#	$	1,610	11,548	1,532	1,940	424	17,054	18	17,072
Intersegment eliminations	—		—	(547)	—	—	(547)	(8)	(555)
Consolidated sales and other operating revenues	1,610		11,548	985	1,940	424	16,507	10	16,517

Significant segment expenses*
Production and operating expenses	506		1,491	201	224	65	2,487	19	2,506
DD&A	355		1,904	131	219	119	2,728	18	2,746
Income tax provision (benefit)	139		448	81	922	64	1,654	(37)	1,617
Total	1,000		3,843	413	1,365	248	6,869	—	6,869

Other segment items
Equity in earnings of affiliates	—		(4)	—	(173)	(206)	(383)	(9)	(392)
Interest income	—		—	—	—	(2)	(2)	(74)	(76)
Interest and debt expense	—		—	—	—	—	—	205	205
Other**	283		5,919	316	329	73	6,920	142	7,062
Total	283		5,915	316	156	(135)	6,535	264	6,799

Net income (loss)	$	327	1,790	256	419	311	3,103	(254)	2,849
#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 $1.5 billion, $0.2 billion and $0.3 billion, respectively.
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48 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: EMENA

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

Segment, Reconciliation of Other Items from Segments to Consolidated


Three Months Ended March 31, 2026	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segment Totals	Corporate	Consolidated Total
Equity investments	$	3	1	—	2,354	4,950	7,308	1,648	8,956
Total assets	20,808		62,678	9,892	10,839	8,328	112,545	10,180	122,725
Capital expenditures and investments	949		1,505	121	262	82	2,919	29	2,948

Other Segment Disclosures


Three Months Ended March 31, 2025	Millions of Dollars

	Alaska		L48	Canada	EMENA	AP	Segment Totals	Corporate	Consolidated Total
Equity investments	$	4	125	—	2,056	4,988	7,173	1,589	8,762
Total assets	18,587		66,294	9,604	10,191	8,331	113,007	11,247	124,254
Capital expenditures and investments	1,046		1,814	165	274	54	3,353	25	3,378

Revenue from External Customers by Products and Services


	Millions of Dollars
	Three Months Ended March 31
	2026		2025

Consolidated sales and other operating revenues
Crude oil	$	10,258	10,833
Natural gas	2,504		2,832
Natural gas liquids	922		1,055
Other*	2,077		1,797
Total	$	15,761	16,517

*Includes bitumen, power and LNG.


	Millions of Dollars
	Three Months Ended March 31
	2026		2025
Revenue from physical contracts meeting the definition of a derivative outside the scope of ASC Topic 606
Crude oil	$	110	109
Natural gas	1,701		1,646
Power	328		215
Total	$	2,139	1,970

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas


Sales and other operating revenues by geographic location	Millions of Dollars
	Three Months Ended March 31
	2026		2025

U.S.	$	12,516	13,112









International	3,245		3,405
Worldwide consolidated	$	15,761	16,517

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

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Significant Transactions with Related Parties

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


	Millions of Dollars
	March 31 2026		December 31 2025
Balance Sheet
Accounts and notes receivable	$	74	79
Accounts payable	51		64


	Millions of Dollars
	Three Months Ended March 31
	2026		2025
Income Statement
Operating revenues and other income	$	11	24
Purchased commodities	(3)		2
Production and operating expenses and selling, general and administrative expenses	45		85

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]
Net pension liability increase	$ 39
U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension settlement expense	$ 9	$ 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

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+ Details

Debt	3 Months Ended
Debt	Mar. 31, 2026
Debt Disclosure [Abstract]
Debt	Note 4—Debt Our debt balance at March 31, 2026, was $23.3 billion, compared with $23.4 billion at December 31, 2025. In the first quarter of 2026, the company retired $67 million principal amount of our 6.875% Notes at maturity. At March 31, 2026, 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

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Statement of Cash Flows [Abstract]
Restricted cash, current		$ 65
Restricted cash, noncurrent	$ 369	$ 354

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows From Operating Activities
Net income (loss)	$ 2,183	$ 2,849
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion and amortization	2,906	2,746
Impairments	19	1
Dry hole costs and leasehold impairments	34	61
Accretion on discounted liabilities	97	94
Deferred taxes	102	(71)
Distributions more (less) than income from equity affiliates	7	(19)
(Gain) loss on dispositions	(5)	(79)
Other	44	(115)
Working capital adjustments
Decrease (increase) in accounts and notes receivable	(1,141)	280
Decrease (increase) in inventories	(39)	(26)
Decrease (increase) in prepaid expenses and other current assets	(95)	(134)
Increase (decrease) in accounts payable	507	518
Increase (decrease) in taxes and other accruals	(324)	10
Net cash provided by operating activities	4,295	6,115
Cash flows from investing activities
Capital expenditures and investments	(2,948)	(3,378)
Working capital changes associated with investing activities	162	827
Proceeds from asset dispositions	9	635
Net sales (purchases) of investments	(30)	(400)
Other	(1)	(30)
Net cash used in investing activities	(2,808)	(2,346)
Cash flows from financing activities
Repayment of debt	(114)	(547)
Issuance of company common stock	(35)	(52)
Repurchase of company common stock	(1,006)	(1,500)
Dividends paid	(1,032)	(998)
Other	1	(40)
Net cash used in financing activities	(2,186)	(3,137)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	29	83
Net change in cash, cash equivalents and restricted cash	(670)	715
Cash, cash equivalents and restricted cash at beginning of period	6,916	5,905
Cash, cash equivalents and restricted cash at end of period	$ 6,246	$ 6,620

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,183	$ 2,849
Other comprehensive income (loss), net of tax:
Defined benefit plans	(16)	7
Unrealized holding gain (loss) on securities	(6)	2
Foreign currency translation adjustments	(95)	70
Other comprehensive income (loss), net of tax	(117)	79
Comprehensive income (loss)	$ 2,066	$ 2,928

- 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.

