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Income taxes (Tables)

12 Months Ended

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

X

- 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

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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

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- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 55

-Paragraph 217

-URI http://asc.fasb.org/extlink&oid=32707879&loc=d3e36027-109320



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