MRO Marathon Oil Corp

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We are an independent oil and gas exploration and production company with a focus on U.S. resource plays: Eagle Ford in Texas, Bakken in North Dakota, Permian in New Mexico and Texas and STACK and SCOOP in Oklahoma. Our U.S. assets are complemented by our international operations in E.G.

Proposed Merger with ConocoPhillips

On May 28, 2024, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with ConocoPhillips, a Delaware corporation (“ConocoPhillips”), and Puma Merger Sub Corp., a wholly owned subsidiary of ConocoPhillips (“Merger Sub”). The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, Merger Sub be merged with and into Marathon Oil (the “Merger”), with Marathon Oil surviving and continuing as the surviving corporation in the Merger as a direct, wholly owned subsidiary of ConocoPhillips. Under the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each of our outstanding shares of common stock (other than certain Excluded Shares and Converted Shares, each as defined in the Merger Agreement) will be converted to the right to receive 0.2550 (the “Exchange Ratio”) shares of ConocoPhillips common stock (the “Merger Consideration”). The Merger Agreement also contains certain customary termination rights of each of Marathon Oil and ConocoPhillips, and under certain circumstances, a termination fee would be payable by us. The Merger is expected to close late in the fourth quarter of 2024, subject to shareholder and regulatory approvals and other customary closing conditions; however, no assurance can be given as to when, or if, the Merger will occur. See Item 1A. Risk Factors for a discussion of the risks related to the Merger and Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional details relating to the Merger.

In association with the Merger, we have incurred $10 million of transaction costs recorded as general and administrative expense in the consolidated statements of income for the three and six months ended June 30, 2024, and expect to incur additional costs as the Merger progresses. Transaction costs consist primarily of third party legal and banking fees.

The above description of the Merger Agreement and the transactions contemplated thereby, including certain referenced terms, is a summary of certain principal terms and conditions contained in the Merger Agreement.

Basis of Presentation

These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements.

These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K. The results of operations for the second quarter and first six months of 2024 are not necessarily indicative of the results to be expected for the full year.

Accounting Standards Updates Adopted

No accounting standards were adopted during the first six months of 2024 that had a material impact on our consolidated financial statements.

Accounting Standards Updates Not Yet Adopted

In November 2023, the FASB issued a new accounting standards update to improve the disclosures around a public entity’s reportable segments. The standard requires disclosure of significant segment expenses included within each reported measure of segment profit or loss. This standard is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual reporting periods beginning after December 15, 2024, with early adoption permitted. The standard is effective for us in the 2024 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. This standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows.

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In December 2023, the FASB issued a new accounting standards update to improve income tax disclosures primarily related to the rate reconciliation and income taxes paid. The standard requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This standard is effective for us in the 2025 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. The standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows.

There were no other issued but pending accounting standards expected to have a material impact on our consolidated financial statements.

Basic income per share is based on the weighted average number of common shares outstanding. Diluted income per share assumes exercise of stock options and performance units in all periods, provided the effect is not antidilutive. The per share calculations below exclude an immaterial number of antidilutive stock options for the three months ended June 30, 2024 and exclude 1 million of antidilutive stock options for the six months ended June 30, 2024. In addition, the per share calculations below exclude 1 million of antidilutive stock options for the three months and six months ended June 30, 2023:

			Three Months Ended June 30,												Six Months Ended June 30,
(In millions, except per share data)			2024						2023						2024						2023
Net income			$	349					$	287					$	646					$	704
Weighted average common shares outstanding			566						614						573						622
Effect of dilutive securities			1						1						1						1
Weighted average common shares, diluted			567						615						574						623
Net income per share:
Basic			$	0.62					$	0.47					$	1.13					$	1.13
Diluted			$	0.62					$	0.47					$	1.13					$	1.13
Dividends per share			$	0.11					$	0.10					$	0.22					$	0.20

Under the Merger Agreement, we are subject to restrictions that prevent us from increasing our quarterly dividend in excess of $0.11 per share.

The majority of our revenues are derived from the sale of crude oil and condensate, NGLs and natural gas, including LNG, under spot and term agreements with our customers in the United States and Equatorial Guinea.

As of June 30, 2024 and December 31, 2023, receivables from contracts with customers, included in receivables, net, were $1.0 billion and $886 million, respectively.

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The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas for the three and six months ended June 30:

United States

			Three Months Ended June 30, 2024
(In millions)			Eagle Ford						Bakken						Permian						Oklahoma						Other U.S.						Total
Crude oil and condensate			$	582					$	482					$	191					$	49					$	12					$	1,316
NGLs			67						45						21						30						—						163
Natural gas			31						11						2						21						—						65
Other			2						—						—						—						5						7
Revenues from contracts with customers			$	682					$	538					$	214					$	100					$	17					$	1,551

			Three Months Ended June 30, 2023
(In millions)			Eagle Ford						Bakken						Permian						Oklahoma						Other U.S.						Total
Crude oil and condensate			$	524					$	456					$	141					$	63					$	11					$	1,195
NGLs			64						41						18						33						—						156
Natural gas			37						14						7						28						—						86
Other			1						—						—						—						2						3
Revenues from contracts with customers			$	626					$	511					$	166					$	124					$	13					$	1,440

			Six Months Ended June 30, 2024
(In millions)			Eagle Ford						Bakken						Permian						Oklahoma						Other U.S.						Total
Crude oil and condensate			$	1,021					$	947					$	390					$	114					$	24					$	2,496
NGLs			125						86						41						62						—						314
Natural gas			64						27						9						50						1						151
Other			3						—						—						—						9						12
Revenues from contracts with customers			$	1,213					$	1,060					$	440					$	226					$	34					$	2,973

			Six Months Ended June 30, 2023
(In millions)			Eagle Ford						Bakken						Permian						Oklahoma						Other U.S.						Total
Crude oil and condensate			$	1,019					$	887					$	311					$	141					$	22					$	2,380
NGLs			135						78						40						72						—						325
Natural gas			93						49						18						64						1						225
Other			3						—						—						—						10						13
Revenues from contracts with customers			$	1,250					$	1,014					$	369					$	277					$	33					$	2,943

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International (E.G.)

			Three Months Ended June 30,												Six Months Ended June 30,
(In millions)			2024						2023						2024						2023
Crude oil and condensate			$	28					$	39					$	89					$	96
NGLs			—						—						1						1
Natural gas, sold as gas			2						4						4						9
Natural gas, sold as LNG			84						—						135						—
Natural gas, total			86						4						139						9
Other			1						1						2						2
Revenues from contracts with customers			$	115					$	44					$	231					$	108

We have two reportable operating segments. Both of these segments are organized and managed based upon geographic location and the nature of the products and services offered.

•United States (“U.S.”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas in the United States; and

•International (“Int’l”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as LNG and methanol, in Equatorial Guinea (“E.G.”)

Segment income represents income that excludes certain items not allocated to our operating segments, net of income taxes. A portion of our corporate and operations general and administrative support costs are not allocated to the operating segments. These unallocated costs primarily consist of employment costs (including pension effects), professional services, facilities and other costs associated with corporate and operations support activities. Additionally, items which affect comparability such as: gains or losses on dispositions, impairments of proved and certain unproved properties, dry wells, changes in our valuation allowance, unrealized gains or losses on commodity and interest rate derivative instruments, effects of pension settlements and curtailments, expensed transaction costs for business combinations or other items (as determined by the chief operating decision maker (“CODM”)) are not allocated to operating segments.

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			Three Months Ended June 30, 2024
(In millions)			U.S.						Int’l						Not Allocated to Segments						Total
Revenues from contracts with customers			$	1,551					$	115					$	—					$	1,666
Net gain on commodity derivatives			—						—						1			(b)			1
Income from equity method investments			—						26						—						26
Net gain on disposal of assets			—						—						10			(c)			10
Other income			1						2						1						4
Less costs and expenses:
Production			198						18						—						216
Shipping, handling and other operating, including related party			155						13						7						175
Exploration			10						—						4						14
Depreciation, depletion and amortization			562						10						5						577
Taxes other than income			103						—						—						103
General and administrative			41						4						54			(d)			99
Net interest and other			—						—						80						80
Other net periodic benefit credits			—						—						(2)						(2)
Income tax provision (benefit)			104						19						(27)						96
Segment income (loss)			$	379					$	79					$	(109)					$	349
Total assets			$	18,766					$	849					$	125					$	19,740
Capital expenditures(a)			$	660					$	3					$	2					$	665

(a)Includes accruals and excludes acquisitions.

(b)Unrealized gain on commodity derivative instruments (See Note 8).

(c)Pertains to a gain from the sale of a legacy royalty interest in the state of California.

(d)Includes $10 million of transaction costs associated with the Merger with ConocoPhillips (See Note 1).

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			Three Months Ended June 30, 2023
(In millions)			U.S.						Int’l						Not Allocated to Segments						Total
Revenues from contracts with customers			$	1,440					$	44					$	—					$	1,484
Net gain (loss) on commodity derivatives			7						—						(4)			(c)			3
Income from equity method investments			—						22						—						22
Other income			1						3						—						4
Less costs and expenses:
Production			191						23						—						214
Shipping, handling and other operating, including related party			161						—						—						161
Exploration			6						—						5						11
Depreciation, depletion and amortization			547						10						2						559
Taxes other than income			43			(b)			—						—						43
General and administrative			31						3						37						71
Net interest and other			—						—						92						92
Other net periodic benefit credits			—						—						(3)						(3)
Income tax provision (benefit)			104						3						(29)						78
Segment income (loss)			$	365					$	30					$	(108)					$	287
Total assets			$	18,761					$	1,006					$	152					$	19,919
Capital expenditures(a)			$	620					$	—					$	3					$	623

(a)Includes accruals and excludes acquisitions.

(b)Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years.

(c)Unrealized loss on commodity derivative instruments (See Note 8).

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			Six Months Ended June 30, 2024
(In millions)			U.S.						Int’l						Not Allocated to Segments						Total
Revenues from contracts with customers			$	2,973					$	231					$	—					$	3,204
Net loss on commodity derivatives			—						—						(23)			(b)			(23)
Income from equity method investments			—						65						—						65
Net gain on disposal of assets			—						—						10			(c)			10
Other income (expense)			(3)						3						2						2
Less costs and expenses:
Production			399						38						—						437
Shipping, handling and other operating, including related party			304						30						10						344
Exploration			17						—						4						21
Depreciation, depletion and amortization			1,062						20						19						1,101
Taxes other than income			199						—						—						199
General and administrative			79						7						99			(d)			185
Net interest and other			—						—						149						149
Other net periodic benefit credits			—						—						(5)						(5)
Income tax provision (benefit)			197						43						(59)						181
Segment income (loss)			$	713					$	161					$	(228)					$	646
Total assets			$	18,766					$	849					$	125					$	19,740
Capital expenditures(a)			$	1,258					$	4					$	6					$	1,268

(a)Includes accruals and excludes acquisitions.

(b)Unrealized loss on commodity derivative instruments (See Note 8).

(c)Pertains to a gain from the sale of a legacy royalty interest in the state of California.

(d)Includes $10 million of transaction costs associated with the Merger with ConocoPhillips (See Note 1).

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			Six Months Ended June 30, 2023
(In millions)			U.S.						Int’l						Not Allocated to Segments						Total
Revenue from contracts with customers			$	2,943					$	108					$	—					$	3,051
Net gain (loss) on commodity derivatives			20						—						(2)			(c)			18
Income from equity method investments			—						102						—						102
Net gain on disposal of assets			—						—						5						5
Other income			12						4						1						17
Less costs and expenses:
Production			369						46						—						415
Shipping, handling and other operating, including related party			320						3						—						323
Exploration			11						—						15			(d)			26
Depreciation, depletion and amortization			1,052						22						5						1,079
Taxes other than income			140			(b)			—						(2)						138
General and administrative			66						6						81						153
Net interest and other			—						—						174						174
Other net periodic benefit credits			—						—						(6)						(6)
Income tax provision (benefit)			227						18						(58)						187
Segment income (loss)			$	790					$	119					$	(205)					$	704
Total assets			$	18,761					$	1,006					$	152					$	19,919
Capital expenditures(a)			$	1,217					$	2					$	5					$	1,224

(a)Includes accruals and excludes acquisitions.

(b)Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years.

(c)Unrealized loss on commodity derivative instruments (See Note 8).

(d)Includes $10 million of dry well expense associated with wells in Permian.

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Effective Tax Rate

The effective income tax rate is influenced by a variety of factors including the geographic and functional sources of income and the relative magnitude of these sources of income. The difference between the total provision and the sum of the amounts allocated to segments is reported in the “Not Allocated to Segments” column of the tables in Note 5.

For the three and six months ended June 30, 2024 and 2023, our effective income tax rates were as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Effective income tax rate			22		%				21		%				22		%				21		%

In August 2022, the President signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA enacted various income tax provisions, including a 15% corporate book minimum tax. The corporate book minimum tax, which became effective on January 1, 2023, applies to corporations with an average annual adjusted financial statement income that exceeds $1 billion for the preceding three years. Under current law and guidance, we are subject to the corporate book minimum tax in 2024. The U.S. Department of the Treasury and the IRS are expected to release further regulations and interpretive guidance implementing the legislation contained in the IRA. As this guidance is issued, we will continue to evaluate and assess the impact the IRA may have on our current and future period income taxes.

Term Loan Facility

In November 2022, we entered into a term credit agreement, which provides for a two-year $1.5 billion term loan facility (“Term Loan Facility”) and we borrowed the full amount thereunder in December 2022. During the fourth quarter of 2023, we repaid $300 million of outstanding borrowings. On March 28, 2024, we fully repaid the $1.2 billion outstanding balance under our Term Loan Facility by utilizing the net proceeds received from the senior notes issued during the first quarter of 2024 plus cash on hand (see Debt Issuance below).

Revolving Credit Facility and Commercial Paper Program

We have an unsecured revolving credit facility (“Revolving Credit Facility”) with a borrowing capacity of $2.6 billion. We have the option to increase the commitment amount by up to an additional $939 million, subject to the consent of any increasing lenders. The Revolving Credit Facility matures on July 28, 2027. At June 30, 2024, we had no outstanding borrowings under our Revolving Credit Facility.

The Revolving Credit Facility includes a covenant requiring our total debt to total capitalization ratio, as defined in the credit agreement, not to exceed 65% as of the last day of each fiscal quarter. In the event of a default, the lenders holding more than half of the commitments may terminate the commitments under the Revolving Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Revolving Credit Facility. As of June 30, 2024, we were in compliance with this covenant.

Pursuant to our commercial paper program, we may issue unsecured notes in a maximum aggregate face amount of $2.5 billion outstanding at any time, with maturities up to 365 days from the date of issuance. Our $2.5 billion commercial paper program is backed by our $2.6 billion Revolving Credit Facility.

We utilize our commercial paper program to fund various short-term working capital requirements. As of June 30, 2024, we had $325 million of outstanding commercial paper maturing at various dates with a weighted average interest rate of 5.87%.

