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Income Taxes

6 Months Ended

Jun. 30, 2014

The income tax provision relating to continuing operations consists of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
(millions)	2014			2013			2014			2013
Current	$	34		$	71		$	94		$	108
Deferred	7			57			24			106
Total Income Tax Provision	$	41		$	128		$	118		$	214
Effective Tax Rate	17.6		%	26.4		%	23.1		%	26.6		%

Our effective tax rate (ETR) for the three months and six months ended June 30, 2014 decreased as compared with the three and six months ended June 30, 2013 primarily due to our ability to benefit from previously unrecognized foreign tax credits, increased earnings in our foreign jurisdictions with rates that vary from the US statutory rate and a decrease in our Israeli oil profits tax.

In our major tax jurisdictions, the earliest years remaining open to examination are as follows: US – 2010, Equatorial Guinea – 2008 and Israel – 2009.

See Note 3. Divestitures for income taxes associated with discontinued operations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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