Note 22—Segment Disclosures and Related Information

We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. We manage our operations through five operating segments, which are primarily defined by geographic region: Alaska; Lower 48 (L48); Canada; Europe, Middle East and North Africa (EMENA); and Asia Pacific (AP).

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

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

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

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

2025 Segment level net income (loss)


Year Ended December 31, 2025	Millions of Dollars

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

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

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




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

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

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


Impairments: Alaska, L48 and Canada

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

Other segment disclosures


Year Ended December 31, 2025	Millions of Dollars

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

2024 Segment level net income (loss)


Year Ended December 31, 2024	Millions of Dollars

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

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

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




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

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



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

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

Other segment disclosures


Year Ended December 31, 2024	Millions of Dollars

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

2023 Segment level net income (loss)


Year Ended December 31, 2023	Millions of Dollars

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

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

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




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

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




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

Other segment disclosures


Year Ended December 31, 2023	Millions of Dollars

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


Sales and Other Operating Revenues by Product

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

*Includes bitumen, power and LNG.


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


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

Geographic Information


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

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











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

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

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

Historical Timeline

Fiscal Year	Filed
2025	Feb 17, 2026	Showing above
2024	Feb 18, 2025

2023	Feb 15, 2024

2022	Feb 16, 2023

2021	Feb 17, 2022

2020	Feb 16, 2021

2019	Feb 18, 2020

2018	Feb 19, 2019

2017	Feb 20, 2018

2016	Feb 21, 2017

2015	Feb 23, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

CONOCOPHILLIPS Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures