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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of income (loss) from continuing operations before income taxes for each of the three years presented and income tax expense (benefit) attributable thereto were as follows.
(Thousands of dollars)
202420232022
Income (loss) from continuing operations before income taxes
United States$468,202 $901,761 $1,306,200 
Foreign99,367 19,308 144,061 
Total$567,569 $921,069 $1,450,261 
Income tax expense (benefit)
U.S. Federal – Current$— $— $— 
      – Deferred55,377 170,115 234,749 
Total U.S. Federal55,377 170,115 234,749 
State(4,488)6,622 9,010 
Foreign – Current4,685 13,182 18,134 
   – Deferred22,698 6,002 47,571 
Total Foreign27,383 19,184 65,705 
Total$78,272 $195,921 $309,464 
Schedule of Effective Income Tax Rates
The following table reconciles income taxes based on the U.S. statutory tax rate to the Company’s income tax expense for each of the three years presented.
(Thousands of dollars)
202420232022
Income tax expense based on the U.S. statutory tax rate
$119,190 $193,424 $304,555 
Foreign income subject to foreign tax rates different than the U.S. statutory rate
12,119 7,597 10,823 
State income taxes, net of federal benefit(3,568)4,725 7,118 
U.S. tax benefit on certain foreign upstream investments(33,677)— — 
Change in deferred tax asset valuation allowance related to other foreign exploration expenditures2,636 10,853 24,748 
Tax effect on income attributable to noncontrolling interest(16,656)(13,046)(36,471)
Other, net(1,772)(7,632)(1,309)
Total$78,272 $195,921 $309,464 
Schedule of Analysis of Deferred Tax Assets and Deferred Tax Liabilities Showing Tax Effects of Significant Temporary Differences
An analysis of the Company’s deferred tax assets and deferred tax liabilities for the respective periods presented showing the tax effects of significant temporary differences follows.
(Thousands of dollars)
20242023
Deferred tax assets
Property and leasehold costs$225,379 $240,065 
Liabilities for dismantlements36,719 34,258 
Postretirement and other employee benefits66,293 82,437 
U. S. net operating loss289,594 357,490 
Investment in partnership9,096 14,655 
Other deferred tax assets100,352 48,778 
Total gross deferred tax assets727,433 777,683 
Less: Valuation allowance
(149,498)(146,861)
Net deferred tax assets577,935 630,822 
Deferred tax liabilities
Deferred tax on undistributed foreign earnings(5,000)(5,000)
Accumulated depreciation, depletion and amortization(811,178)(847,981)
Other deferred tax liabilities(97,547)(54,052)
Total gross deferred tax liabilities(913,725)(907,033)
Net deferred tax (liabilities) assets$(335,790)$(276,211)
Schedule of Reconciliation of Beginning and Ending Amount of Consolidated Liability for Unrecognized Income Tax Benefits A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits during the three years presented is shown in the following table.
(Thousands of dollars)
202420232022
Balance at January 1$6,384 $3,928 $2,903 
Additions for tax positions related to current year1,643 — 77 
Additions for tax positions related to prior year1,952 2,456 948 
Balance at December 31$9,979 $6,384 $3,928