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Income Taxes | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The income tax expense decreased $300 million between quarterly periods from $2.4 billion in 2024 to $2.1 billion in 2025. The company’s income before income tax expense decreased $2.3 billion from $7.9 billion in 2024 to $5.6 billion in 2025, primarily due to lower equity affiliate earnings, lower downstream margins, lower upstream realizations, unfavorable foreign currency effects, and lower upstream sales volumes. The company’s effective tax rate increased between quarterly periods from 30 percent in 2024 to 37 percent in 2025. The change in effective tax rate was primarily due to the absence of prior period favorable tax items, current period unfavorable tax items and mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions. The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in various jurisdictions. Both the outcome of these tax matters and the timing of resolution and/or closure of the tax audits are highly uncertain. Given the number of years that still remain subject to examination and the number of matters being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits.

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