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Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Note 19—Income Taxes
Our effective tax rate for the three-month periods ended March 31, 2025, and March 31, 2024, was 36.2 percent and 33.0 percent, respectively. The change in the effective tax rate for the three-month period ended March 31, 2025, is primarily due to a shift in our mix of income among taxing jurisdictions and the recognition of a Malaysia tax benefit occurring in the three-month period ending March 31, 2024, described below, partly offset by a change to our valuation allowance.

For the three-month period ended March 31, 2025, our valuation allowance decreased $56 million, relating to the expected utilization of previously unrecognized capital loss carryforwards due to our agreement to sell our interests in the Ursa and Europa Fields, and the Ursa Oil Pipeline Company LLC to Shell Offshore Inc. and Shell Pipeline Company LP.

During the first quarter of 2024, we recorded a $76 million tax benefit associated with a deepwater investment tax incentive for Malaysia Blocks J and G.

The Company has ongoing income tax audits in a number of jurisdictions. The government agents in charge of these audits regularly request additional time to complete audits, which we generally grant, and conversely occasionally close audits unpredictably. Within the next twelve months, we may have audit periods close that could significantly impact our total unrecognized tax benefits. The amount of such change is not estimable but could be significant when compared with our total unrecognized tax benefits.