Income And Other Taxes (Tables)

12 Months Ended

Dec. 31, 2024


(millions of dollars)	2024			2023			2022
	U.S.	Non-U.S.	Total	U.S.	Non-U.S.	Total	U.S.	Non-U.S.	Total

Income tax expense (benefit) Federal and non-U.S.
Current	2,061	11,940	14,001	1,987	12,111	14,098	696	15,071	15,767
Deferred - net	(318)	(512)	(830)	463	481	944	4,122	(539)	3,583
U.S. tax on non-U.S. operations	241	—	241	315	—	315	65	—	65
Total federal and non-U.S.	1,984	11,428	13,412	2,765	12,592	15,357	4,883	14,532	19,415
State	398	—	398	72	—	72	761	—	761
Total income tax expense (benefit)	2,382	11,428	13,810	2,837	12,592	15,429	5,644	14,532	20,176

All other taxes and duties
Other taxes and duties	3,849	22,439	26,288	3,871	25,140	29,011	4,087	23,832	27,919
Included in production and manufacturing expenses	2,510	652	3,162	1,961	726	2,687	2,204	862	3,066
Included in SG&A expenses	179	265	444	183	310	493	151	319	470
Total other taxes and duties	6,538	23,356	29,894	6,015	26,176	32,191	6,442	25,013	31,455
Total	8,920	34,784	43,704	8,852	38,768	47,620	12,086	39,545	51,631

Reconciliation Between Income Tax Expense And A Theoretical U.S. Tax

The reconciliation between income tax expense (credit) and a theoretical U.S. tax computed by applying a rate of 21 percent for 2024, 2023, and 2022 is as follows:


(millions of dollars)	2024	2023	2022

Income (loss) before income taxes
United States	12,258	14,786	28,281
Non-U.S.	36,615	37,997	49,472
Total	48,873	52,783	77,753
Theoretical tax	10,263	11,084	16,328
Effect of equity method of accounting	(1,301)	(1,341)	(2,407)
Non-U.S. taxes in excess of/(less than) theoretical U.S. tax (1)	4,986	5,888	6,423
State taxes, net of federal tax benefit	314	57	601

Other	(452)	(259)	(769)
Total income tax expense (credit)	13,810	15,429	20,176

Effective tax rate calculation
Income tax expense (credit)	13,810	15,429	20,176
ExxonMobil share of equity company income taxes	3,197	3,058	7,594
Total income tax expense (credit)	17,007	18,487	27,770
Net income (loss) including noncontrolling interests	35,063	37,354	57,577
Total income (loss) before taxes	52,070	55,841	85,347

Effective income tax rate	33%	33%	33%

(1) Includes the impact of the additional European taxes on the energy sector of $115 million and $1,825 million in 2023 and 2022, respectively.

Deferred Tax Liabilities/(Assets)

Deferred tax liabilities/(assets) are comprised of the following at December 31:


Tax effects of temporary differences for: (millions of dollars)	2024	2023

Property, plant and equipment	40,881	26,627
Other liabilities	8,113	7,534
Total deferred tax liabilities	48,994	34,161

Pension and other postretirement benefits	(1,365)	(1,777)
Asset retirement obligations	(3,156)	(3,532)
Tax loss carryforwards	(4,575)	(4,317)
Other assets	(7,308)	(6,361)
Total deferred tax assets	(16,404)	(15,987)

Asset valuation allowances	2,516	2,641
Net deferred tax liabilities	35,106	20,815

Deferred Income Tax (Assets) And Liabilities By Balance Sheet Classification


Balance sheet classification (millions of dollars)	2024	2023

Other assets, including intangibles, net	(3,936)	(3,637)
Deferred income tax liabilities	39,042	24,452
Net deferred tax liabilities	35,106	20,815

Unrecognized Tax Benefits

The following table summarizes the movement in unrecognized tax benefits:


Gross unrecognized tax benefits (millions of dollars)	2024	2023	2022

Balance at January 1	3,935	3,398	9,130
Additions based on current year's tax positions	376	350	539
Additions for prior years' tax positions	103	400	294
Reductions for prior years' tax positions	(293)	(38)	(6,243)
Reductions due to lapse of the statute of limitations	(17)	(25)	(16)
Settlements with tax authorities	(13)	(153)	(277)
Foreign exchange effects/other	(56)	3	(29)
Balance at December 31	4,035	3,935	3,398

Remaining Tax Years Subject To Examination By Major Tax Jurisdiction

The following table summarizes the tax years that remain subject to examination by major tax jurisdiction:


Country of Operation	Open Tax Years


Canada	2001	—	2024
Kazakhstan	2015	—	2024
Nigeria	2017	—	2024
Papua New Guinea	2008	—	2024
United Arab Emirates			2024
United States	2010	—	2024