Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

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,
(millions)	2013		2012		2011
Domestic	$	202	$	92	$	(537	)
Foreign	1,142		1,264		1,039
Total	$	1,344	$	1,356	$	502

Components of Income Tax Provision Table

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

	Year Ended December 31,
(millions)	2013			2012			2011
Current Taxes
Federal	$	21		$	14		$	11
State	1			1			2
Foreign	144			143			155
Total Current	166			158			168
Deferred Taxes
Federal	96			60			(130		)
State	1			1			(3		)
Foreign	174			172			55
Total Deferred	271			233			(78		)
Total Income Tax Provision	$	437		$	391		$	90
Effective Tax Rate	32.5		%	28.8		%	17.9		%

Tax Rate Reconciliation Table

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

	Year Ended December 31,
(percentages)	2013		2012		2011
Federal Statutory Rate	35.0		35.0		35.0
Effect of
Earnings of Equity Method Investees	(5.3	)	(4.9	)	(13.3	)
State Taxes, Net of Federal Benefit	0.1		0.2		(0.1	)
Difference Between US and Foreign Rates	(6.3	)	(4.9	)	(7.0	)
Foreign Exploration Loss	2.7		(3.8	)	(4.2	)
Change in Valuation Allowance	3.8		4.3		6.6
Oil Profits Tax - Israel	0.3		0.9		2.6
Tax Contingency	0.4		1.8		—
Other, Net	1.8		0.2		(1.7	)
Effective Rate	32.5		28.8		17.9

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities resulted from the following:

	December 31,
(millions)	2013			2012
Deferred Tax Assets
Loss Carryforwards	$	174		$	235
Employee Compensation & Benefits	143			134
Foreign Tax Credits	31			38
Other	56			81
Total Deferred Tax Assets	404			488
Valuation Allowance - Foreign Loss Carryforwards	(135		)	(81		)
Valuation Allowance - Foreign Tax Credits	(31		)	(38		)
Valuation Allowance - Capital Loss Carryforwards	(2		)	—
Net Deferred Tax Assets	236			369
Deferred Tax Liabilities
Property, Plant and Equipment, Principally Due to Differences in Depreciation, Amortization, Lease Impairment and Abandonments	(2,615		)	(2,481		)
Total Deferred Tax Liability	(2,615		)	(2,481		)
Net Deferred Tax Liability	$	(2,379	)	$	(2,112	)

Deferred Tax Liability Balance Sheet Classifcation

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

	December 31,
(millions)	2013			2012
Deferred Income Tax Asset - Current	$	62		$	106
Deferred Income Tax Liability - Noncurrent	(2,441		)	(2,218		)
Net Deferred Tax Liability	$	(2,379	)	$	(2,112	)

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

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

(millions)	Twelve Months Ended December 31, 2013
Unrecognized Tax Benefits, Beginning Balance	$	23
Additions for tax positions related to current year	—
Additions for tax positions of prior years	7
Reductions for tax positions of prior years	(2		)
Settlements	—
Unrecognized Tax Benefits, Ending Balance	$	28