Under the Merger Agreement, we are permitted to borrow under our commercial paper program or Revolving Credit Facility, an aggregate amount not to exceed $1.5 billion outstanding.

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Debt issuance

On March 28, 2024, we completed a public offering of $1.2 billion aggregate principal amount of unsecured senior notes consisting of $600 million aggregate principal amount of 5.30% senior notes due April 1, 2029 (“2029 Notes”) and $600 million aggregate principal amount of 5.70% senior notes due April 1, 2034 (“2034 Notes”). Interest on the senior notes is payable semi-annually beginning October 1, 2024. We may redeem some or all of the senior notes at any time at the applicable redemption price, plus accrued interest, if any. Net proceeds received totaled approximately $1.2 billion. Debt issuance costs of $12 million were recorded as deferred financing costs within long-term debt in our consolidated balance sheets and are being amortized to interest expense in our consolidated statement of income over the term of each note. The net proceeds, together with cash on hand, were used to repay $1.2 billion of outstanding borrowings under our Term Loan Facility.

Debt redemption

In March 2023, we redeemed the $70 million 8.5% Senior Notes in connection with their maturity date.

Long-term debt

At June 30, 2024, we had $5.0 billion of total long-term debt outstanding. Long-term debt due within one year consists of $200 million 2.10% of sub-series 2017A-2 bonds and $200 million 2.125% of sub-series 2017B-1 bonds, both of which feature a mandatory put on July 1, 2024 (see Debt Remarketing below).

Refer to our 2023 Annual Report on Form 10-K for a listing of our long-term debt maturities. Under the Merger Agreement, we are subject to restrictions and limitations that prevent us from incurring additional debt, or redeeming all or a portion of our existing outstanding debt, except permitted borrowings under our commercial paper program or Revolving Credit Facility (see Revolving Credit Facility and Commercial Paper Program above).

Debt Remarketing

In April 2023, we closed a $200 million remarketing to investors of sub-series 2017A-1 bonds that are part of the $1 billion St. John the Baptist Parish, State of Louisiana revenue refunding bonds Series 2017. The bonds are subject to an interest rate of 4.05% and a mandatory purchase date of July 1, 2026. The repayment and new borrowing associated with the remarketed bonds are presented separately within Debt repayments and Borrowings, respectively, within the Consolidated Statements of Cash Flows.

We may use derivatives to manage a portion of our exposure to commodity price risk, commodity locational risk and interest rate risk. For further information regarding the fair value measurement of derivative instruments, see Note 9. All of our commodity derivatives and interest rate derivatives are subject to enforceable master netting arrangements or similar agreements under which we report net amounts. Under the Merger Agreement, we are subject to limitations on our ability to enter into new derivative transactions.

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The following tables present the gross fair values of our open derivative instruments and the reported net amounts along with their locations in our consolidated balance sheets:

			June 30, 2024
(In millions)			Asset						Liability						Net Asset						Balance Sheet Location
Not Designated as Hedges
Commodity			$	1					$	—					$	1					Other current assets
Total Not Designated as Hedges			$	1					$	—					$	1
Cash Flow Hedges
Interest Rate			$	9					$	—					$	9					Other current assets
Interest Rate			9						—						9						Other noncurrent assets
Total Designated Hedges			$	18					$	—					$	18
Total			$	19					$	—					$	19

			December 31, 2023
(In millions)			Asset						Liability						Net Asset						Balance Sheet Location
Not Designated as Hedges
Commodity			$	24					$	—					$	24					Other current assets
Total Not Designated as Hedges			$	24					$	—					$	24
Cash Flow Hedges
Interest Rate			$	9					$	—					$	9					Other current assets
Interest Rate			9						—						9						Other noncurrent assets
Total Designated Hedges			$	18					$	—					$	18
Total			$	42					$	—					$	42

Derivatives Not Designated as Hedges

Commodity Derivatives

We have entered into crude oil and natural gas derivatives indexed to their respective indices as noted in the table below, related to a portion of our forecasted U.S. sales through 2025. These derivatives are three-way collars and two-way collars. Three-way collars consist of a sold call (ceiling), a purchased put (floor) and a sold put. The ceiling price is the maximum we will receive for the contract volumes; the floor is the minimum price we will receive, unless the market price falls below the sold put strike price. In this case, we receive the NYMEX WTI price plus the difference between the floor and the sold put price. Two-way collars only consists of a sold call (ceiling) and a purchased put (floor). These crude oil and natural gas derivatives were not designated as hedges.

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The following table sets forth outstanding derivative contracts as of June 30, 2024, and the weighted average prices for those contracts:

			2024												2025
						Third Quarter						Fourth Quarter						First Quarter						Second Quarter						Third Quarter						Fourth Quarter
Crude Oil
NYMEX WTI Three-Way Collars
Volume (Bbls/day)						50,000						50,000						—						—						—						—
Weighted average price per Bbl:
Ceiling						$	95.95					$	95.95					$	—					$	—					$	—					$	—
Floor						$	65.00					$	65.00					$	—					$	—					$	—					$	—
Sold put						$	50.00					$	50.00					$	—					$	—					$	—					$	—
Natural Gas
Henry Hub Two-Way Collars
Volume (MMBtu/day)						—						—						150,000						150,000						150,000						150,000
Weighted average price per MMBtu:
Ceiling						$	—					$	—					$	5.85					$	5.85					$	5.85					$	5.85
Floor						$	—					$	—					$	2.50					$	2.50					$	2.50					$	2.50

The unrealized gain (loss) and realized gain impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income:

			Three Months Ended June 30,												Six Months Ended June 30,
(In millions)			2024						2023						2024						2023
Unrealized gain (loss) on derivative instruments, net			$	1					$	(4)					$	(23)					$	(2)
Realized gain on derivative instruments, net(a)			$	—					$	7					$	—					$	20

(a)During the second quarter and first six months of 2024, we had no settled derivative positions. During the second quarter and first six months of 2023, net cash received for settled derivative positions was $7 million and $17 million, respectively.

Derivatives Designated as Cash Flow Hedges

During 2019, we entered into forward starting interest rate swaps with a maturity date of September 9, 2026 to hedge variations in cash flows related to the interest rate component of future lease payments of our Houston office. As of June 30, 2024 and December 31, 2023, the notional amount of open interest rate swaps for the Houston office was $295 million. The weighted average secured overnight financing rate (“SOFR”) for the swaps was 1.43% as of both June 30, 2024 and December 31, 2023.

During the six months ended June 30, 2024, net cash received for the settled interest rate swap positions was $6 million. As of June 30, 2024, we expect to reclassify a $10 million gain from accumulated other comprehensive income into our consolidated statements of income over the next twelve months.

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Fair Values – Recurring

The following tables present assets and liabilities accounted for at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 by hierarchy level:

			June 30, 2024
(In millions)			Level 1						Level 2						Level 3						Total
Derivative instruments, assets
Commodity(a)			$	—					$	1					$	—					$	1
Interest rate - designated as cash flow hedges			—						18						—						18
Derivative instruments, assets			$	—					$	19					$	—					$	19

			December 31, 2023
(In millions)			Level 1						Level 2						Level 3						Total
Derivative instruments, assets
Commodity(a)			$	—					$	24					$	—					$	24
Interest rate - designated as cash flow hedges			—						18						—						18
Derivative instruments, assets			$	—					$	42					$	—					$	42

(a)Derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 8.

As of June 30, 2024, our commodity derivatives include three-way collars and two-way collars. These instruments are measured at fair value using either a Black-Scholes or a modified Black-Scholes Model. For three-way collars and two-way collars, inputs to the models include commodity prices and implied volatility and are categorized as Level 2 because predominantly all assumptions and inputs are observable in active markets throughout the term of the instruments.

The forward starting interest rate swaps are measured at fair value with a market approach using actionable broker quotes, which are Level 2 inputs. See Note 8 for details on the forward starting interest rate swaps.

Fair Values – Financial Instruments

Our current assets and liabilities include financial instruments, the most significant of which are receivables, commercial paper borrowings, the current portion of our long-term debt and payables. We believe the carrying values of our receivables, commercial paper borrowings and payables approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments, (2) our credit rating and (3) our historical incurrence of and expected future insignificant bad debt expense, which includes an evaluation of counterparty credit risk.

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The following table summarizes financial instruments, excluding receivables, commercial paper borrowings, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at June 30, 2024 and December 31, 2023:

			June 30, 2024												December 31, 2023
(In millions)			Fair Value						Carrying Amount						Fair Value						Carrying Amount
Financial assets
Other noncurrent assets			$	10					$	30					$	9					$	27
Total financial assets			$	10					$	30					$	9					$	27
Financial liabilities
Other current liabilities			$	80					$	126					$	80					$	126
Long-term debt, including current portion(a)			5,050						4,996						4,961						4,997
Deferred credits and other liabilities			71						73						70						71
Total financial liabilities			$	5,201					$	5,195					$	5,111					$	5,194

(a)Excludes debt issuance costs.

Fair values of our financial assets included in other noncurrent assets, and of our financial liabilities included in other current liabilities and deferred credits and other liabilities, are measured using an income approach and most inputs are internally generated, which results in a Level 3 classification. Estimated future cash flows are discounted using a rate deemed appropriate to obtain the fair value.

(In millions)			June 30, 2024						December 31, 2023
United States			$	17,097					$	16,905
International			235						252
Corporate			55						56
Net property, plant and equipment			$	17,387					$	17,213

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Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations were as follows:

			June 30,
(In millions)			2024						2023
Beginning balance as of January 1			$	340					$	340
Incurred liabilities, including acquisitions			5						3
Settled liabilities, including dispositions			(7)						(20)
Accretion expense (included in depreciation, depletion and amortization)			8						7
Revisions of estimates			2						9
Ending balance as of June 30, total			$	348					$	339
Ending balance as of June 30, short-term			$	12					$	40

During the periods ended June 30, 2024 and December 31, 2023, our equity method investees were considered related parties. Our investments in our equity method investees are summarized in the following table:

(In millions)			Ownership as of June 30, 2024						June 30, 2024						December 31, 2023
EG LNG (a)			56%						$	104					$	118
Alba Plant LLC (b)			52%						151						153
AMPCO (c)			45%						166						162
Total									$	421					$	433

(a)EG LNG is engaged in LNG production activity.

(b)Alba Plant LLC processes LPG.

(c)AMPCO is engaged in methanol production activity.

Summarized, 100% combined financial information for equity method investees is as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(In millions)			2024						2023						2024						2023
Income data:
Revenues and other income			$	183					$	183					$	394					$	489
Income from operations			58						43						159						202
Net income			$	46					$	30					$	130					$	164

Revenues from related parties were $3 million and $5 million for the three and six months ended June 30, 2024, respectively, which primarily related to Alba Plant LLC and AMPCO. Revenues from related parties were $5 million and $11 million for the three and six months ended June 30, 2023, respectively, with the majority related to EG LNG. As a result of the agreement that took effect on January 1, 2024, related party shipping, handling and other operating expense presented on the face of the consolidated statements of income represents compensation to EG LNG for liquefaction, storage and product handling services.

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Cash received from equity investees is classified as dividends or return of capital on the Consolidated Statements of Cash Flows. Dividends from equity method investees are reflected in the Operating activities section in Equity Method Investments, net while return of capital is reflected in the Investing activities section. Dividends and return of capital received by us totaled $77 million during the three and six months ended June 30, 2024 and $249 million during the three and six months ended June 30, 2023.

Current receivables from related parties were $36 million and $24 million at June 30, 2024 and December 31, 2023, respectively, which primarily related to EG LNG and Alba Plant LLC in both periods. Payables to related parties were $25 million and $6 million at June 30, 2024 and December 31, 2023, respectively, with the majority related to EG LNG in both periods.

Related Party Lease Transaction

Our wholly owned subsidiary, MEGPL, is a lessor for residential housing in E.G., which is occupied by EG LNG. The lease was classified as an operating lease with an initial term expiring in 2024. On June 30, 2024, the lessee exercised an option to extend the lease through 2034. Lease payments are fixed for the entire duration of the agreement at approximately $6 million per year. Our lease income is reported in other income in our consolidated statements of income for all periods presented. The undiscounted cash flows to be received under this lease agreement are summarized below:

(In millions)			Operating Lease Future Cash Receipts
2024			$	4
2025			6
2026			6
2027			6
2028			6
Thereafter			35
Total undiscounted cash flows			$	63

Our Board of Directors has authorized a share repurchase program. During the first six months of 2024, we repurchased approximately 19 million shares of our common stock pursuant to the share repurchase program at a cost of $516 million. Our remaining share repurchase authorization was approximately $1.8 billion at June 30, 2024. Purchases under our repurchase program are made at our discretion and may be in either open market transactions, including block purchases, or in privately negotiated transactions using cash on hand, cash generated from operations or proceeds from potential asset sales. This program may be changed based upon our financial condition or changes in market conditions and is subject to termination prior to completion.

Upon the announcement of the Merger Agreement, we suspended our stock repurchase activity as we are subject to certain restrictions to our ability to repurchase, redeem or otherwise acquire our capital stock.

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Stock options and restricted stock units

The following table presents a summary of activity for the first six months of 2024: 

			Stock Options												Restricted Stock Units
			Number of Shares						Weighted Average Exercise Price						Number of Shares & Units						Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023			1,004,304						$	31.38					3,514,405						$	22.07
Granted			—						—						2,062,612						24.60
Exercised/Vested			(13,889)						10.47						(1,663,913)						19.18
Canceled			(649,764)						33.78						(133,856)						24.10
Outstanding at June 30, 2024			340,651						$	27.64					3,779,248						$	24.65

In accordance with the Merger Agreement, each outstanding and vested Marathon Oil option award granted pursuant to the Marathon Oil stock plan will be canceled and converted into the right to receive a number of shares of ConocoPhillips common stock (rounded down to the nearest whole share) equal to the quotient of (i) the product of (A) the excess, if any, of the Merger Consideration Value (as defined below) over the per share exercise price, multiplied by (B) the number of shares of Marathon Oil common stock subject to such Marathon Oil option award immediately prior to the Effective Time, divided by (ii) the volume-weighted average price of the ConocoPhillips common stock for the five consecutive trading days ending two trading days prior to the closing date (the “Parent Closing Price”). Any Marathon Oil option award that has an exercise price per share that is equal to or greater than the Merger Consideration Value will be canceled for no consideration. The term “Merger Consideration Value” means the product of (x) the Exchange Ratio multiplied by (y) the Parent Closing Price.

At closing, restricted stock units will be canceled and converted into an award of ConocoPhillips common stock at the Exchange Ratio and will be subject to the same vesting conditions that existed prior to the closing of the Merger Agreement. Any restricted stock units held by non-employee directors of Marathon Oil will fully vest at closing and be converted, at the Exchange Ratio, into the right to receive ConocoPhillips common stock. Additionally, consummation of the Merger constitutes a change in control as defined under our 2019 Incentive Compensation Plan. After a change in control has occurred, restricted stock units granted to employees who are involuntarily separated, under certain conditions, will immediately vest as ConocoPhillips common stock.

