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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes Charged to Income (Loss) | Components of income tax provision (benefit) were:
| Millions of Dollars
| 2024 |  | 2023 |  | 2022
Income Taxes |  |  |  |  |
Federal |  |  |  |  |
Current | $ | 629 |  |  | 1,054 |  |  | 1,263 |
Deferred | 247 |  |  | 825 |  |  | 1,629 |
Foreign |  |  |  |  |
Current | 3,249 |  |  | 2,931 |  |  | 5,813 |
Deferred | 71 |  |  | 254 |  |  | 387 |
State and local |  |  |  |  |
Current | 182 |  |  | 202 |  |  | 386 |
Deferred | 49 |  |  | 65 |  |  | 70 |
Total tax provision (benefit) | $ | 4,427 |  |  | 5,331 |  |  | 9,548 |
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
| 2024 | 2023
Deferred Tax Liabilities |  |
PP&E and intangibles | $ | 15,609 |  | 11,992 |
Inventory | 91 |  | 46 |
Other | 155 |  | 216 |
Total deferred tax liabilities | 15,855 |  | 12,254 |
Deferred Tax Assets |  |
Benefit plan accruals | 432 |  | 413 |
Asset retirement obligations and accrued environmental costs | 2,799 |  | 2,608 |
Investments in joint ventures | 2,269 |  | 2,133 |
Other financial accruals and deferrals | 497 |  | 448 |
Loss and credit carryforwards | 4,910 |  | 5,629 |
Other | 187 |  | 121 |
Total deferred tax assets | 11,094 |  | 11,352 |
Less: valuation allowance | (6,435) |  | (7,656) |
Total deferred tax assets net of valuation allowance | 4,659 |  | 3,696 |
Net deferred tax liabilities | $ | 11,196 |  | 8,558 |
Reconciliation of Deferred Tax Asset Valuation Allowance | The following table shows a reconciliation of the beginning and ending deferred tax asset valuation allowance for 2024, 2023 and 2022:
| Millions of Dollars
| 2024 | 2023 | 2022
Balance at January 1 | $ | 7,656 |  | 8,049 |  | 8,342 |
Charged to expense (benefit) | (409) |  | (2) |  | 5 |
Other* | (812) |  | (391) |  | (298) |
Balance at December 31 | $ | 6,435 |  | 7,656 |  | 8,049 |
*Represents changes due to deferred tax assets that have no impact to our effective tax rate, acquisitions/dispositions/revisions and the effect of translating foreign financial statements.
Schedule of Unrecognized Tax Benefits Roll Forward | The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2024, 2023 and 2022:
| Millions of Dollars
| 2024 | 2023 | 2022
Balance at January 1 | $ | 387 |  | 710 |  | 1,345 |
Additions based on tax positions related to the current year | 3 |  | 5 |  | 6 |
Additions for tax positions of prior years | 127 |  | 1 |  | 6 |
Reductions for tax positions of prior years | — |  | (9) |  | (62) |
Settlements | (121) |  | (96) |  | (510) |
Lapse of statute | (19) |  | (224) |  | (75) |
Balance at December 31 | $ | 377 |  | 387 |  | 710 |
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)
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Income (loss) before income taxes |  |  |  |  |  |  |
United States | $ | 6,731 |  | 9,472 |  | 16,739 |  |  | 49.2 | % | 58.2 |  | 59.3 |
Foreign | 6,941 |  | 6,816 |  | 11,489 |  |  | 50.8 |  | 41.8 |  | 40.7 |
| $ | 13,672 |  | 16,288 |  | 28,228 |  |  | 100.0 | % | 100.0 |  | 100.0 |
Federal statutory income tax | $ | 2,871 |  | 3,421 |  | 5,928 |  |  | 21.0 | % | 21.0 |  | 21.0 |
Non-U.S. effective tax rates | 1,822 |  | 2,063 |  | 3,866 |  |  | 13.3 |  | 12.7 |  | 13.7 |
Recovery of outside basis | (5) |  | (4) |  | (30) |  |  | — |  | — |  | (0.1) |
Adjustment to tax reserves | (57) |  | (317) |  | (551) |  |  | (0.4) |  | (1.9) |  | (2.0) |
Adjustment to valuation allowance | (409) |  | (2) |  | 5 |  |  | (3.0) |  | — |  | — |
State income tax | 187 |  | 214 |  | 405 |  |  | 1.4 |  | 1.3 |  | 1.4 |
Other | 18 |  | (44) |  | (75) |  |  | 0.1 |  | (0.3) |  | (0.2) |
Total | $ | 4,427 |  | 5,331 |  | 9,548 |  |  | 32.4 | % | 32.7 |  | 33.8 |

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