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Income Taxes (Tables)

12 Months Ended

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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