Stock-based performance unit awards

During the first six months of 2024, we granted 248,572 stock-based performance units to eligible officers, which are settled in shares. The grant date fair value per unit was $28.21. During the first six months of 2024, we stock settled the units related to the 2021 grant. At June 30, 2024, there were 638,079 outstanding stock-based performance units to be settled in shares to officers.

During the first six months of 2024, we also granted 248,572 stock-based performance units to eligible officers, which are settled in cash. At the grant date for these performance units, each unit represents the value of one share of our common stock. The fair value of each cash-settled performance unit was $28.89 as of June 30, 2024. During the first six months of 2024, we also cash settled the units related to the 2022 grant. At June 30, 2024, there were 471,036 units outstanding of the stock-based performance unit awards to be settled in cash to officers.

In accordance with the Merger Agreement, each stock-based performance unit that is outstanding immediately prior to closing will vest. Outstanding performance units were initially granted assuming a target payout; however, at closing, all outstanding performance units will vest at the maximum payout percentage of 200% of target.

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Crude oil, NGLs and natural gas, including LNG, are recorded at weighted average cost and carried at the lower of cost or net realizable value. Supplies and other items consist principally of tubular goods and equipment which are valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate.

(In millions)			June 30, 2024						December 31, 2023
Crude oil, NGLs and natural gas, including LNG			$	10					$	14
Supplies and other items			151						172
Inventories			$	161					$	186

						Six Months Ended June 30,
(In millions)						2024						2023
Included in operating activities:
Interest paid						$	127					$	139
Income taxes paid, net of refunds						$	59					$	97
Noncash investing activities:
Increase in asset retirement costs						$	7					$	12

Various groups, including the State of North Dakota and the Mandan, Hidatsa and Arikara Nation or MHA Nation, also known as the Three Affiliated Tribes of the Fort Berthold Indian Reservation (the “Three Affiliated Tribes”) represented by the Bureau of Indian Affairs (the “BIA”), have been involved in a dispute regarding the ownership of certain lands underlying the Missouri River and Little Missouri River (the “Disputed Land”) from which we currently produce. As a result, as of June 30, 2024, we have a $123 million current liability in suspended royalty and working interest revenue, including interest, of which $104 million was included within accounts payable and $19 million related to accrued interest was included within other current liabilities on our consolidated balance sheet. Additionally, we have a long-term receivable of $29 million for capital and expenses. The United States Department of the Interior (“DOI”) has addressed the United States’ position with respect to this dispute several times in recent years with conflicting opinions. In January 2017, the DOI issued an opinion that the Disputed Land is held in trust for the Three Affiliated Tribes, then in June 2018 and May 2020 the DOI issued opinions concluding that the State of North Dakota held title to the Disputed Land. Most recently, on February 4, 2022, the DOI issued an opinion (“M-Opinion”) concluding that the Disputed Land is held in trust for the Three Affiliated Tribes. While the M-Opinion is binding on all agencies within the DOI, it is not legally binding on third parties, including Marathon Oil, the State of North Dakota, or a court. Given the uncertainty in matters such as these, we are unable to predict the ultimate outcome of this matter at this time; however, we believe the resolution of this matter will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

We are a defendant in a number of legal and administrative proceedings arising in the ordinary course of business including, but not limited to, royalty claims, contract claims, tax disputes and environmental claims. While the ultimate outcome and impact to us cannot be predicted with certainty, we believe the resolution of these proceedings will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. In addition, we may also be subject to retained liabilities with respect to certain divested assets by operation of law. For example, we are exposed to the risk that owners and/or operators of assets purchased from us become unable to satisfy plugging or abandonment obligations that attach to those assets. In that event, due to operation of law, we may be required to assume plugging or abandonment obligations for those assets. Although we have established reserves for such liabilities, we could be required to accrue additional amounts in the future and these amounts could be material.

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We received Notices of Violation (“NOVs”) from the EPA related to alleged violations of the Clean Air Act with respect to our operations on the Fort Berthold Indian Reservation between 2015 and 2019. On July 10, 2024, we entered into a consent decree with the EPA and Department of Justice to fully resolve this matter. The consent decree is subject to a 30-day public comment period before it may be considered for entry by the court. The consent decree will require the completion of mitigation projects, implementation of specific injunctive relief and payment of a $65 million civil penalty with substantially all of that civil penalty accrued in our previously filed quarterly report for the period ending March 31, 2024. In 2022, we began early implementation of the injunctive requirements associated with likely settlement terms and are scheduled to complete this work in 2025. The total cost associated with the injunctive relief is estimated to be approximately $177 million, but over 70% of that cost has been incurred or included in the previously announced 2024 capital budget with the remaining amount to be spent by the end of 2025. The consent decree sets forth a detailed compliance schedule with deadlines for achievement of milestones through at least 2026. The consent decree further contains requirements for ongoing permitting, inspection and monitoring, maintenance, auditing, and reporting. Findings from such inspection, monitoring and auditing activities may result in decisions to temporarily shut in or reduce production from certain wells and facilities.

We have cooperated fully with the EPA, including collecting and sharing extensive data to resolve this matter. The vast majority of emission reductions are being achieved by Marathon’s voluntary commitment to incorporate industry-leading technologies, like our new lowest emitting automated facilities (LEAF). We do not admit liability regarding any of the allegations in the complaint associated with the consent decree and elected to resolve the allegations in a negotiated settlement rather than litigation.

We have received NOVs from the EPA relating to alleged Clean Air Act violations following flyovers conducted in 2020 and 2022 over certain of our oil and gas facilities in New Mexico. The notices involve alleged emission and permitting violations. As previously disclosed, we have been in discussions with the EPA to resolve these matters. In order to fully resolve these matters, effective July 25, 2024, we entered into a consent agreement with the EPA pursuant to which we agreed to pay a civil penalty in the amount of $265,000. We do not believe that any penalty or corrective action expenditures that may result from this matter will have a material adverse effect on our financial position, results of operation or cash flows.

We have incurred and will continue to incur capital, operating and maintenance and remediation expenditures as a result of environmental laws and regulations. If these expenditures, as with all costs, are not ultimately offset by the prices we receive for our products and services, our operating results will be adversely affected. We believe that substantially all of our competitors must comply with similar environmental laws and regulations. However, the specific impact on each competitor may vary depending on a number of factors, including the age and location of its operating facilities, marketing areas and production processes. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance.

At June 30, 2024, accrued liabilities for remediation relating to environmental laws and regulations were not material. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed.

In the second quarter of 2019, Marathon E.G. Production Limited (“MEGPL”), a consolidated and wholly owned subsidiary, signed a series of agreements to process third-party Alen Unit gas through existing infrastructure located in Punta Europa, E.G. Our equity method investee, Alba Plant LLC, is also a party to some of the agreements. These agreements require (subject to certain limitations) MEGPL to indemnify the owners of the Alen Unit against injury to Alba Plant LLC’s personnel and damage to or loss of Alba Plant LLC’s automobiles, as well as third party claims caused by Alba Plant LLC and certain environmental liabilities arising from certain hydrocarbons in the custody of Alba Plant LLC. At this time, we cannot reasonably estimate this obligation as we do not have any history of prior indemnification claims or environmental discharge or contamination. Therefore, we have not recorded a liability with respect to these indemnities since the amount of potential future payments under these indemnification clauses is not determinable.

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v3.24.2.u1

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-5153
Entity Registrant Name	Marathon Oil Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-0996816
Entity Address, Address Line One	990 Town and Country Boulevard,
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024-2217
City Area Code	(713)
Local Phone Number	629-6600
Title of 12(b) Security	Common Stock, par value $1.00
Trading Symbol	MRO
Security Exchange Name	NYSE
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		559,383,423
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Amendment Flag	false
Entity Central Index Key	0000101778
Current Fiscal Year End Date	--12-31

v3.24.2.u1

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues and other income:
Revenues from contracts with customers	$ 1,666	$ 1,484	$ 3,204	$ 3,051
Net gain (loss) on commodity derivatives	1	3	(23)	18
Income from equity method investments	26	22	65	102
Net gain on disposal of assets	10	0	10	5
Other income	4	4	2	17
Total revenues and other income	1,707	1,513	3,258	3,193
Costs and expenses:
Production	216	214	437	415
Shipping, handling and other operating, including related party of $12, $0, $27 and $0	175	161	344	323
Exploration	14	11	21	26
Depreciation, depletion and amortization	577	559	1,101	1,079
Taxes other than income	103	43	199	138
General and administrative	99	71	185	153
Total costs and expenses	1,184	1,059	2,287	2,134
Income from operations	523	454	971	1,059
Net interest and other	(80)	(92)	(149)	(174)
Other net periodic benefit credits	2	3	5	6
Income before income taxes	445	365	827	891
Provision for income taxes	96	78	181	187
Net income	$ 349	$ 287	$ 646	$ 704
Net income per share:
Basic (in dollars per share)	$ 0.62	$ 0.47	$ 1.13	$ 1.13
Diluted (in dollars per share)	$ 0.62	$ 0.47	$ 1.13	$ 1.13
Weighted average common shares outstanding:
Basic (in shares)	566	614	573	622
Diluted (in shares)	567	615	574	623

v3.24.2.u1

Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Shipping, handling and other operating, including related party	$ 175	$ 161	$ 344	$ 323
Related Party
Shipping, handling and other operating, including related party	$ 12	$ 0	$ 27	$ 0

v3.24.2.u1

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 349	$ 287	$ 646	$ 704
Other comprehensive loss, net of tax
Postretirement and postemployment plans	(2)	(8)	(6)	(13)
Change in derivative hedges unrecognized gain (loss)	(1)	3	1	1
Other comprehensive loss	(3)	(5)	(5)	(12)
Comprehensive income	$ 346	$ 282	$ 641	$ 692

v3.24.2.u1

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 77	$ 155
Receivables, net	1,340	1,152
Inventories	161	186
Other current assets	41	76
Total current assets	1,619	1,569
Equity method investments	421	433
Property, plant and equipment, net of accumulated depreciation, depletion and amortization of $26,982 and $25,914	17,387	17,213
Other noncurrent assets	313	360
Total assets	19,740	19,575
Current liabilities:
Accounts payable	1,564	1,364
Commercial paper	325	450
Payroll and benefits payable	71	70
Accrued taxes	151	126
Other current liabilities	319	312
Long-term debt due within one year	400	1,600
Total current liabilities	2,830	3,922
Long-term debt	4,572	3,378
Deferred tax liabilities	477	419
Defined benefit postretirement plan obligations	94	93
Asset retirement obligations	336	326
Deferred credits and other liabilities	225	232
Total liabilities	8,534	8,370
Commitments and contingencies (Note 17)
Stockholders’ Equity
Preferred stock – no shares issued or outstanding (no par value, 26 million shares authorized)	0	0
Common stock:
Issued – 937 million shares (par value $1 per share, 1.925 billion shares authorized at June 30, 2024 and December 31, 2023)	937	937
Held in treasury, at cost – 378 million shares and 360 million shares	(9,434)	(8,952)
Additional paid-in capital	7,141	7,172
Retained earnings	12,485	11,966
Accumulated other comprehensive income	77	82
Total stockholders’ equity	11,206	11,205
Total liabilities and stockholders’ equity	$ 19,740	$ 19,575

v3.24.2.u1

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 26,982	$ 25,914
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares authorized (in shares)	26,000,000	26,000,000
Common stock, shares issued (in shares)	937,000,000	937,000,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,925,000,000	1,925,000,000
Held in treasury, shares (in shares)	378,000,000	360,000,000

v3.24.2.u1

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 646	$ 704
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,101	1,079
Exploratory dry well costs and unproved property impairments	18	24
Net gain on disposal of assets	(10)	(5)
Deferred income taxes	59	155
Unrealized loss on derivative instruments, net	23	2
Pension and other post retirement benefits, net	(7)	(11)
Stock-based compensation	24	21
Equity method investments, net	10	113
Changes in:
Current receivables	(185)	(158)
Inventories	24	(11)
Current accounts payable and accrued liabilities	107	37
Other current assets and liabilities	10	10
All other operating, net	25	(19)
Net cash provided by operating activities	1,845	1,941
Investing activities:
Capital expenditures	(1,268)	(1,224)
Change in capital accrual	136	58
Acquisitions, net of cash acquired	(4)	9
Disposal of assets, net of cash transferred to the buyer	11	(1)
Equity method investments - return of capital	2	34
All other investing, net	0	(1)
Net cash used in investing activities	(1,123)	(1,125)
Financing activities:
Borrowings	1,200	200
Debt repayments	(1,200)	(270)
Proceeds from revolving credit facility	50	980
Repayments of revolving credit facility	(50)	(980)
Repayments of commercial paper borrowings, net	(125)	0
Shares repurchased under buyback programs	(516)	(706)
Dividends paid	(127)	(125)
Withholding tax on stock-based incentive awards	(18)	(30)
All other financing, net	(14)	(4)
Net cash used in financing activities	(800)	(935)
Net decrease in cash and cash equivalents	(78)	(119)
Cash and cash equivalents at beginning of period	155	334
Cash and cash equivalents at end of period	$ 77	$ 215

v3.24.2.u1

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2022	$ 11,397	$ 0	$ 937	$ (7,512)	$ 7,203	$ 10,663	$ 106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(334)			(334)
Excise tax on shares repurchased	(3)			(3)
Stock-based compensation	(19)			35	(54)
Net income	417					417
Other comprehensive loss	(7)						(7)
Dividends paid	(63)					(63)
Ending balance at Mar. 31, 2023	11,388	0	937	(7,814)	7,149	11,017	99
Beginning balance at Dec. 31, 2022	11,397	0	937	(7,512)	7,203	10,663	106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	704
Other comprehensive loss	(12)
Ending balance at Jun. 30, 2023	11,244	0	937	(8,188)	7,159	11,242	94
Beginning balance at Mar. 31, 2023	11,388	0	937	(7,814)	7,149	11,017	99
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(372)			(372)
Excise tax on shares repurchased	(3)			(3)
Stock-based compensation	11			1	10
Net income	287					287
Other comprehensive loss	(5)						(5)
Dividends paid	(62)					(62)
Ending balance at Jun. 30, 2023	11,244	0	937	(8,188)	7,159	11,242	94
Beginning balance at Dec. 31, 2023	11,205	0	937	(8,952)	7,172	11,966	82
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(285)			(285)
Excise tax on shares repurchased	(2)			(2)
Stock-based compensation	(5)			38	(43)
Net income	297					297
Other comprehensive loss	(2)						(2)
Dividends paid	(64)					(64)
Ending balance at Mar. 31, 2024	11,144	0	937	(9,201)	7,129	12,199	80
Beginning balance at Dec. 31, 2023	11,205	0	937	(8,952)	7,172	11,966	82
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	646
Other comprehensive loss	(5)
Ending balance at Jun. 30, 2024	11,206	0	937	(9,434)	7,141	12,485	77
Beginning balance at Mar. 31, 2024	11,144	0	937	(9,201)	7,129	12,199	80
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(231)			(231)
Excise tax on shares repurchased	(3)			(3)
Stock-based compensation	13			1	12
Net income	349					349
Other comprehensive loss	(3)						(3)
Dividends paid	(63)					(63)
Ending balance at Jun. 30, 2024	$ 11,206	$ 0	$ 937	$ (9,434)	$ 7,141	$ 12,485	$ 77

