Income Taxes	6 Months Ended
Jun. 30, 2019
Income Taxes [Abstract]
Income Taxes	Note 22—Income Taxes Our effective tax rates for the three- and six-month periods ended June 30, 2019, were 22 percent and 27 percent, respectively, compared with 37 percent and 42 percent for the same periods of 2018. The effective tax rate for the three- and six-month periods ended June 30, 2019 is lower than the effective tax rate for the same periods of 2018 primarily due to the recognition of U.S. tax basis in our U.K. subsidiaries to be sold, a reduction in our valuation allowance for 2019, and higher before-tax income in lower tax jurisdictions for 2019. See discussion of these items in the paragraphs below. During the second quarter of 2019, we recognized a U.S. tax benefit of $234 million primarily related to the recognition of U.S. tax basis in our U.K. subsidiaries classified as held for sale. During the three- and six-month periods ended June 30, 2019, our valuation allowance decreased by $85 million and $191 million, respectively, compared to a decrease of $12 million and an increase of $45 million for the same periods of 2018. The change to our valuation allowance between periods relates primarily to the decrease in the deferred tax asset related to the increase in the fair value measurement of our Cenovus Energy common shares as well as recognition of deferred tax assets due to the disposition of the Greater Sunrise Fields. For additional information on asset dispositions, see Note 5—Assets Held for Sale and Dispositions. In July 2019, all partners in the Malaysia Block G PSC approved claiming certain deepwater incentive tax credits. As a result, we expect to recognize an income tax benefit in the third quarter of 2019 of approximately $165 million. The Malaysia assets are included in our Asia Pacific and Middle East segment.

Income Taxes

6 Months Ended

Jun. 30, 2019

Note 22—Income Taxes

Our effective tax rates for the three- and six-month periods ended June 30, 2019, were 22 percent and 27 percent, respectively, compared with 37 percent and 42 percent for the same periods of 2018. The effective tax rate for the three- and six-month periods ended June 30, 2019 is lower than the effective tax rate for the same periods of 2018 primarily due to the recognition of U.S. tax basis in our U.K. subsidiaries to be sold, a reduction in our valuation allowance for 2019, and higher before-tax income in lower tax jurisdictions for 2019. See discussion of these items in the paragraphs below.

During the second quarter of 2019, we recognized a U.S. tax benefit of $234 million primarily related to the recognition of U.S. tax basis in our U.K. subsidiaries classified as held for sale.

During the three- and six-month periods ended June 30, 2019, our valuation allowance decreased by $85 million and $191 million, respectively, compared to a decrease of $12 million and an increase of $45 million for the same periods of 2018. The change to our valuation allowance between periods relates primarily to the decrease in the deferred tax asset related to the increase in the fair value measurement of our Cenovus Energy common shares as well as recognition of deferred tax assets due to the disposition of the Greater Sunrise Fields.

For additional information on asset dispositions, see Note 5—Assets Held for Sale and Dispositions.

In July 2019, all partners in the Malaysia Block G PSC approved claiming certain deepwater incentive tax credits. As a result, we expect to recognize an income tax benefit in the third quarter of 2019 of approximately $165 million. The Malaysia assets are included in our Asia Pacific and Middle East segment.