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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Summary of Income Tax Expense (Benefit) |
millions of dollars |  | 2014 |  |  | 2013 |  |  | 2012 |
Current income tax expense |  |  | 106 |  |  |  | 425 |  |  |  | 593 |
Deferred income tax expense (a) |  |  | 1,130 |  |  |  | 484 |  |  |  | 634 |
Total income tax expense (b) |  |  | 1,236 |  |  |  | 909 |  |  |  | 1,227 |
Statutory corporate tax rate (percent) |  |  | 25.5 |  |  |  | 25.4 |  |  |  | 25.5 |
Increase/(decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Enacted tax rate change |  |  | - |  |  |  | - |  |  |  | - |
Other |  |  | (0.9 | ) |  |  | (1.1 | ) |  |  | (0.9 | )
Effective income tax rate |  |  | 24.6 |  |  |  | 24.3 |  |  |  | 24.6 |
| (a) | There were no material net (charges)/credits for the effect of changes in tax laws and rates included in the provisions for deferred income taxes in 2014, 2013 and 2012.
| (b) | Cash outflow from income taxes, plus investment credits earned, was $811 million in 2014 (2013 – $911 million, 2012 – $871 million).
Components of Deferred Income Tax Liabilities and Assets | Components of deferred income tax liabilities and assets as at December 31 were:
millions of dollars |  | 2014 |  |  | 2013 |  |  | 2012 |
Depreciation and amortization |  |  | 3,777 |  |  |  | 2,949 |  |  |  | 2,434 |
Successful drilling and land acquisitions |  |  | 827 |  |  |  | 815 |  |  |  | 399 |
Pension and benefits |  |  | (438 | ) |  |  | (376 | ) |  |  | (717 | )
Site restoration |  |  | (304 | ) |  |  | (287 | ) |  |  | (284 | )
Capitalized interest |  |  | 82 |  |  |  | 69 |  |  |  | 53 |
Other |  |  | (103 | ) |  |  | (99 | ) |  |  | 39 |
Net long-term deferred income tax liabilities |  |  | 3,841 |  |  |  | 3,071 |  |  |  | 1,924 |
LIFO inventory valuation |  |  | (201 | ) |  |  | (450 | ) |  |  | (478 | )
Other |  |  | (113 | ) |  |  | (109 | ) |  |  | (49 | )
Net current deferred income tax assets |  |  | (314 | ) |  |  | (559 | ) |  |  | (527 | )
Valuation allowance |  |  | - |  |  |  | - |  |  |  | - |
Net deferred income tax liabilities |  |  | 3,527 |  |  |  | 2,512 |  |  |  | 1,397 |
Unrecognized Tax Benefits | The following table summarizes the movement in unrecognized tax benefits:
millions of dollars |  | 2014 |  |  | 2013 |  |  | 2012 |
Balance as at January 1 |  |  | 151 |  |  |  | 143 |  |  |  | 134 |
Additions based on current year’s tax position |  |  | 4 |  |  |  | 10 |  |  |  | 4 |
Additions for prior years’ tax positions |  |  | - |  |  |  | 2 |  |  |  | 10 |
Reductions for prior years’ tax positions |  |  | (4 | ) |  |  | (4 | ) |  |  | (3 | )
Reductions due to lapse of the statute of limitations |  |  | - |  |  |  | - |  |  |  | (2 | )
Balance as at December 31 |  |  | 151 |  |  |  | 151 |  |  |  | 143 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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