v3.24.2.u1

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.11	$ 0.11	$ 0.10	$ 0.10	$ 0.22	$ 0.20

v3.24.2.u1

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation We are an independent oil and gas exploration and production company with a focus on U.S. resource plays: Eagle Ford in Texas, Bakken in North Dakota, Permian in New Mexico and Texas and STACK and SCOOP in Oklahoma. Our U.S. assets are complemented by our international operations in E.G. Proposed Merger with ConocoPhillips On May 28, 2024, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with ConocoPhillips, a Delaware corporation (“ConocoPhillips”), and Puma Merger Sub Corp., a wholly owned subsidiary of ConocoPhillips (“Merger Sub”). The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, Merger Sub be merged with and into Marathon Oil (the “Merger”), with Marathon Oil surviving and continuing as the surviving corporation in the Merger as a direct, wholly owned subsidiary of ConocoPhillips. Under the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each of our outstanding shares of common stock (other than certain Excluded Shares and Converted Shares, each as defined in the Merger Agreement) will be converted to the right to receive 0.2550 (the “Exchange Ratio”) shares of ConocoPhillips common stock (the “Merger Consideration”). The Merger Agreement also contains certain customary termination rights of each of Marathon Oil and ConocoPhillips, and under certain circumstances, a termination fee would be payable by us. The Merger is expected to close late in the fourth quarter of 2024, subject to shareholder and regulatory approvals and other customary closing conditions; however, no assurance can be given as to when, or if, the Merger will occur. See Item 1A. Risk Factors for a discussion of the risks related to the Merger and Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional details relating to the Merger. In association with the Merger, we have incurred $10 million of transaction costs recorded as general and administrative expense in the consolidated statements of income for the three and six months ended June 30, 2024, and expect to incur additional costs as the Merger progresses. Transaction costs consist primarily of third party legal and banking fees. The above description of the Merger Agreement and the transactions contemplated thereby, including certain referenced terms, is a summary of certain principal terms and conditions contained in the Merger Agreement. Basis of Presentation These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K. The results of operations for the second quarter and first six months of 2024 are not necessarily indicative of the results to be expected for the full year.

v3.24.2.u1

Accounting Standards	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Accounting Standards	Accounting Standards Accounting Standards Updates Adopted No accounting standards were adopted during the first six months of 2024 that had a material impact on our consolidated financial statements. Accounting Standards Updates Not Yet Adopted In November 2023, the FASB issued a new accounting standards update to improve the disclosures around a public entity’s reportable segments. The standard requires disclosure of significant segment expenses included within each reported measure of segment profit or loss. This standard is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual reporting periods beginning after December 15, 2024, with early adoption permitted. The standard is effective for us in the 2024 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. This standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. In December 2023, the FASB issued a new accounting standards update to improve income tax disclosures primarily related to the rate reconciliation and income taxes paid. The standard requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This standard is effective for us in the 2025 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. The standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. There were no other issued but pending accounting standards expected to have a material impact on our consolidated financial statements.

v3.24.2.u1

Income and Dividends per Common Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Income and Dividends per Common Share	Income and Dividends per Common Share Basic income per share is based on the weighted average number of common shares outstanding. Diluted income per share assumes exercise of stock options and performance units in all periods, provided the effect is not antidilutive. The per share calculations below exclude an immaterial number of antidilutive stock options for the three months ended June 30, 2024 and exclude 1 million of antidilutive stock options for the six months ended June 30, 2024. In addition, the per share calculations below exclude 1 million of antidilutive stock options for the three months and six months ended June 30, 2023: Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2024 2023 2024 2023 Net income $ 349  $ 287  $ 646  $ 704  Weighted average common shares outstanding 566  614  573  622  Effect of dilutive securities 1  1  1  1  Weighted average common shares, diluted 567  615  574  623  Net income per share: Basic $ 0.62  $ 0.47  $ 1.13  $ 1.13  Diluted $ 0.62  $ 0.47  $ 1.13  $ 1.13  Dividends per share $ 0.11  $ 0.10  $ 0.22  $ 0.20  Under the Merger Agreement, we are subject to restrictions that prevent us from increasing our quarterly dividend in excess of $0.11 per share.

v3.24.2.u1

Revenues	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The majority of our revenues are derived from the sale of crude oil and condensate, NGLs and natural gas, including LNG, under spot and term agreements with our customers in the United States and Equatorial Guinea. As of June 30, 2024 and December 31, 2023, receivables from contracts with customers, included in receivables, net, were $1.0 billion and $886 million, respectively. The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas for the three and six months ended June 30: United States Three Months Ended June 30, 2024 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 582  $ 482  $ 191  $ 49  $ 12  $ 1,316  NGLs 67  45  21  30  —  163  Natural gas 31  11  2  21  —  65  Other 2  —  —  —  5  7  Revenues from contracts with customers $ 682  $ 538  $ 214  $ 100  $ 17  $ 1,551  Three Months Ended June 30, 2023 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 524  $ 456  $ 141  $ 63  $ 11  $ 1,195  NGLs 64  41  18  33  —  156  Natural gas 37  14  7  28  —  86  Other 1  —  —  —  2  3  Revenues from contracts with customers $ 626  $ 511  $ 166  $ 124  $ 13  $ 1,440  Six Months Ended June 30, 2024 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 1,021  $ 947  $ 390  $ 114  $ 24  $ 2,496  NGLs 125  86  41  62  —  314  Natural gas 64  27  9  50  1  151  Other 3  —  —  —  9  12  Revenues from contracts with customers $ 1,213  $ 1,060  $ 440  $ 226  $ 34  $ 2,973  Six Months Ended June 30, 2023 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 1,019  $ 887  $ 311  $ 141  $ 22  $ 2,380  NGLs 135  78  40  72  —  325  Natural gas 93  49  18  64  1  225  Other 3  —  —  —  10  13  Revenues from contracts with customers $ 1,250  $ 1,014  $ 369  $ 277  $ 33  $ 2,943  International (E.G.) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2024 2023 2024 2023 Crude oil and condensate $ 28  $ 39  $ 89  $ 96  NGLs —  —  1  1  Natural gas, sold as gas 2  4  4  9  Natural gas, sold as LNG 84  —  135  —  Natural gas, total 86  4  139  9  Other 1  1  2  2  Revenues from contracts with customers $ 115  $ 44  $ 231  $ 108

v3.24.2.u1

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information We have two reportable operating segments. Both of these segments are organized and managed based upon geographic location and the nature of the products and services offered. •United States (“U.S.”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas in the United States; and •International (“Int’l”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as LNG and methanol, in Equatorial Guinea (“E.G.”) Segment income represents income that excludes certain items not allocated to our operating segments, net of income taxes. A portion of our corporate and operations general and administrative support costs are not allocated to the operating segments. These unallocated costs primarily consist of employment costs (including pension effects), professional services, facilities and other costs associated with corporate and operations support activities. Additionally, items which affect comparability such as: gains or losses on dispositions, impairments of proved and certain unproved properties, dry wells, changes in our valuation allowance, unrealized gains or losses on commodity and interest rate derivative instruments, effects of pension settlements and curtailments, expensed transaction costs for business combinations or other items (as determined by the chief operating decision maker (“CODM”)) are not allocated to operating segments.   Three Months Ended June 30, 2024 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,551  $ 115  $ —  $ 1,666  Net gain on commodity derivatives —  —  1  (b) 1  Income from equity method investments —  26  —  26  Net gain on disposal of assets —  —  10  (c) 10  Other income 1  2  1  4  Less costs and expenses: Production 198  18  —  216  Shipping, handling and other operating, including related party 155  13  7  175  Exploration 10  —  4  14  Depreciation, depletion and amortization 562  10  5  577  Taxes other than income 103  —  —  103  General and administrative 41  4  54  (d) 99  Net interest and other —  —  80  80  Other net periodic benefit credits —  —  (2) (2) Income tax provision (benefit) 104  19  (27) 96  Segment income (loss) $ 379  $ 79  $ (109) $ 349  Total assets $ 18,766  $ 849  $ 125  $ 19,740  Capital expenditures(a) $ 660  $ 3  $ 2  $ 665  (a)Includes accruals and excludes acquisitions. (b)Unrealized gain on commodity derivative instruments (See Note 8). (c)Pertains to a gain from the sale of a legacy royalty interest in the state of California. (d)Includes $10 million of transaction costs associated with the Merger with ConocoPhillips (See Note 1).   Three Months Ended June 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,440  $ 44  $ —  $ 1,484  Net gain (loss) on commodity derivatives 7  —  (4) (c) 3  Income from equity method investments —  22  —  22  Other income 1  3  —  4  Less costs and expenses: Production 191  23  —  214  Shipping, handling and other operating, including related party 161  —  —  161  Exploration 6  —  5  11  Depreciation, depletion and amortization 547  10  2  559  Taxes other than income 43  (b) —  —  43  General and administrative 31  3  37  71  Net interest and other —  —  92  92  Other net periodic benefit credits —  —  (3) (3) Income tax provision (benefit) 104  3  (29) 78  Segment income (loss) $ 365  $ 30  $ (108) $ 287  Total assets $ 18,761  $ 1,006  $ 152  $ 19,919  Capital expenditures(a) $ 620  $ —  $ 3  $ 623  (a)Includes accruals and excludes acquisitions. (b)Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c)Unrealized loss on commodity derivative instruments (See Note 8).   Six Months Ended June 30, 2024 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 2,973  $ 231  $ —  $ 3,204  Net loss on commodity derivatives —  —  (23) (b) (23) Income from equity method investments —  65  —  65  Net gain on disposal of assets —  —  10  (c) 10  Other income (expense) (3) 3  2  2  Less costs and expenses: Production 399  38  —  437  Shipping, handling and other operating, including related party 304  30  10  344  Exploration 17  —  4  21  Depreciation, depletion and amortization 1,062  20  19  1,101  Taxes other than income 199  —  —  199  General and administrative 79  7  99  (d) 185  Net interest and other —  —  149  149  Other net periodic benefit credits —  —  (5) (5) Income tax provision (benefit) 197  43  (59) 181  Segment income (loss) $ 713  $ 161  $ (228) $ 646  Total assets $ 18,766  $ 849  $ 125  $ 19,740  Capital expenditures(a) $ 1,258  $ 4  $ 6  $ 1,268  (a)Includes accruals and excludes acquisitions. (b)Unrealized loss on commodity derivative instruments (See Note 8). (c)Pertains to a gain from the sale of a legacy royalty interest in the state of California. (d)Includes $10 million of transaction costs associated with the Merger with ConocoPhillips (See Note 1). Six Months Ended June 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenue from contracts with customers $ 2,943  $ 108  $ —  $ 3,051  Net gain (loss) on commodity derivatives 20  —  (2) (c) 18  Income from equity method investments —  102  —  102  Net gain on disposal of assets —  —  5  5  Other income 12  4  1  17  Less costs and expenses: Production 369  46  —  415  Shipping, handling and other operating, including related party 320  3  —  323  Exploration 11  —  15  (d) 26  Depreciation, depletion and amortization 1,052  22  5  1,079  Taxes other than income 140  (b) —  (2) 138  General and administrative 66  6  81  153  Net interest and other —  —  174  174  Other net periodic benefit credits —  —  (6) (6) Income tax provision (benefit) 227  18  (58) 187  Segment income (loss) $ 790  $ 119  $ (205) $ 704  Total assets $ 18,761  $ 1,006  $ 152  $ 19,919  Capital expenditures(a) $ 1,217  $ 2  $ 5  $ 1,224  (a)Includes accruals and excludes acquisitions. (b)Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c)Unrealized loss on commodity derivative instruments (See Note 8). (d)Includes $10 million of dry well expense associated with wells in Permian.

v3.24.2.u1

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective Tax Rate The effective income tax rate is influenced by a variety of factors including the geographic and functional sources of income and the relative magnitude of these sources of income. The difference between the total provision and the sum of the amounts allocated to segments is reported in the “Not Allocated to Segments” column of the tables in Note 5. For the three and six months ended June 30, 2024 and 2023, our effective income tax rates were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Effective income tax rate 22  % 21  % 22  % 21  % In August 2022, the President signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA enacted various income tax provisions, including a 15% corporate book minimum tax. The corporate book minimum tax, which became effective on January 1, 2023, applies to corporations with an average annual adjusted financial statement income that exceeds $1 billion for the preceding three years. Under current law and guidance, we are subject to the corporate book minimum tax in 2024. The U.S. Department of the Treasury and the IRS are expected to release further regulations and interpretive guidance implementing the legislation contained in the IRA. As this guidance is issued, we will continue to evaluate and assess the impact the IRA may have on our current and future period income taxes.

