INCOME TAXES

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 6 - INCOME TAXES

The following table summarizes components of income tax expense for the three months ended March 31, 2023 and 2022:

	Three months ended March 31,
millions	2023			2022
Income before income taxes	$	1,734		$	3,083
Current
Federal	(265)			(215)
State and Local	(18)			(34)
Foreign	(171)			(198)
Total current tax expense	$	(454)		$	(447)
Deferred
Federal	(14)			2,213
State and Local	(3)			73
Foreign	—			(46)
Total deferred tax benefit (expense)	$	(17)		$	2,240
Total income tax benefit (expense)	$	(471)		$	1,793
Net income	$	1,263		$	4,876
Worldwide effective tax rate	27		%	(58)		%

The difference between the 27% worldwide effective tax rate for the three months ended March 31, 2023 and the 21% U.S. federal statutory tax rate was primarily driven by Occidental's jurisdictional mix of income. U.S. income is taxed at a U.S. federal statutory rate of 21%, while international income is subject to tax at statutory rates as high as 55%. The difference between the (58)% worldwide effective rate for the three months ended March 31, 2022 and the 21% U.S. federal statutory tax rate were primarily driven by the jurisdictional mix of income as well as tax benefits associated with Occidental's legal entity reorganization, which is currently under IRS review as part of Occidental's 2022 federal tax audit.