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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes Charged to Income (Loss)

Components of income tax provision (benefit) were:

			Millions of Dollars
			2022						2021						2020
Income Taxes
Federal
Current			$	1,263					32						3
Deferred			1,629						1,161						(625)
Foreign
Current			5,813						3,128						350
Deferred			387						66						(70)
State and local
Current			386						127						(4)
Deferred			70						119						(139)
Total tax provision (benefit)			$	9,548					4,633						(485)

Components of Deferred Tax Liabilities and Assets

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were:

			Millions of Dollars
			2022			2021
Deferred Tax Liabilities
PP&E and intangibles			$	11,100		10,170
Inventory			48			44
Other			190			213
Total deferred tax liabilities			11,338			10,427
Deferred Tax Assets
Benefit plan accruals			450			321
Asset retirement obligations and accrued environmental costs			2,333			2,297
Investments in joint ventures			1,917			1,684
Other financial accruals and deferrals			736			827
Loss and credit carryforwards			6,354			7,402
Other			112			399
Total deferred tax assets			11,902			12,930
Less: valuation allowance			(8,049)			(8,342)
Total deferred tax assets net of valuation allowance			3,853			4,588
Net deferred tax liabilities			$	7,485		5,839

Reconciliation of Deferred Tax Asset Valuation Allowance

The following table shows a reconciliation of the beginning and ending deferred tax asset valuation allowance for 2022, 2021 and 2020:

			Millions of Dollars
			2022			2021			2020
Balance at January 1			$	8,342		9,965			10,214
Charged to expense (benefit)			5			(45)			460
Other*			(298)			(1,578)			(709)
Balance at December 31			$	8,049		8,342			9,965

*Represents changes due to originating deferred tax assets that have no impact to our effective tax rate, acquisitions/dispositions/revisions and the effect of translating foreign financial statements.

Reconciliation of Unrecognized Tax Benefits

The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2022, 2021 and 2020:

			Millions of Dollars
			2022			2021			2020
Balance at January 1			$	1,345		1,206			1,177
Additions based on tax positions related to the current year			6			15			6
Additions for tax positions of prior years			6			177			67
Reductions for tax positions of prior years			(62)			(5)			(34)
Settlements			(510)			—			(9)
Lapse of statute			(75)			(48)			(1)
Balance at December 31			$	710		1,345			1,206

Effective Income Tax Rate Reconciliation

The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate to the provision for income taxes, were:

			Millions of Dollars												Percent of Pre-Tax Income (Loss)
			2022			2021			2020						2022			2021			2020
Income (loss) before income taxes
United States			$	16,739		8,024			(3,587)						59.3		%	63.1			114.2
Foreign			11,489			4,688			447						40.7			36.9			(14.2)
			$	28,228		12,712			(3,140)						100.0		%	100.0			100.0
Federal statutory income tax			$	5,928		2,670			(659)						21.0		%	21.0			21.0
Non-U.S. effective tax rates			3,866			1,915			194						13.7			15.1			(6.2)
Australia disposition			—			—			(349)						—			—			11.1
Recovery of outside basis			(30)			(55)			(22)						(0.1)			(0.4)			0.7
Adjustment to tax reserves			(551)			(11)			18						(2.0)			(0.1)			(0.6)
Adjustment to valuation allowance			5			(45)			460						—			(0.4)			(14.6)
State income tax			405			194			(112)						1.4			1.5			3.6
Enhanced oil recovery credit			(37)			(99)			(6)						(0.1)			(0.8)			0.2
Other			(38)			64			(9)						(0.1)			0.5			0.3
Total			$	9,548		4,633			(485)						33.8		%	36.4			15.5

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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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