Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes Table

Components of income (loss) from continuing operations before income taxes are as follows:

	Year Ended December 31,
	2012		2011			2010
(millions)
Domestic	$	92	$	(537	)	$	234
Foreign	1,264		1,039			614
Total	$	1,356	$	502		$	848

Components of Income Tax Provision Table

The income tax provision (benefit) from continuing operations consists of the following:

	Year Ended December 31,
	2012			2011			2010
(millions)
Current Taxes
Federal	$	14		$	11		$	25
State	1			2			2
Foreign	143			155			97
Total Current	158			168			124
Deferred Taxes
Federal	60			(130		)	86
State	1			(3		)	1
Foreign	172			55			6
Total Deferred	233			(78		)	93
Total Income Tax Provision	$	391		$	90		$	217
Effective Tax Rate	28.8		%	17.9		%	25.6		%

Tax Rate Reconciliation Table

A reconciliation of the federal statutory tax rate to the effective tax rate is as follows:

	Year Ended December 31,
	2012		2011		2010
(percentages)
Federal Statutory Rate	35.0		35.0		35.0
Effect of
Earnings of Equity Method Investees	(4.9	)	(13.3	)	(4.8	)
State Taxes, Net of Federal Benefit	0.2		(0.1	)	0.4
Difference Between US and Foreign Rates	(4.9	)	(7.0	)	(1.2	)
Foreign Exploration Loss	(3.8	)	(4.2	)	—
Change in Valuation Allowance	4.3		6.6		(2.7	)
Oil Profits Tax - Israel	0.9		2.6		(1.9	)
Tax Contingency	1.8		—		—
Other, Net	0.2		(1.7	)	0.8
Effective Rate	28.8		17.9		25.6

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities resulted from the following:

	December 31,
	2012			2011
(millions)
Deferred Tax Assets
Loss Carryforwards	$	235		$	200
Employee Compensation & Benefits	134			164
Foreign Tax Credits	38			57
Other	81			86
Total Deferred Tax Assets	488			507
Valuation Allowance - Foreign Loss Carryforwards	(81		)	(65		)
Valuation Allowance - Foreign Tax Credits	(38		)	(57		)
Net Deferred Tax Assets	369			385
Deferred Tax Liabilities
Property, Plant and Equipment, Principally Due to Differences in Depreciation, Amortization, Lease Impairment and Abandonments	(2,481		)	(2,409		)
Total Deferred Tax Liability	(2,481		)	(2,409		)
Net Deferred Tax Liability	$	(2,112	)	$	(2,024	)

Deferred Tax Liability Balance Sheet Classifcation

Net deferred tax liabilities were classified in the consolidated balance sheets as follows:

	December 31,
	2012			2011
(millions)
Deferred Income Tax Asset - Current	$	106		$	41
Deferred Income Tax Liability - Current	—			(6		)
Deferred Income Tax Liability - Noncurrent	(2,218		)	(2,059		)
Net Deferred Tax Liability	$	(2,112	)	$	(2,024	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of our beginning and ending amounts of unrecognized tax benefits follows:

	Year Ended December 31, 2012
(millions)
Unrecognized Tax Benefits, Beginning Balance	$	—
Additions for tax positions related to current year	(1		)
Additions for tax positions of prior years	24
Reductions for tax positions of prior years	—
Settlements	—
Unrecognized Tax Benefits, Ending Balance	$	23