v3.24.2.u1

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Term Loan Facility In November 2022, we entered into a term credit agreement, which provides for a two-year $1.5 billion term loan facility (“Term Loan Facility”) and we borrowed the full amount thereunder in December 2022. During the fourth quarter of 2023, we repaid $300 million of outstanding borrowings. On March 28, 2024, we fully repaid the $1.2 billion outstanding balance under our Term Loan Facility by utilizing the net proceeds received from the senior notes issued during the first quarter of 2024 plus cash on hand (see Debt Issuance below). Revolving Credit Facility and Commercial Paper Program We have an unsecured revolving credit facility (“Revolving Credit Facility”) with a borrowing capacity of $2.6 billion. We have the option to increase the commitment amount by up to an additional $939 million, subject to the consent of any increasing lenders. The Revolving Credit Facility matures on July 28, 2027. At June 30, 2024, we had no outstanding borrowings under our Revolving Credit Facility. The Revolving Credit Facility includes a covenant requiring our total debt to total capitalization ratio, as defined in the credit agreement, not to exceed 65% as of the last day of each fiscal quarter. In the event of a default, the lenders holding more than half of the commitments may terminate the commitments under the Revolving Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Revolving Credit Facility. As of June 30, 2024, we were in compliance with this covenant. Pursuant to our commercial paper program, we may issue unsecured notes in a maximum aggregate face amount of $2.5 billion outstanding at any time, with maturities up to 365 days from the date of issuance. Our $2.5 billion commercial paper program is backed by our $2.6 billion Revolving Credit Facility. We utilize our commercial paper program to fund various short-term working capital requirements. As of June 30, 2024, we had $325 million of outstanding commercial paper maturing at various dates with a weighted average interest rate of 5.87%. Under the Merger Agreement, we are permitted to borrow under our commercial paper program or Revolving Credit Facility, an aggregate amount not to exceed $1.5 billion outstanding. Debt issuance On March 28, 2024, we completed a public offering of $1.2 billion aggregate principal amount of unsecured senior notes consisting of $600 million aggregate principal amount of 5.30% senior notes due April 1, 2029 (“2029 Notes”) and $600 million aggregate principal amount of 5.70% senior notes due April 1, 2034 (“2034 Notes”). Interest on the senior notes is payable semi-annually beginning October 1, 2024. We may redeem some or all of the senior notes at any time at the applicable redemption price, plus accrued interest, if any. Net proceeds received totaled approximately $1.2 billion. Debt issuance costs of $12 million were recorded as deferred financing costs within long-term debt in our consolidated balance sheets and are being amortized to interest expense in our consolidated statement of income over the term of each note. The net proceeds, together with cash on hand, were used to repay $1.2 billion of outstanding borrowings under our Term Loan Facility. Debt redemption In March 2023, we redeemed the $70 million 8.5% Senior Notes in connection with their maturity date. Long-term debt At June 30, 2024, we had $5.0 billion of total long-term debt outstanding. Long-term debt due within one year consists of $200 million 2.10% of sub-series 2017A-2 bonds and $200 million 2.125% of sub-series 2017B-1 bonds, both of which feature a mandatory put on July 1, 2024 (see Debt Remarketing below). Refer to our 2023 Annual Report on Form 10-K for a listing of our long-term debt maturities. Under the Merger Agreement, we are subject to restrictions and limitations that prevent us from incurring additional debt, or redeeming all or a portion of our existing outstanding debt, except permitted borrowings under our commercial paper program or Revolving Credit Facility (see Revolving Credit Facility and Commercial Paper Program above). Debt Remarketing In April 2023, we closed a $200 million remarketing to investors of sub-series 2017A-1 bonds that are part of the $1 billion St. John the Baptist Parish, State of Louisiana revenue refunding bonds Series 2017. The bonds are subject to an interest rate of 4.05% and a mandatory purchase date of July 1, 2026. The repayment and new borrowing associated with the remarketed bonds are presented separately within Debt repayments and Borrowings, respectively, within the Consolidated Statements of Cash Flows. As a subsequent event, on July 1, 2024, using short-term borrowings, we purchased $200 million of our outstanding sub-series 2017 A-2 bonds and $200 million of our outstanding sub-series 2017 B-1 bonds that are part of the $1.0 billion Parish of St. John The Baptist, State of Louisiana Revenue Refunding Bonds (Marathon Oil Corporation Project) Series 2017. The $400 million of bonds due 2037 were purchased on their mandatory put date of July 1, 2024, for our own account and are subject to an interest rate of 4.125%. We have the right, subject to the consent of ConocoPhillips, to convert and remarket these bonds to the public at any time up to their June 1, 2037 maturity date.

v3.24.2.u1

Derivatives	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We may use derivatives to manage a portion of our exposure to commodity price risk, commodity locational risk and interest rate risk. For further information regarding the fair value measurement of derivative instruments, see Note 9. All of our commodity derivatives and interest rate derivatives are subject to enforceable master netting arrangements or similar agreements under which we report net amounts. Under the Merger Agreement, we are subject to limitations on our ability to enter into new derivative transactions. The following tables present the gross fair values of our open derivative instruments and the reported net amounts along with their locations in our consolidated balance sheets: June 30, 2024 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 1  $ —  $ 1  Other current assets Total Not Designated as Hedges $ 1  $ —  $ 1  Cash Flow Hedges Interest Rate $ 9  $ —  $ 9  Other current assets Interest Rate 9  —  9  Other noncurrent assets Total Designated Hedges $ 18  $ —  $ 18  Total $ 19  $ —  $ 19  December 31, 2023 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 24  $ —  $ 24  Other current assets Total Not Designated as Hedges $ 24  $ —  $ 24  Cash Flow Hedges Interest Rate $ 9  $ —  $ 9  Other current assets Interest Rate 9  —  9  Other noncurrent assets Total Designated Hedges $ 18  $ —  $ 18  Total $ 42  $ —  $ 42  Derivatives Not Designated as Hedges Commodity Derivatives We have entered into crude oil and natural gas derivatives indexed to their respective indices as noted in the table below, related to a portion of our forecasted U.S. sales through 2025. These derivatives are three-way collars and two-way collars. Three-way collars consist of a sold call (ceiling), a purchased put (floor) and a sold put. The ceiling price is the maximum we will receive for the contract volumes; the floor is the minimum price we will receive, unless the market price falls below the sold put strike price. In this case, we receive the NYMEX WTI price plus the difference between the floor and the sold put price. Two-way collars only consists of a sold call (ceiling) and a purchased put (floor). These crude oil and natural gas derivatives were not designated as hedges. The following table sets forth outstanding derivative contracts as of June 30, 2024, and the weighted average prices for those contracts: 2024 2025 Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 50,000  50,000  —  —  —  —  Weighted average price per Bbl: Ceiling $ 95.95  $ 95.95  $ —  $ —  $ —  $ —  Floor $ 65.00  $ 65.00  $ —  $ —  $ —  $ —  Sold put $ 50.00  $ 50.00  $ —  $ —  $ —  $ —  Natural Gas Henry Hub Two-Way Collars Volume (MMBtu/day) —  —  150,000  150,000  150,000  150,000  Weighted average price per MMBtu: Ceiling $ —  $ —  $ 5.85  $ 5.85  $ 5.85  $ 5.85  Floor $ —  $ —  $ 2.50  $ 2.50  $ 2.50  $ 2.50  The unrealized gain (loss) and realized gain impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2024 2023 2024 2023 Unrealized gain (loss) on derivative instruments, net $ 1  $ (4) $ (23) $ (2) Realized gain on derivative instruments, net(a) $ —  $ 7  $ —  $ 20  (a)During the second quarter and first six months of 2024, we had no settled derivative positions. During the second quarter and first six months of 2023, net cash received for settled derivative positions was $7 million and $17 million, respectively. Derivatives Designated as Cash Flow Hedges During 2019, we entered into forward starting interest rate swaps with a maturity date of September 9, 2026 to hedge variations in cash flows related to the interest rate component of future lease payments of our Houston office. As of June 30, 2024 and December 31, 2023, the notional amount of open interest rate swaps for the Houston office was $295 million. The weighted average secured overnight financing rate (“SOFR”) for the swaps was 1.43% as of both June 30, 2024 and December 31, 2023. During the six months ended June 30, 2024, net cash received for the settled interest rate swap positions was $6 million. As of June 30, 2024, we expect to reclassify a $10 million gain from accumulated other comprehensive income into our consolidated statements of income over the next twelve months.

v3.24.2.u1

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Values – Recurring The following tables present assets and liabilities accounted for at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 by hierarchy level: June 30, 2024 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity(a) $ —  $ 1  $ —  $ 1  Interest rate - designated as cash flow hedges —  18  —  18  Derivative instruments, assets $ —  $ 19  $ —  $ 19    December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity(a) $ —  $ 24  $ —  $ 24  Interest rate - designated as cash flow hedges —  18  —  18  Derivative instruments, assets $ —  $ 42  $ —  $ 42  (a)Derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 8. As of June 30, 2024, our commodity derivatives include three-way collars and two-way collars. These instruments are measured at fair value using either a Black-Scholes or a modified Black-Scholes Model. For three-way collars and two-way collars, inputs to the models include commodity prices and implied volatility and are categorized as Level 2 because predominantly all assumptions and inputs are observable in active markets throughout the term of the instruments. The forward starting interest rate swaps are measured at fair value with a market approach using actionable broker quotes, which are Level 2 inputs. See Note 8 for details on the forward starting interest rate swaps. Fair Values – Financial Instruments Our current assets and liabilities include financial instruments, the most significant of which are receivables, commercial paper borrowings, the current portion of our long-term debt and payables. We believe the carrying values of our receivables, commercial paper borrowings and payables approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments, (2) our credit rating and (3) our historical incurrence of and expected future insignificant bad debt expense, which includes an evaluation of counterparty credit risk. The following table summarizes financial instruments, excluding receivables, commercial paper borrowings, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 (In millions) Fair Value Carrying Amount Fair Value Carrying Amount Financial assets         Other noncurrent assets $ 10  $ 30  $ 9  $ 27  Total financial assets $ 10  $ 30  $ 9  $ 27  Financial liabilities         Other current liabilities $ 80  $ 126  $ 80  $ 126  Long-term debt, including current portion(a) 5,050  4,996  4,961  4,997  Deferred credits and other liabilities 71  73  70  71  Total financial liabilities $ 5,201  $ 5,195  $ 5,111  $ 5,194  (a)Excludes debt issuance costs. Fair values of our financial assets included in other noncurrent assets, and of our financial liabilities included in other current liabilities and deferred credits and other liabilities, are measured using an income approach and most inputs are internally generated, which results in a Level 3 classification. Estimated future cash flows are discounted using a rate deemed appropriate to obtain the fair value. Our fixed rate debt instruments are publicly traded. The fair value of our fixed rate debt is measured using a market approach, based upon quotes from major financial institutions, which are Level 2 inputs. Our floating rate debt is non-public and consists of borrowings under our Revolving Credit Facility. The fair value of our floating rate debt approximates the carrying value and is estimated based on observable market-based inputs, which results in a Level 2 classification.

v3.24.2.u1

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment (In millions) June 30, 2024 December 31, 2023 United States $ 17,097  $ 16,905  International 235  252  Corporate 55  56  Net property, plant and equipment $ 17,387  $ 17,213  As of June 30, 2024 and December 31, 2023, we had no exploratory well costs capitalized greater than one year related to suspended wells.

v3.24.2.u1

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations were as follows: June 30, (In millions) 2024 2023 Beginning balance as of January 1 $ 340  $ 340  Incurred liabilities, including acquisitions 5  3  Settled liabilities, including dispositions (7) (20) Accretion expense (included in depreciation, depletion and amortization) 8  7  Revisions of estimates 2  9  Ending balance as of June 30, total $ 348  $ 339  Ending balance as of June 30, short-term $ 12  $ 40

v3.24.2.u1

Equity Method Investments	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments During the periods ended June 30, 2024 and December 31, 2023, our equity method investees were considered related parties. Our investments in our equity method investees are summarized in the following table: (In millions) Ownership as of June 30, 2024 June 30, 2024 December 31, 2023 EG LNG (a) 56% $ 104  $ 118  Alba Plant LLC (b) 52% 151  153  AMPCO (c) 45% 166  162  Total   $ 421  $ 433  (a)EG LNG is engaged in LNG production activity. (b)Alba Plant LLC processes LPG. (c)AMPCO is engaged in methanol production activity. Summarized, 100% combined financial information for equity method investees is as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2024 2023 2024 2023 Income data: Revenues and other income $ 183  $ 183  $ 394  $ 489  Income from operations 58  43  159  202  Net income $ 46  $ 30  $ 130  $ 164  Revenues from related parties were $3 million and $5 million for the three and six months ended June 30, 2024, respectively, which primarily related to Alba Plant LLC and AMPCO. Revenues from related parties were $5 million and $11 million for the three and six months ended June 30, 2023, respectively, with the majority related to EG LNG. As a result of the agreement that took effect on January 1, 2024, related party shipping, handling and other operating expense presented on the face of the consolidated statements of income represents compensation to EG LNG for liquefaction, storage and product handling services. Cash received from equity investees is classified as dividends or return of capital on the Consolidated Statements of Cash Flows. Dividends from equity method investees are reflected in the Operating activities section in Equity Method Investments, net while return of capital is reflected in the Investing activities section. Dividends and return of capital received by us totaled $77 million during the three and six months ended June 30, 2024 and $249 million during the three and six months ended June 30, 2023. Current receivables from related parties were $36 million and $24 million at June 30, 2024 and December 31, 2023, respectively, which primarily related to EG LNG and Alba Plant LLC in both periods. Payables to related parties were $25 million and $6 million at June 30, 2024 and December 31, 2023, respectively, with the majority related to EG LNG in both periods. Related Party Lease Transaction Our wholly owned subsidiary, MEGPL, is a lessor for residential housing in E.G., which is occupied by EG LNG. The lease was classified as an operating lease with an initial term expiring in 2024. On June 30, 2024, the lessee exercised an option to extend the lease through 2034. Lease payments are fixed for the entire duration of the agreement at approximately $6 million per year. Our lease income is reported in other income in our consolidated statements of income for all periods presented. The undiscounted cash flows to be received under this lease agreement are summarized below: (In millions) Operating Lease Future Cash Receipts 2024 $ 4  2025 6  2026 6  2027 6  2028 6  Thereafter 35  Total undiscounted cash flows $ 63

v3.24.2.u1

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Our Board of Directors has authorized a share repurchase program. During the first six months of 2024, we repurchased approximately 19 million shares of our common stock pursuant to the share repurchase program at a cost of $516 million. Our remaining share repurchase authorization was approximately $1.8 billion at June 30, 2024. Purchases under our repurchase program are made at our discretion and may be in either open market transactions, including block purchases, or in privately negotiated transactions using cash on hand, cash generated from operations or proceeds from potential asset sales. This program may be changed based upon our financial condition or changes in market conditions and is subject to termination prior to completion. Upon the announcement of the Merger Agreement, we suspended our stock repurchase activity as we are subject to certain restrictions to our ability to repurchase, redeem or otherwise acquire our capital stock.

