Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income Tax Provision (Benefit)

The provision (benefit) for income taxes consisted of:

	2024		2023		2022
	(In millions)
United States
Federal
Current	$	—	$	—	$	—
Deferred taxes and other accruals	59		31		22
State	13		7		5
	72		38		27
Foreign
Current (a)	934		537		789
Deferred taxes and other accruals	196		158		283
	1,130		695		1,072
Provision (Benefit) For Income Taxes	$	1,202	$	733	$	1,099

(a)Primarily comprised of Guyana in 2024 and 2023, and Guyana and Libya in 2022.

Components of Income (Loss) Before Income Taxes

Income (loss) before income taxes consisted of the following:

	2024		2023		2022
	(In millions)
United States (a)	$	(68)	$	(191)	$	569
Foreign	4,422		2,662		2,977
Income (Loss) Before Income Taxes	$	4,354	$	2,471	$	3,546

(a)Includes substantially all of our interest expense, corporate expense, the results of commodity hedging activities, and amounts attributable to noncontrolling interests.

Reconciliation of Effective Income Tax Rate

The difference between our effective income tax rate and the U.S. statutory rate is reconciled below:

	2024		2023		2022
U.S. statutory rate	21.0	%	21.0	%	21.0	%
Effect of foreign operations (a)	6.3		7.5		16.5
State income taxes, net of federal income tax	0.2		0.2		0.1
Valuation allowance on current year operations	0.8		4.5		(4.8)
Release of valuation allowance	—		(1.3)		—
Noncontrolling interests in Midstream	(0.8)		(2.0)		(1.6)
Other	0.1		(0.2)		(0.2)
Total	27.6	%	29.7	%	31.0	%

(a)The variance in effective income tax rates attributable to the effect of foreign operations is primarily driven by Guyana in 2024 and 2023, and Libya in 2022.

Components of Deferred Tax Assets & Liabilities

The components of deferred tax liabilities and deferred tax assets at December 31, were as follows:

	2024		2023
	(In millions)
Deferred Tax Liabilities
Property, plant and equipment and investments	$	(2,320)	$	(2,117)
Other	(101)		(108)
Total Deferred Tax Liabilities	(2,421)		(2,225)
Deferred Tax Assets
Net operating loss carryforwards	4,432		4,406
Tax credit carryforwards	109		109
Property, plant and equipment and investments	641		413
Accrued compensation, deferred credits and other liabilities	101		109
Asset retirement obligations	313		296
Other	339		256
Total Deferred Tax Assets	5,935		5,589
Valuation allowances (a)	(3,719)		(3,652)
Total deferred tax assets, net of valuation allowances	2,216		1,937
Net Deferred Tax Assets (Liabilities)	$	(205)	$	(288)

(a)In 2024, the valuation allowance increased by $67 million (2023: decrease of $6 million; 2022: decrease of $180 million).

In the Consolidated Balance Sheet, deferred tax assets and liabilities are netted by taxing jurisdiction and are recorded at December 31, as follows:

	2024		2023
	(In millions)
Deferred income taxes (long-term asset)	$	579	$	320
Deferred income taxes (long-term liability)	(784)		(608)
Net Deferred Tax Assets (Liabilities)	$	(205)	$	(288)

Reconciliation of Unrecognized Tax Benefits

Below is a reconciliation of the gross beginning and ending amounts of unrecognized tax benefits:

	2024		2023		2022
	(In millions)
Balance at January 1	$	111	$	120	$	133
Additions based on tax positions taken in the current year	—		—		17
Additions based on tax positions of prior years	—		—		—
Reductions based on tax positions of prior years	—		(9)		(30)
Balance at December 31	$	111	$	111	$	120