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Income Taxes
3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesDuring the three months ended March 31, 2020, we recorded a total income tax provision of $119 million on a pre-tax loss of $896 million, resulting in an effective tax rate of -13.3%. The effective tax rate for this period was primarily impacted by the COVID-19 pandemic and OPEC+ disagreements which created an unprecedented disruption in the oil and gas industry. After evaluating the negative impact that these events are expected to have on our business outlook, we determined that it was more likely than not that certain foreign tax credits would not be realized. Accordingly, we recognized a valuation allowance on our deferred tax assets in the amount of $310 million. Additionally, we recorded $1.1 billion of impairments and other charges and a $168 million loss on extinguishment of debt during the three months ended March 31, 2020, resulting in a $268 million tax benefit recognized during the period. See Note 2 for further information on these adverse market conditions and impairments and other charges recognized during the first quarter of 2020.