v3.24.2.u1

Incentive Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Incentive Based Compensation	Incentive Based Compensation Stock options and restricted stock units The following table presents a summary of activity for the first six months of 2024:    Stock Options Restricted Stock Units Number of Shares Weighted Average Exercise Price Number of Shares & Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 1,004,304  $ 31.38  3,514,405  $ 22.07  Granted —  —  2,062,612  24.60  Exercised/Vested (13,889) 10.47  (1,663,913) 19.18  Canceled (649,764) 33.78  (133,856) 24.10  Outstanding at June 30, 2024 340,651  $ 27.64  3,779,248  $ 24.65  In accordance with the Merger Agreement, each outstanding and vested Marathon Oil option award granted pursuant to the Marathon Oil stock plan will be canceled and converted into the right to receive a number of shares of ConocoPhillips common stock (rounded down to the nearest whole share) equal to the quotient of (i) the product of (A) the excess, if any, of the Merger Consideration Value (as defined below) over the per share exercise price, multiplied by (B) the number of shares of Marathon Oil common stock subject to such Marathon Oil option award immediately prior to the Effective Time, divided by (ii) the volume-weighted average price of the ConocoPhillips common stock for the five consecutive trading days ending two trading days prior to the closing date (the “Parent Closing Price”). Any Marathon Oil option award that has an exercise price per share that is equal to or greater than the Merger Consideration Value will be canceled for no consideration. The term “Merger Consideration Value” means the product of (x) the Exchange Ratio multiplied by (y) the Parent Closing Price. At closing, restricted stock units will be canceled and converted into an award of ConocoPhillips common stock at the Exchange Ratio and will be subject to the same vesting conditions that existed prior to the closing of the Merger Agreement. Any restricted stock units held by non-employee directors of Marathon Oil will fully vest at closing and be converted, at the Exchange Ratio, into the right to receive ConocoPhillips common stock. Additionally, consummation of the Merger constitutes a change in control as defined under our 2019 Incentive Compensation Plan. After a change in control has occurred, restricted stock units granted to employees who are involuntarily separated, under certain conditions, will immediately vest as ConocoPhillips common stock. Stock-based performance unit awards During the first six months of 2024, we granted 248,572 stock-based performance units to eligible officers, which are settled in shares. The grant date fair value per unit was $28.21. During the first six months of 2024, we stock settled the units related to the 2021 grant. At June 30, 2024, there were 638,079 outstanding stock-based performance units to be settled in shares to officers. During the first six months of 2024, we also granted 248,572 stock-based performance units to eligible officers, which are settled in cash. At the grant date for these performance units, each unit represents the value of one share of our common stock. The fair value of each cash-settled performance unit was $28.89 as of June 30, 2024. During the first six months of 2024, we also cash settled the units related to the 2022 grant. At June 30, 2024, there were 471,036 units outstanding of the stock-based performance unit awards to be settled in cash to officers. In accordance with the Merger Agreement, each stock-based performance unit that is outstanding immediately prior to closing will vest. Outstanding performance units were initially granted assuming a target payout; however, at closing, all outstanding performance units will vest at the maximum payout percentage of 200% of target.

v3.24.2.u1

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Crude oil, NGLs and natural gas, including LNG, are recorded at weighted average cost and carried at the lower of cost or net realizable value. Supplies and other items consist principally of tubular goods and equipment which are valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate. (In millions) June 30, 2024 December 31, 2023 Crude oil, NGLs and natural gas, including LNG $ 10  $ 14  Supplies and other items 151  172  Inventories $ 161  $ 186

v3.24.2.u1

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information   Six Months Ended June 30, (In millions) 2024 2023 Included in operating activities:     Interest paid $ 127  $ 139  Income taxes paid, net of refunds $ 59  $ 97  Noncash investing activities:     Increase in asset retirement costs $ 7  $ 12  Other noncash investing activities include accrued capital expenditures for the six months ended June 30, 2024 and 2023 of $222 million and $169 million, respectively.

v3.24.2.u1

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Various groups, including the State of North Dakota and the Mandan, Hidatsa and Arikara Nation or MHA Nation, also known as the Three Affiliated Tribes of the Fort Berthold Indian Reservation (the “Three Affiliated Tribes”) represented by the Bureau of Indian Affairs (the “BIA”), have been involved in a dispute regarding the ownership of certain lands underlying the Missouri River and Little Missouri River (the “Disputed Land”) from which we currently produce. As a result, as of June 30, 2024, we have a $123 million current liability in suspended royalty and working interest revenue, including interest, of which $104 million was included within accounts payable and $19 million related to accrued interest was included within other current liabilities on our consolidated balance sheet. Additionally, we have a long-term receivable of $29 million for capital and expenses. The United States Department of the Interior (“DOI”) has addressed the United States’ position with respect to this dispute several times in recent years with conflicting opinions. In January 2017, the DOI issued an opinion that the Disputed Land is held in trust for the Three Affiliated Tribes, then in June 2018 and May 2020 the DOI issued opinions concluding that the State of North Dakota held title to the Disputed Land. Most recently, on February 4, 2022, the DOI issued an opinion (“M-Opinion”) concluding that the Disputed Land is held in trust for the Three Affiliated Tribes. While the M-Opinion is binding on all agencies within the DOI, it is not legally binding on third parties, including Marathon Oil, the State of North Dakota, or a court. Given the uncertainty in matters such as these, we are unable to predict the ultimate outcome of this matter at this time; however, we believe the resolution of this matter will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. We are a defendant in a number of legal and administrative proceedings arising in the ordinary course of business including, but not limited to, royalty claims, contract claims, tax disputes and environmental claims. While the ultimate outcome and impact to us cannot be predicted with certainty, we believe the resolution of these proceedings will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. In addition, we may also be subject to retained liabilities with respect to certain divested assets by operation of law. For example, we are exposed to the risk that owners and/or operators of assets purchased from us become unable to satisfy plugging or abandonment obligations that attach to those assets. In that event, due to operation of law, we may be required to assume plugging or abandonment obligations for those assets. Although we have established reserves for such liabilities, we could be required to accrue additional amounts in the future and these amounts could be material. We received Notices of Violation (“NOVs”) from the EPA related to alleged violations of the Clean Air Act with respect to our operations on the Fort Berthold Indian Reservation between 2015 and 2019. On July 10, 2024, we entered into a consent decree with the EPA and Department of Justice to fully resolve this matter. The consent decree is subject to a 30-day public comment period before it may be considered for entry by the court. The consent decree will require the completion of mitigation projects, implementation of specific injunctive relief and payment of a $65 million civil penalty with substantially all of that civil penalty accrued in our previously filed quarterly report for the period ending March 31, 2024. In 2022, we began early implementation of the injunctive requirements associated with likely settlement terms and are scheduled to complete this work in 2025. The total cost associated with the injunctive relief is estimated to be approximately $177 million, but over 70% of that cost has been incurred or included in the previously announced 2024 capital budget with the remaining amount to be spent by the end of 2025. The consent decree sets forth a detailed compliance schedule with deadlines for achievement of milestones through at least 2026. The consent decree further contains requirements for ongoing permitting, inspection and monitoring, maintenance, auditing, and reporting. Findings from such inspection, monitoring and auditing activities may result in decisions to temporarily shut in or reduce production from certain wells and facilities. We have cooperated fully with the EPA, including collecting and sharing extensive data to resolve this matter. The vast majority of emission reductions are being achieved by Marathon’s voluntary commitment to incorporate industry-leading technologies, like our new lowest emitting automated facilities (LEAF). We do not admit liability regarding any of the allegations in the complaint associated with the consent decree and elected to resolve the allegations in a negotiated settlement rather than litigation. We have received NOVs from the EPA relating to alleged Clean Air Act violations following flyovers conducted in 2020 and 2022 over certain of our oil and gas facilities in New Mexico. The notices involve alleged emission and permitting violations. As previously disclosed, we have been in discussions with the EPA to resolve these matters. In order to fully resolve these matters, effective July 25, 2024, we entered into a consent agreement with the EPA pursuant to which we agreed to pay a civil penalty in the amount of $265,000. We do not believe that any penalty or corrective action expenditures that may result from this matter will have a material adverse effect on our financial position, results of operation or cash flows. We have incurred and will continue to incur capital, operating and maintenance and remediation expenditures as a result of environmental laws and regulations. If these expenditures, as with all costs, are not ultimately offset by the prices we receive for our products and services, our operating results will be adversely affected. We believe that substantially all of our competitors must comply with similar environmental laws and regulations. However, the specific impact on each competitor may vary depending on a number of factors, including the age and location of its operating facilities, marketing areas and production processes. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance. At June 30, 2024, accrued liabilities for remediation relating to environmental laws and regulations were not material. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed. In the second quarter of 2019, Marathon E.G. Production Limited (“MEGPL”), a consolidated and wholly owned subsidiary, signed a series of agreements to process third-party Alen Unit gas through existing infrastructure located in Punta Europa, E.G. Our equity method investee, Alba Plant LLC, is also a party to some of the agreements. These agreements require (subject to certain limitations) MEGPL to indemnify the owners of the Alen Unit against injury to Alba Plant LLC’s personnel and damage to or loss of Alba Plant LLC’s automobiles, as well as third party claims caused by Alba Plant LLC and certain environmental liabilities arising from certain hydrocarbons in the custody of Alba Plant LLC. At this time, we cannot reasonably estimate this obligation as we do not have any history of prior indemnification claims or environmental discharge or contamination. Therefore, we have not recorded a liability with respect to these indemnities since the amount of potential future payments under these indemnification clauses is not determinable. The agreements to process the third-party Alen Unit gas required the execution of third-party guarantees by Marathon Oil in favor of the Alen Unit’s owners. Two separate guarantees were executed during the second quarter of 2020; one for a maximum of approximately $91 million pertaining to the payment obligations of Equatorial Guinea LNG Operations, S.A. and another for a maximum of $25 million pertaining to the payment obligations of Alba Plant LLC. Payment by us would be required if any of those entities fails to honor its payment obligations pursuant to the relevant agreements with the owners of the Alen Unit. Certain owners of the Alen Unit, or their affiliates, are also direct or indirect shareholders in Equatorial Guinea LNG Operations, S.A. and Alba Plant LLC. Each guarantee expires no later than December 31, 2027. We measured these guarantees at fair value using the net present value of premium payments we expect to receive from our investees. Our liability for these guarantees was approximately $4 million as of June 30, 2024. Each of Equatorial Guinea LNG Operations, S.A. and Equatorial Guinea LNG Train 1, S.A. provided us with a pledge of its receivables as recourse against any payments we may make under the guaranty of Equatorial Guinea LNG Operations, S.A.’s performance.

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 349	$ 297	$ 287	$ 417	$ 646	$ 704

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.2.u1

Organization and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K. The results of operations for the second quarter and first six months of 2024 are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Updates Adopted and Not Yet Adopted	Accounting Standards Updates Adopted No accounting standards were adopted during the first six months of 2024 that had a material impact on our consolidated financial statements. Accounting Standards Updates Not Yet Adopted In November 2023, the FASB issued a new accounting standards update to improve the disclosures around a public entity’s reportable segments. The standard requires disclosure of significant segment expenses included within each reported measure of segment profit or loss. This standard is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual reporting periods beginning after December 15, 2024, with early adoption permitted. The standard is effective for us in the 2024 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. This standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. In December 2023, the FASB issued a new accounting standards update to improve income tax disclosures primarily related to the rate reconciliation and income taxes paid. The standard requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This standard is effective for us in the 2025 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. The standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. There were no other issued but pending accounting standards expected to have a material impact on our consolidated financial statements.

v3.24.2.u1

Income and Dividends per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Income (Loss) Per Share, Basic and Diluted	The per share calculations below exclude an immaterial number of antidilutive stock options for the three months ended June 30, 2024 and exclude 1 million of antidilutive stock options for the six months ended June 30, 2024. In addition, the per share calculations below exclude 1 million of antidilutive stock options for the three months and six months ended June 30, 2023: Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2024 2023 2024 2023 Net income $ 349  $ 287  $ 646  $ 704  Weighted average common shares outstanding 566  614  573  622  Effect of dilutive securities 1  1  1  1  Weighted average common shares, diluted 567  615  574  623  Net income per share: Basic $ 0.62  $ 0.47  $ 1.13  $ 1.13  Diluted $ 0.62  $ 0.47  $ 1.13  $ 1.13  Dividends per share $ 0.11  $ 0.10  $ 0.22  $ 0.20

v3.24.2.u1

Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas for the three and six months ended June 30: United States Three Months Ended June 30, 2024 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 582  $ 482  $ 191  $ 49  $ 12  $ 1,316  NGLs 67  45  21  30  —  163  Natural gas 31  11  2  21  —  65  Other 2  —  —  —  5  7  Revenues from contracts with customers $ 682  $ 538  $ 214  $ 100  $ 17  $ 1,551  Three Months Ended June 30, 2023 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 524  $ 456  $ 141  $ 63  $ 11  $ 1,195  NGLs 64  41  18  33  —  156  Natural gas 37  14  7  28  —  86  Other 1  —  —  —  2  3  Revenues from contracts with customers $ 626  $ 511  $ 166  $ 124  $ 13  $ 1,440  Six Months Ended June 30, 2024 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 1,021  $ 947  $ 390  $ 114  $ 24  $ 2,496  NGLs 125  86  41  62  —  314  Natural gas 64  27  9  50  1  151  Other 3  —  —  —  9  12  Revenues from contracts with customers $ 1,213  $ 1,060  $ 440  $ 226  $ 34  $ 2,973  Six Months Ended June 30, 2023 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 1,019  $ 887  $ 311  $ 141  $ 22  $ 2,380  NGLs 135  78  40  72  —  325  Natural gas 93  49  18  64  1  225  Other 3  —  —  —  10  13  Revenues from contracts with customers $ 1,250  $ 1,014  $ 369  $ 277  $ 33  $ 2,943  International (E.G.) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2024 2023 2024 2023 Crude oil and condensate $ 28  $ 39  $ 89  $ 96  NGLs —  —  1  1  Natural gas, sold as gas 2  4  4  9  Natural gas, sold as LNG 84  —  135  —  Natural gas, total 86  4  139  9  Other 1  1  2  2  Revenues from contracts with customers $ 115  $ 44  $ 231  $ 108

