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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 19—Income Taxes Our effective tax rate for the three-month periods ended September 30, 2025, and September 30, 2024, was 41.0 percent and 36.4 percent, respectively. The change in the effective tax rate for the three-month period ended September 30, 2025, is primarily due to a shift in our mix of income among taxing jurisdictions. Our effective tax rate for the nine-month periods ended September 30, 2025, and 2024, was 37.1 percent and 35.2 percent, respectively. The change in the effective tax rate for the nine-month period ended September 30, 2025, is primarily due to a shift in our mix of income among taxing jurisdictions partly offset by a change to our valuation allowance in the current year and the recognition of a Malaysia tax benefit occurring in the prior year, both described below. The relevant provisions of the One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025, were implemented during the third quarter of 2025. The changes introduced by the legislation did not have a material impact on our effective tax rate for the quarter, and we do not expect a material impact on our effective tax rate for the full year 2025. During the first quarter of 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, respectively. 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.

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