Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income (loss) before income taxes

For the years ended December 31, income (loss) from continuing operations before income taxes consisted of the following:

	2014		2013		2012
	(In millions)
U.S.	$	1,022	$	170	$	(1,414	)
International	10		31		40
Total income (loss) before income taxes	$	1,032	$	201	$	(1,374	)

Total provision (benefit) for income taxes

For the years ended December 31, the total provision (benefit) for income taxes for continuing operations consisted of the following: 

	2014		2013			2012
	(In millions)
Current taxes:
U.S. federal	$	—	$	(4	)	$	1
U.S. state	2		—			1
International	3		2			14
Deferred taxes:
U.S. federal	350		53			(479		)
U.S. state	25		13			(34		)
International	2		64			45
Total provision (benefit) for income taxes	$	382	$	128		$	(452	)

Provision for income taxes using federal statutory rate

The provision (benefit) for income taxes for continuing operations for the indicated years was different than the amount computed using the federal statutory rate (35%) for the following reasons:

	2014		2013			2012
	(In millions)
Amount computed using the statutory rate	$	361	$	70		$	(481	)
Increase (decrease) in taxes resulting from:
State and local income taxes, net of federal effect	17		8			(18		)
Valuation allowance, state net of federal	—		(2		)	—
Foreign tax on foreign earnings	1		53			47
Other	3		(1		)	—
Total provision (benefit) for income taxes	$	382	$	128		$	(452	)

Components of deferred tax asset and deferred tax liability

At December 31, the components of our deferred tax asset (liability) were as follows:

	2014			2013
	(In millions)
Deferred tax asset:
Net operating loss carryforwards	$	173		$	335
Alternative minimum tax credit	99			99
Stock-based compensation	26			25
Marketable securities	—			3
Oil and gas properties	—			59
Foreign tax credit	547			535
Commodity derivatives	—			13
Other	8			6
Total deferred tax asset	853			1,075
Deferred tax asset valuation allowances	(549		)	(584		)
Net deferred tax asset	304			491
Deferred tax liability:
Commodity derivatives	(217		)	—
Oil and gas properties	(1,715		)	(1,592		)
Total deferred tax liability	(1,932		)	(1,592		)
Net deferred tax liability	(1,628		)	(1,101		)
Less: Net current deferred tax asset (liability)	(144		)	22
Net noncurrent deferred tax liability	$	(1,484	)	$	(1,123	)

Roll forward of deferred tax asset valuation allowance

The change in our deferred tax asset valuation allowance is as follows at December 31:

	2014			2013			2012
	(In millions)
Balance at the beginning of the year	$	(584	)	$	(457	)	$	(11	)
Charged to provision for income taxes:
Malaysia valuation allowance	40			(15		)	(25		)
Foreign tax credit valuation allowance	(12		)	(114		)	(421		)
Brazil and other international valuation allowance	6			—			—
U.S. state net operating loss carryforwards	1			2			—
Balance at the end of the year	$	(549	)	$	(584	)	$	(457	)