v2.4.0.6

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes Charged to Income (Loss) from Continuing Operations

Income taxes charged to income from continuing operations were:

		Millions of Dollars
		2011				2010				2009
Income Taxes
Federal
Current		$	1,073				1,240				289
Deferred			264				126				257
Foreign
Current			6,966				7,289				5,366
Deferred			49				(1,058	)			(1,082	)
State and local
Current			317				260				99
Deferred			101				6				(12	)
		$	8,770				7,863				4,917

Components of Deferred Tax Liabilities and Assets

Major components of deferred tax liabilities and assets at December 31 were:

		Millions of Dollars
		2011				2010
Deferred Tax Liabilities
PP&E and intangibles		$	21,159				20,344
Investment in joint ventures			2,943				2,201
Inventory			—				43
Partnership income deferral			363				434
Other			703				571
Total deferred tax liabilities			25,168				23,593
Deferred Tax Assets
Benefit plan accruals			2,063				1,691
Asset retirement obligations and accrued environmental costs			4,254				3,971
Inventory			43				—
Deferred state income tax			299				257
Other financial accruals and deferrals			618				394
Loss and credit carryforwards			1,608				1,344
Other			692				717
Total deferred tax assets			9,577				8,374
Less valuation allowance			(1,487	)			(1,400	)
Net deferred tax assets			8,090				6,974
Net deferred tax liabilities		$	17,078				16,619

Reconciliation of Beginning and Ending Unrecognized Tax Benefits

The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2011, 2010 and 2009:

		Millions of Dollars
		2011				2010				2009
Balance at January 1		$	1,125				1,208				1,068
Additions based on tax positions related to the current year			46				63				18
Additions for tax positions of prior years			145				344				177
Reductions for tax positions of prior years			(35	)			(199	)			(33	)
Settlements			(206	)			(215	)			(19	)
Lapse of statute			(4	)			(76	)			(3	)
Balance at December 31		$	1,071				1,125				1,208

Amounts of U.S. and Foreign Income (Loss) from Continuing Operations Before Income Taxes

The amounts of U.S. and foreign income from continuing operations before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes, were:

														Percent of
		Millions of Dollars												Pretax Income
		2011				2010				2009				2011				2010				2009
Income from continuing operations before income taxes
United States		$	4,703				3,810				2,218				29.0				20.8				25.5
Foreign			11,522				14,502				6,496				71.0				79.2				74.5
		$	16,225				18,312				8,714				100.0	%			100.0				100.0
Federal statutory income tax		$	5,679				6,409				3,050				35.0	%			35.0				35.0
Foreign taxes in excess of federal statutory rate			2,924				1,375				1,902				18.0				7.5				21.8
Federal manufacturing deduction			(73	)			(75	)			(40	)			(0.4	)			(0.4	)			(0.5	)
State income tax			272				173				57				1.7				0.9				0.7
Other			(32	)			(19	)			(52	)			(0.2	)			(0.1	)			(0.6	)
		$	8,770				7,863				4,917				54.1	%			42.9				56.4

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

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X

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319



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-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 48

-Paragraph 21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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