v3.24.2.u1

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended June 30, 2024 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,551  $ 115  $ —  $ 1,666  Net gain on commodity derivatives —  —  1  (b) 1  Income from equity method investments —  26  —  26  Net gain on disposal of assets —  —  10  (c) 10  Other income 1  2  1  4  Less costs and expenses: Production 198  18  —  216  Shipping, handling and other operating, including related party 155  13  7  175  Exploration 10  —  4  14  Depreciation, depletion and amortization 562  10  5  577  Taxes other than income 103  —  —  103  General and administrative 41  4  54  (d) 99  Net interest and other —  —  80  80  Other net periodic benefit credits —  —  (2) (2) Income tax provision (benefit) 104  19  (27) 96  Segment income (loss) $ 379  $ 79  $ (109) $ 349  Total assets $ 18,766  $ 849  $ 125  $ 19,740  Capital expenditures(a) $ 660  $ 3  $ 2  $ 665  (a)Includes accruals and excludes acquisitions. (b)Unrealized gain on commodity derivative instruments (See Note 8). (c)Pertains to a gain from the sale of a legacy royalty interest in the state of California. (d)Includes $10 million of transaction costs associated with the Merger with ConocoPhillips (See Note 1).   Three Months Ended June 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,440  $ 44  $ —  $ 1,484  Net gain (loss) on commodity derivatives 7  —  (4) (c) 3  Income from equity method investments —  22  —  22  Other income 1  3  —  4  Less costs and expenses: Production 191  23  —  214  Shipping, handling and other operating, including related party 161  —  —  161  Exploration 6  —  5  11  Depreciation, depletion and amortization 547  10  2  559  Taxes other than income 43  (b) —  —  43  General and administrative 31  3  37  71  Net interest and other —  —  92  92  Other net periodic benefit credits —  —  (3) (3) Income tax provision (benefit) 104  3  (29) 78  Segment income (loss) $ 365  $ 30  $ (108) $ 287  Total assets $ 18,761  $ 1,006  $ 152  $ 19,919  Capital expenditures(a) $ 620  $ —  $ 3  $ 623  (a)Includes accruals and excludes acquisitions. (b)Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c)Unrealized loss on commodity derivative instruments (See Note 8).   Six Months Ended June 30, 2024 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 2,973  $ 231  $ —  $ 3,204  Net loss on commodity derivatives —  —  (23) (b) (23) Income from equity method investments —  65  —  65  Net gain on disposal of assets —  —  10  (c) 10  Other income (expense) (3) 3  2  2  Less costs and expenses: Production 399  38  —  437  Shipping, handling and other operating, including related party 304  30  10  344  Exploration 17  —  4  21  Depreciation, depletion and amortization 1,062  20  19  1,101  Taxes other than income 199  —  —  199  General and administrative 79  7  99  (d) 185  Net interest and other —  —  149  149  Other net periodic benefit credits —  —  (5) (5) Income tax provision (benefit) 197  43  (59) 181  Segment income (loss) $ 713  $ 161  $ (228) $ 646  Total assets $ 18,766  $ 849  $ 125  $ 19,740  Capital expenditures(a) $ 1,258  $ 4  $ 6  $ 1,268  (a)Includes accruals and excludes acquisitions. (b)Unrealized loss on commodity derivative instruments (See Note 8). (c)Pertains to a gain from the sale of a legacy royalty interest in the state of California. (d)Includes $10 million of transaction costs associated with the Merger with ConocoPhillips (See Note 1). Six Months Ended June 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenue from contracts with customers $ 2,943  $ 108  $ —  $ 3,051  Net gain (loss) on commodity derivatives 20  —  (2) (c) 18  Income from equity method investments —  102  —  102  Net gain on disposal of assets —  —  5  5  Other income 12  4  1  17  Less costs and expenses: Production 369  46  —  415  Shipping, handling and other operating, including related party 320  3  —  323  Exploration 11  —  15  (d) 26  Depreciation, depletion and amortization 1,052  22  5  1,079  Taxes other than income 140  (b) —  (2) 138  General and administrative 66  6  81  153  Net interest and other —  —  174  174  Other net periodic benefit credits —  —  (6) (6) Income tax provision (benefit) 227  18  (58) 187  Segment income (loss) $ 790  $ 119  $ (205) $ 704  Total assets $ 18,761  $ 1,006  $ 152  $ 19,919  Capital expenditures(a) $ 1,217  $ 2  $ 5  $ 1,224  (a)Includes accruals and excludes acquisitions. (b)Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c)Unrealized loss on commodity derivative instruments (See Note 8). (d)Includes $10 million of dry well expense associated with wells in Permian.

v3.24.2.u1

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	For the three and six months ended June 30, 2024 and 2023, our effective income tax rates were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Effective income tax rate 22  % 21  % 22  % 21  %

v3.24.2.u1

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in the Consolidated Balance Sheets	The following tables present the gross fair values of our open derivative instruments and the reported net amounts along with their locations in our consolidated balance sheets: June 30, 2024 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 1  $ —  $ 1  Other current assets Total Not Designated as Hedges $ 1  $ —  $ 1  Cash Flow Hedges Interest Rate $ 9  $ —  $ 9  Other current assets Interest Rate 9  —  9  Other noncurrent assets Total Designated Hedges $ 18  $ —  $ 18  Total $ 19  $ —  $ 19  December 31, 2023 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 24  $ —  $ 24  Other current assets Total Not Designated as Hedges $ 24  $ —  $ 24  Cash Flow Hedges Interest Rate $ 9  $ —  $ 9  Other current assets Interest Rate 9  —  9  Other noncurrent assets Total Designated Hedges $ 18  $ —  $ 18  Total $ 42  $ —  $ 42
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table sets forth outstanding derivative contracts as of June 30, 2024, and the weighted average prices for those contracts: 2024 2025 Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 50,000  50,000  —  —  —  —  Weighted average price per Bbl: Ceiling $ 95.95  $ 95.95  $ —  $ —  $ —  $ —  Floor $ 65.00  $ 65.00  $ —  $ —  $ —  $ —  Sold put $ 50.00  $ 50.00  $ —  $ —  $ —  $ —  Natural Gas Henry Hub Two-Way Collars Volume (MMBtu/day) —  —  150,000  150,000  150,000  150,000  Weighted average price per MMBtu: Ceiling $ —  $ —  $ 5.85  $ 5.85  $ 5.85  $ 5.85  Floor $ —  $ —  $ 2.50  $ 2.50  $ 2.50  $ 2.50
Schedule of Unrealized Gain (Loss) and Realized Gain on Consolidated Statement of Income	The unrealized gain (loss) and realized gain impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2024 2023 2024 2023 Unrealized gain (loss) on derivative instruments, net $ 1  $ (4) $ (23) $ (2) Realized gain on derivative instruments, net(a) $ —  $ 7  $ —  $ 20  (a)During the second quarter and first six months of 2024, we had no settled derivative positions. During the second quarter and first six months of 2023, net cash received for settled derivative positions was $7 million and $17 million, respectively.

v3.24.2.u1

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present assets and liabilities accounted for at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 by hierarchy level: June 30, 2024 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity(a) $ —  $ 1  $ —  $ 1  Interest rate - designated as cash flow hedges —  18  —  18  Derivative instruments, assets $ —  $ 19  $ —  $ 19    December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity(a) $ —  $ 24  $ —  $ 24  Interest rate - designated as cash flow hedges —  18  —  18  Derivative instruments, assets $ —  $ 42  $ —  $ 42  (a)Derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 8.
Schedule of Fair Value, by Balance Sheet Grouping	The following table summarizes financial instruments, excluding receivables, commercial paper borrowings, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 (In millions) Fair Value Carrying Amount Fair Value Carrying Amount Financial assets         Other noncurrent assets $ 10  $ 30  $ 9  $ 27  Total financial assets $ 10  $ 30  $ 9  $ 27  Financial liabilities         Other current liabilities $ 80  $ 126  $ 80  $ 126  Long-term debt, including current portion(a) 5,050  4,996  4,961  4,997  Deferred credits and other liabilities 71  73  70  71  Total financial liabilities $ 5,201  $ 5,195  $ 5,111  $ 5,194  (a)Excludes debt issuance costs.

v3.24.2.u1

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	(In millions) June 30, 2024 December 31, 2023 United States $ 17,097  $ 16,905  International 235  252  Corporate 55  56  Net property, plant and equipment $ 17,387  $ 17,213

v3.24.2.u1

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes in Asset Retirement Obligations	Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations were as follows: June 30, (In millions) 2024 2023 Beginning balance as of January 1 $ 340  $ 340  Incurred liabilities, including acquisitions 5  3  Settled liabilities, including dispositions (7) (20) Accretion expense (included in depreciation, depletion and amortization) 8  7  Revisions of estimates 2  9  Ending balance as of June 30, total $ 348  $ 339  Ending balance as of June 30, short-term $ 12  $ 40

v3.24.2.u1

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	During the periods ended June 30, 2024 and December 31, 2023, our equity method investees were considered related parties. Our investments in our equity method investees are summarized in the following table: (In millions) Ownership as of June 30, 2024 June 30, 2024 December 31, 2023 EG LNG (a) 56% $ 104  $ 118  Alba Plant LLC (b) 52% 151  153  AMPCO (c) 45% 166  162  Total   $ 421  $ 433  (a)EG LNG is engaged in LNG production activity. (b)Alba Plant LLC processes LPG. (c)AMPCO is engaged in methanol production activity. Summarized, 100% combined financial information for equity method investees is as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2024 2023 2024 2023 Income data: Revenues and other income $ 183  $ 183  $ 394  $ 489  Income from operations 58  43  159  202  Net income $ 46  $ 30  $ 130  $ 164
Schedule of Operating Lease, Undiscounted Cash Flows to be Received	The undiscounted cash flows to be received under this lease agreement are summarized below: (In millions) Operating Lease Future Cash Receipts 2024 $ 4  2025 6  2026 6  2027 6  2028 6  Thereafter 35  Total undiscounted cash flows $ 63

v3.24.2.u1

Incentive Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Options and Restricted Stock Units Activity	The following table presents a summary of activity for the first six months of 2024:    Stock Options Restricted Stock Units Number of Shares Weighted Average Exercise Price Number of Shares & Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 1,004,304  $ 31.38  3,514,405  $ 22.07  Granted —  —  2,062,612  24.60  Exercised/Vested (13,889) 10.47  (1,663,913) 19.18  Canceled (649,764) 33.78  (133,856) 24.10  Outstanding at June 30, 2024 340,651  $ 27.64  3,779,248  $ 24.65

v3.24.2.u1

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	(In millions) June 30, 2024 December 31, 2023 Crude oil, NGLs and natural gas, including LNG $ 10  $ 14  Supplies and other items 151  172  Inventories $ 161  $ 186

v3.24.2.u1

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Six Months Ended June 30, (In millions) 2024 2023 Included in operating activities:     Interest paid $ 127  $ 139  Income taxes paid, net of refunds $ 59  $ 97  Noncash investing activities:     Increase in asset retirement costs $ 7  $ 12

v3.24.2.u1

Organization and Basis of Presentation (Details) - Marathon Oil Corp. - ConocoPhillips - USD ($) $ in Millions	May 28, 2024	Jun. 30, 2024
Business Acquisition [Line Items]
Shares of acquirer stock per share of acquiree stock outstanding (in shares)	0.2550
Merger transaction costs		$ 10

v3.24.2.u1

Income and Dividends per Common Share -Schedule of Income (Loss) Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 349	$ 297	$ 287	$ 417	$ 646	$ 704
Weighted average common shares outstanding (in shares)	566		614		573	622
Effect of dilutive securities (in shares)	1		1		1	1
Weighted average common shares, diluted (in shares)	567		615		574	623
Net income per share:
Basic (in dollars per share)	$ 0.62		$ 0.47		$ 1.13	$ 1.13
Diluted (in dollars per share)	0.62		0.47		1.13	1.13
Dividends per share (in dollars per share)	$ 0.11	$ 0.11	$ 0.10	$ 0.10	$ 0.22	$ 0.20

v3.24.2.u1

Income and Dividends per Common Share - Narrative (Details) - $ / shares shares in Millions		3 Months Ended		6 Months Ended
	May 28, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)		0	1	1	1
Marathon Oil Corp. | ConocoPhillips
Business Acquisition [Line Items]
Dividends payable threshold amount per share (in dollars per share)	$ 0.11

v3.24.2.u1

Revenues - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables from contract with customer	$ 1,000	$ 886

v3.24.2.u1

Revenues - Revenues from Contracts with Customers by Product Type and Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1,666	$ 1,484	$ 3,204	$ 3,051
United States
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,551	1,440	2,973	2,943
United States | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	682	626	1,213	1,250
United States | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	538	511	1,060	1,014
United States | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	214	166	440	369
United States | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	100	124	226	277
United States | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	17	13	34	33
United States | Crude oil and condensate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,316	1,195	2,496	2,380
United States | Crude oil and condensate | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	582	524	1,021	1,019
United States | Crude oil and condensate | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	482	456	947	887
United States | Crude oil and condensate | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	191	141	390	311
United States | Crude oil and condensate | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	49	63	114	141
United States | Crude oil and condensate | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12	11	24	22
United States | NGLs
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	163	156	314	325
United States | NGLs | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	67	64	125	135
United States | NGLs | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	45	41	86	78
United States | NGLs | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	21	18	41	40
United States | NGLs | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	30	33	62	72
United States | NGLs | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
United States | Natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	65	86	151	225
United States | Natural gas | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	31	37	64	93
United States | Natural gas | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11	14	27	49
United States | Natural gas | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2	7	9	18
United States | Natural gas | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	21	28	50	64
United States | Natural gas | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	1	1
United States | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7	3	12	13
United States | Other | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2	1	3	3
United States | Other | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
United States | Other | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
United States | Other | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
United States | Other | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5	2	9	10
International | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	115	44	231	108
International | Crude oil and condensate | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	28	39	89	96
International | NGLs | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	1	1
International | Natural gas | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	86	4	139	9
International | Natural gas, sold as gas | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2	4	4	9
International | Natural gas, sold as LNG | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	84	0	135	0
International | Other | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1	$ 1	$ 2	$ 2

v3.24.2.u1

Segment Information (Details) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment					2
Number of operating segments | segment					2
Segment Reporting Information [Line Items]
Revenues from contracts with customers	$ 1,666		$ 1,484		$ 3,204	$ 3,051
Net gain (loss) on commodity derivatives	1		3		(23)	18
Income from equity method investments	26		22		65	102
Net gain on disposal of assets	10		0		10	5
Other income (expense)	4		4		2	17
Less costs and expenses:
Production	216		214		437	415
Shipping, handling and other operating, including related party	175		161		344	323
Exploration	14		11		21	26
Depreciation, depletion and amortization	577		559		1,101	1,079
Taxes other than income	103		43		199	138
General and administrative	99		71		185	153
Net interest and other	80		92		149	174
Other net periodic benefit credits	(2)		(3)		(5)	(6)
Income tax provision (benefit)	96		78		181	187
Net income	349	$ 297	287	$ 417	646	704
Total assets	19,740		19,919		19,740	19,919	$ 19,575
Capital expenditures	665		623		1,268	1,224
Marathon Oil Corp. | ConocoPhillips
Less costs and expenses:
Merger transaction costs	10				10
Eagle Ford
Less costs and expenses:
Taxes other than income			47			47
Permian Basin
Less costs and expenses:
Dry well cost						10
U.S.
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,551		1,440		2,973	2,943
U.S. | Eagle Ford
Segment Reporting Information [Line Items]
Revenues from contracts with customers	682		626		1,213	1,250
Operating Segments | U.S.
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,551		1,440		2,973	2,943
Net gain (loss) on commodity derivatives	0		7		0	20
Income from equity method investments	0		0		0	0
Net gain on disposal of assets	0				0	0
Other income (expense)	1		1		(3)	12
Less costs and expenses:
Production	198		191		399	369
Shipping, handling and other operating, including related party	155		161		304	320
Exploration	10		6		17	11
Depreciation, depletion and amortization	562		547		1,062	1,052
Taxes other than income	103		43		199	140
General and administrative	41		31		79	66
Net interest and other	0		0		0	0
Other net periodic benefit credits	0		0		0	0
Income tax provision (benefit)	104		104		197	227
Net income	379		365		713	790
Total assets	18,766		18,761		18,766	18,761
Capital expenditures	660		620		1,258	1,217
Operating Segments | Int’l
Segment Reporting Information [Line Items]
Revenues from contracts with customers	115		44		231	108
Net gain (loss) on commodity derivatives	0		0		0	0
Income from equity method investments	26		22		65	102
Net gain on disposal of assets	0				0	0
Other income (expense)	2		3		3	4
Less costs and expenses:
Production	18		23		38	46
Shipping, handling and other operating, including related party	13		0		30	3
Exploration	0		0		0	0
Depreciation, depletion and amortization	10		10		20	22
Taxes other than income	0		0		0	0
General and administrative	4		3		7	6
Net interest and other	0		0		0	0
Other net periodic benefit credits	0		0		0	0
Income tax provision (benefit)	19		3		43	18
Net income	79		30		161	119
Total assets	849		1,006		849	1,006
Capital expenditures	3		0		4	2
Not Allocated to Segments
Segment Reporting Information [Line Items]
Revenues from contracts with customers	0		0		0	0
Net gain (loss) on commodity derivatives	1		(4)		(23)	(2)
Income from equity method investments	0		0		0	0
Net gain on disposal of assets	10				10	5
Other income (expense)	1		0		2	1
Less costs and expenses:
Production	0		0		0	0
Shipping, handling and other operating, including related party	7		0		10	0
Exploration	4		5		4	15
Depreciation, depletion and amortization	5		2		19	5
Taxes other than income	0		0		0	(2)
General and administrative	54		37		99	81
Net interest and other	80		92		149	174
Other net periodic benefit credits	(2)		(3)		(5)	(6)
Income tax provision (benefit)	(27)		(29)		(59)	(58)
Net income	(109)		(108)		(228)	(205)
Total assets	125		152		125	152
Capital expenditures	$ 2		$ 3		$ 6	$ 5