+ References + Details

- 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

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories


	Millions of Dollars
	March 31 2026		December 31 2025
Crude oil and products	$	1,054	1,000
Materials and supplies	856		873
Total inventories	$	1,910	1,873

Inventories valued on the LIFO basis	$	672	609

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Cash Flow Information

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Information [Abstract]

Cash Flow Information

Note 11—Cash Flow Information


	Millions of Dollars
	Three Months Ended March 31
	2026		2025
Cash payments

Interest	$	296	214








Income taxes	$	669	1,188

Net Sales (Purchases) of Investments
Short-term investments purchased	$	(7)	(419)
Short-term investments sold	162		158
Long-term investments purchased	(232)		(192)
Long-term investments sold	47		53
Total sales (purchases) of investments	$	(30)	(400)

Basis of Presentation (Policy)	3 Months Ended
Basis of Presentation (Policy)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature, unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report; therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2025 Annual Report on Form 10-K. Certain prior year financial statement line items have been reclassified to conform to the current year presentation.
Receivables and Contract Liabilities	Receivables from Contracts with Customers At March 31, 2026, and December 31, 2025, the “Accounts and notes receivable, net” line on our consolidated balance sheet, presented net of allowances of $4 million for each period, included trade receivables of $5,842 million compared with $4,416 million at December 31, 2025, 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.
New Accounting Standards	In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses” to disaggregate 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

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Accumulated depreciation, depletion and amortization	$ 93,460	$ 90,396
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)	2,255,873,510	2,253,518,282
Treasury stock, shares (in shares)	1,037,579,503	1,028,350,186

Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow Information


	Millions of Dollars
	Three Months Ended March 31
	2026		2025
Cash payments

Interest	$	296	214








Income taxes	$	669	1,188

Net Sales (Purchases) of Investments
Short-term investments purchased	$	(7)	(419)
Short-term investments sold	162		158
Long-term investments purchased	(232)		(192)
Long-term investments sold	47		53
Total sales (purchases) of investments	$	(30)	(400)

Accumulated Other Comprehensive Income (Loss) - Schedule of Components of Accumulated Other Comprehensive Loss in the Equity Section of the Balance Sheet (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 64,487	$ 64,796
Other comprehensive income (loss)	(117)	79
Ending Balance	64,541	65,238
Defined Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(335)
Other comprehensive income (loss)	(16)
Ending Balance	(351)
Unrealized Holding Gain/(Loss) on Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	8
Other comprehensive income (loss)	(6)
Ending Balance	2
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(5,602)
Other comprehensive income (loss)	(95)
Ending Balance	(5,697)
Unrealized Gain/(Loss) on Hedging Activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	18
Other comprehensive income (loss)	0
Ending Balance	18
Accum. Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(5,911)	(6,473)
Other comprehensive income (loss)	(117)	79
Ending Balance	$ (6,028)	$ (6,394)

- Definition

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

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-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

Segment Disclosures and Related Information - Sales and Other Operating Revenues by Product (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 15,761,000,000	$ 16,517,000,000
Crude oil
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	110,000,000	109,000,000
Natural gas
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	1,701,000,000	1,646,000,000
Power
Segment Reporting Information [Line Items]
Revenue from contracts outside the scope of ASC Topic 606	328,000,000	215,000,000
Natural gas
Segment Reporting Information [Line Items]
Sales and other operating revenues	2,504,000,000	2,832,000,000
Natural gas liquids
Segment Reporting Information [Line Items]
Sales and other operating revenues	922,000,000	1,055,000,000
Crude oil
Segment Reporting Information [Line Items]
Sales and other operating revenues	10,258,000,000	10,833,000,000
Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 2,077,000,000	$ 1,797,000,000

Sales and Other Operating Revenues

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Sales and Other Operating Revenues

Note 14—Sales and Other Operating Revenues

Revenue from Contracts with Customers

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


	Millions of Dollars
	Three Months Ended March 31
	2026		2025
Revenue from contracts with customers	$	13,500	14,479
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative	2,139		1,970
Financial derivative contracts	122		68
Consolidated sales and other operating revenues	$	15,761	16,517

We apply the practical expedient allowed in ASC Topic 606, “Revenue from Contracts with Customers,” 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.

Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices, which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS. There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. Further disaggregation of revenues is provided in Note 16—Segment Disclosures and Related Information.

Receivables from Contracts with Customers

At March 31, 2026, and December 31, 2025, the “Accounts and notes receivable, net” line on our consolidated balance sheet, presented net of allowances of $4 million for each period, included trade receivables of $5,842 million compared with $4,416 million at December 31, 2025, 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.