v3.24.2.u1

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	22.00%	21.00%	22.00%	21.00%

v3.24.2.u1

Debt - Term Loan Facility (Details) - Term Loan Facility - Line of Credit - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Mar. 28, 2024	Nov. 30, 2022	Dec. 31, 2023
Debt Instrument [Line Items]
Debt term		2 years
Maximum borrowing capacity		$ 1,500
Repayments of line of credit	$ 1,200		$ 300

v3.24.2.u1

Debt - Revolving Credit Facility and Commercial Paper Program (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Long-term debt	$ 0
Revolving Credit Facility and Commercial Paper | Marathon Oil Corp. | ConocoPhillips
Line of Credit Facility [Line Items]
Business combination, maximum borrowing capacity	1,500,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	2,600,000,000
Optional limit increase	$ 939,000,000
Covenant, ratio of indebtedness to net capital, maximum	0.65
Commercial Paper
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,500,000,000
Debt term	365 days
Line of credit, outstanding amount	$ 325,000,000
Weighted average interest rate	5.87%

v3.24.2.u1

Debt - Debt Issuance (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Mar. 28, 2024	Apr. 30, 2023	Dec. 31, 2023
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,200
Net proceeds received	1,200
Debt issuance costs	12
2029 Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 600
Interest rate	5.30%
2034 Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 600
Interest rate	5.70%
Term Loan Facility | Line of Credit
Debt Instrument [Line Items]
Repayments of line of credit	$ 1,200		$ 300
Sub-series 2017 A-1 Bonds
Debt Instrument [Line Items]
Interest rate		4.05%
Net proceeds received		$ 200

v3.24.2.u1

Debt - Debt Redemption (Details) - Senior Unsecured Notes 8.5% Due2023 - Unsecured Debt $ in Millions	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument outstanding amount	$ 70
Interest rate	8.50%

v3.24.2.u1

Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 5,000
Long-term debt due within one year	400	$ 1,600
2.10% bonds due 2037 | Bonds
Debt Instrument [Line Items]
Long-term debt due within one year	$ 200
Interest rate	2.10%
2.125% bonds due 2037 | Bonds
Debt Instrument [Line Items]
Long-term debt due within one year	$ 200
Interest rate	2.125%

v3.24.2.u1

Debt - Debt Remarketing (Details) - USD ($) $ in Millions		1 Months Ended
	Jul. 01, 2024	Apr. 30, 2023
Sub-series 2017 A-1 Bonds
Debt Instrument [Line Items]
Proceeds from Issuance of Debt		$ 200
Interest rate		4.05%
St. John the Baptist Parish, State of Louisiana Revenue Refunding Bonds
Debt Instrument [Line Items]
Revenue refunding bond		$ 1,000
St. John the Baptist Parish, State of Louisiana Revenue Refunding Bonds | Subsequent Event
Debt Instrument [Line Items]
Revenue refunding bond	$ 1,000
Sub-series 2017 A-2 Bonds | Subsequent Event
Debt Instrument [Line Items]
Short-term debt, refinanced	200
Sub-series 2017 B-1 Bonds | Subsequent Event
Debt Instrument [Line Items]
Short-term debt, refinanced	$ 200
Sub-series 2017 Bonds Due 2037 | Subsequent Event
Debt Instrument [Line Items]
Interest rate	4.125%
Debt outstanding	$ 400

v3.24.2.u1

Derivatives - Balance Sheet Components (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Asset	$ 19	$ 42
Liability	0	0
Net Asset	19	42
Not Designated as Hedges
Derivatives, Fair Value [Line Items]
Asset	1	24
Liability	0	0
Net Asset	1	24
Not Designated as Hedges | Other current assets | Commodity
Derivatives, Fair Value [Line Items]
Asset	1	24
Liability	0	0
Net Asset	1	24
Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Asset	18	18
Liability	0	0
Net Asset	18	18
Cash Flow Hedges | Other current assets | Interest Rate
Derivatives, Fair Value [Line Items]
Asset	9	9
Liability	0	0
Net Asset	9	9
Cash Flow Hedges | Other noncurrent assets | Interest Rate
Derivatives, Fair Value [Line Items]
Asset	9	9
Liability	0	0
Net Asset	$ 9	$ 9

v3.24.2.u1

Derivatives - Outstanding Derivative Contracts (Details) - Not Designated as Hedges	Jun. 30, 2024 bbl / h MMBbls / d $ / bbl $ / MMBTU
Three-Way Collars - Crude Oil 2024, Third Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	50,000
Derivative, ceiling	95.95
Derivative, floor	65.00
Derivative, sold put	50.00
Three-Way Collars - Crude Oil 2024, Fourth Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	50,000
Derivative, ceiling	95.95
Derivative, floor	65.00
Derivative, sold put	50.00
Three-Way Collars - Crude Oil 2025, First Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Three-Way Collars - Crude Oil 2025, Second Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Three-Way Collars - Crude Oil 2025, Third Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Three-Way Collars - Crude Oil 2025, Fourth Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Two-Way Collars - Natural Gas 2024, Third Quarter
Derivative [Line Items]
Derivative, volume | MMBbls / d	0
Derivative, ceiling | $ / MMBTU	0
Derivative, floor | $ / MMBTU	0
Two-Way Collars - Natural Gas 2024, Fourth Quarter
Derivative [Line Items]
Derivative, volume | MMBbls / d	0
Derivative, ceiling | $ / MMBTU	0
Derivative, floor | $ / MMBTU	0
Two-Way Collars - Natural Gas 2025, First Quarter
Derivative [Line Items]
Derivative, volume | MMBbls / d	150,000
Derivative, ceiling | $ / MMBTU	5.85
Derivative, floor | $ / MMBTU	2.50
Two-Way Collars - Natural Gas 2025, Second Quarter
Derivative [Line Items]
Derivative, volume | MMBbls / d	150,000
Derivative, ceiling | $ / MMBTU	5.85
Derivative, floor | $ / MMBTU	2.50
Two-Way Collars - Natural Gas 2025, Third Quarter
Derivative [Line Items]
Derivative, volume | MMBbls / d	150,000
Derivative, ceiling | $ / MMBTU	5.85
Derivative, floor | $ / MMBTU	2.50
Two-Way Collars - Natural Gas 2025, Fourth Quarter
Derivative [Line Items]
Derivative, volume | MMBbls / d	150,000
Derivative, ceiling | $ / MMBTU	5.85
Derivative, floor | $ / MMBTU	2.50

v3.24.2.u1

Derivatives - Schedule of Mark-to-market Impact and Commodity Derivative Settlements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Cash received (paid) for settled derivative positions, net	$ 0	$ 7,000,000	$ 0	$ 17,000,000
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments, net	1,000,000	(4,000,000)	(23,000,000)	(2,000,000)
Realized gain on derivative instruments, net	$ 0	$ 7,000,000	$ 0	$ 20,000,000

v3.24.2.u1

Derivatives - Narrative (Details) - Interest Rate Contract, Maturing September 9, 2026 - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Proceeds from hedge settlement	$ 6
Amount expected to be reclassified within 12 months	10
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 295	$ 295
Weighted average interest rate, SOFR	1.43%	1.43%

v3.24.2.u1

Fair Value Measurements - Fair Value Recurring (Details) - Recurring - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 19	$ 42
Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	1	24
Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	18	18
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 1 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 1 | Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	19	42
Level 2 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	1	24
Level 2 | Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	18	18
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 3 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 3 | Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 0	$ 0

v3.24.2.u1

Fair Value Measurements - Fair Value Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value
Financial assets
Other noncurrent assets	$ 10	$ 9
Total financial assets	10	9
Financial liabilities
Other current liabilities	80	80
Long-term debt, including current portion	5,050	4,961
Deferred credits and other liabilities	71	70
Total financial liabilities	5,201	5,111
Carrying Amount
Financial assets
Other noncurrent assets	30	27
Total financial assets	30	27
Financial liabilities
Other current liabilities	126	126
Long-term debt, including current portion	4,996	4,997
Deferred credits and other liabilities	73	71
Total financial liabilities	$ 5,195	$ 5,194

v3.24.2.u1

Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 17,387	$ 17,213
Operating Segments | United States
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	17,097	16,905
Operating Segments | International
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	235	252
Corporate
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 55	$ 56

v3.24.2.u1

Property, Plant and Equipment - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Exploratory well costs capitalized greater than one year after completion of drilling	$ 0	$ 0

v3.24.2.u1

Asset Retirement Obligations (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance as of January 1	$ 340	$ 340
Incurred liabilities, including acquisitions	5	3
Settled liabilities, including dispositions	(7)	(20)
Accretion expense (included in depreciation, depletion and amortization)	8	7
Revisions of estimates	2	9
Ending balance as of June 30, total	348	339
Asset retirement obligation, current	$ 12	$ 40

v3.24.2.u1

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 421	$ 433
EG LNG
Schedule of Equity Method Investments [Line Items]
Ownership percentage	56.00%
Equity method investments	$ 104	118
Alba Plant LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	52.00%
Equity method investments	$ 151	153
AMPCO
Schedule of Equity Method Investments [Line Items]
Ownership percentage	45.00%
Equity method investments	$ 166	$ 162

v3.24.2.u1

Equity Method Investments - Schedule Financial Information (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 1,707		$ 1,513		$ 3,258	$ 3,193
Income from operations	523		454		971	1,059
Net income	349	$ 297	287	$ 417	646	704
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues and other income	183		183		394	489
Income from operations	58		43		159	202
Net income	$ 46		$ 30		$ 130	$ 164

v3.24.2.u1

Equity Method Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 1,707	$ 1,513	$ 3,258	$ 3,193
Proceeds from equity method investment	77	249	77	249
Receivables, net	1,340		1,340		$ 1,152
Accounts payable	1,564		1,564		1,364
Annual payments to be received			6
Related Party
Schedule of Equity Method Investments [Line Items]
Revenues and other income	3	$ 5	5	$ 11
Receivables, net	36		36		24
Accounts payable	$ 25		$ 25		$ 6

v3.24.2.u1

Equity Method Investments - Schedule of Operating Lease, Undiscounted Cash Flows to be Received (Details) $ in Millions	Jun. 30, 2024 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
2024	$ 4
2025	6
2026	6
2027	6
2028	6
Thereafter	35
Total undiscounted cash flows	$ 63

v3.24.2.u1

Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of common stock	$ 516	$ 706
Stock repurchase program, remaining authorized repurchase amount	$ 1,800
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	19
Payments for repurchase of common stock	$ 516

v3.24.2.u1

Incentive Based Compensation - Stock Options and Restricted Stock Units Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Outstanding, beginning (in shares) | shares	1,004,304
Granted (in shares) | shares	0
Exercised/Vested (in shares) | shares	(13,889)
Canceled (in shares) | shares	(649,764)
Outstanding, ending (in shares) | shares	340,651
Weighted Average Exercise Price
Outstanding, beginning (in dollars per share) | $ / shares	$ 31.38
Granted (in dollars per share) | $ / shares	0
Exercised/Vested (in dollars per share) | $ / shares	10.47
Canceled (in dollars per share) | $ / shares	33.78
Outstanding, ending (in dollars per share) | $ / shares	$ 27.64
Restricted Stock Units
Number of Shares & Units
Outstanding, beginning (in shares) | shares	3,514,405
Granted (in shares) | shares	2,062,612
Exercised/Vested (in shares) | shares	(1,663,913)
Canceled (in shares) | shares	(133,856)
Outstanding, ending (in shares) | shares	3,779,248
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) | $ / shares	$ 22.07
Granted (in dollars per share) | $ / shares	24.60
Exercised/Vested (in dollars per share) | $ / shares	19.18
Canceled (in dollars per share) | $ / shares	24.10
Outstanding, ending (in dollars per share) | $ / shares	$ 24.65

v3.24.2.u1

Incentive Based Compensation - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	200.00%
Performance Unit - Share Settlement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	248,572
Grant date fair value (in dollars per share) | $ / shares	$ 28.21
Outstanding units (in shares)	638,079
Performance Unit - Cash Settlement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	248,572
Outstanding units (in shares)	471,036
Unit conversion ratio (in shares)	1
Fair value as of period end (in dollars per share) | $ / shares	$ 28.89
Marathon Oil Corp. | ConocoPhillips
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Duration of trading days for volume-weighted average price	5 days
Trading days prior to the closing date	2 days

v3.24.2.u1

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Crude oil, NGLs and natural gas, including LNG	$ 10	$ 14
Supplies and other items	151	172
Inventories	$ 161	$ 186

v3.24.2.u1

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Included in operating activities:
Interest paid	$ 127	$ 139
Income taxes paid, net of refunds	59	97
Noncash investing activities:
Increase in asset retirement costs	7	12
Capital expenditures incurred but not yet paid	$ 222	$ 169

v3.24.2.u1

Commitments and Contingencies (Details) $ in Thousands		3 Months Ended
	Jul. 25, 2024 USD ($)	Jun. 30, 2020 USD ($) guarantee	Jul. 10, 2024 USD ($)	Jun. 30, 2024 USD ($) tribe
Loss Contingencies [Line Items]
Number of affiliated tribes | tribe				3
Contingent royalty liability				$ 123,000
Contingent capital and expense receivable, noncurrent				29,000
Number of guarantees executed | guarantee		2
Guarantor obligations, current carrying value				4,000
Performance of Equatorial Guinea LNG Operations, S.A.
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure		$ 91,000
Performance of Alba Plant LLC.
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure		$ 25,000
Subsequent Event
Loss Contingencies [Line Items]
Consent decree period for public comment			30 days
Payment for civil penalty accrued			$ 65,000
Total cost for injunctive relief			$ 177,000
Percentage of cost incurred for injunctive relief			70.00%
Subsequent Event | Civil Penalty
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 265
Accounts Payable
Loss Contingencies [Line Items]
Contingent royalty liability				104,000
Other current liabilities
Loss Contingencies [Line Items]
Contingent royalty liability				$ 19,000

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