v3.25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes on continuing operations were as follows:

	Year Ended December 31,
Millions of dollars	2025	2024	2023
Current income taxes:
Federal	$(3)	$10	$(21)
Foreign	(448)	(571)	(472)
State	(5)	(9)	(12)
Total current income taxes	(456)	(570)	(505)
Deferred income taxes:
Federal	(66)	(167)	(123)
Foreign	10	31	(59)
State	33	(12)	(14)
Total deferred income taxes	(23)	(148)	(196)
Income tax provision	$(479)	$(718)	$(701)

Schedule of Income before Income Tax, Domestic and Foreign

The United States and foreign components of income from continuing operations before income taxes were as follows:

	Year Ended December 31,
Millions of dollars	2025	2024	2023
United States	$762	$1,695	$1,666
Foreign	1,009	1,539	1,697
Total income from continuing operations before income taxes	$1,771	$3,234	$3,363

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations between the actual provision for income taxes on continuing operations and that computed by applying

the United States statutory rate to income from continuing operations before income taxes were as follows:

	Year Ended December 31,
Millions of dollars	2025
U.S. Federal Statutory Tax Rate	$372	21.0%
State and Local Income Tax, Net of Federal Income Tax Effect (a)	(24)	(1.4)
Foreign Tax Effects
Argentina
Intercompany Withholding Tax	33	1.9
Other	15	0.8
Brazil	27	1.5
Cayman Islands
Statutory Tax Rate Difference Between Cayman Islands and United States	29	1.6
Mexico
Foreign Exchange / Inflation Adjustment	(26)	(1.5)
Other	28	1.6
Norway	23	1.3
Saudi Arabia
Intercompany Withholding Tax	32	1.8
Other	(3)	(0.2)
Singapore
Statutory Tax Rate Difference Between Singapore and United States	(35)	(2.0)
Other	25	1.4
United Arab Emirates	(19)	(1.1)
Other Foreign Jurisdictions	125	7.0
Domestic Federal Reconciling Items
Effect of Cross-Border Tax Laws
Foreign Derived Intangible Income Deduction	(135)	(7.6)
Global Intangible Low-Taxed Income	23	1.3
Other	10	0.6
Tax Credits
Foreign Tax Credit	(146)	(8.2)
Research & Development Credit	(50)	(2.8)
Changes in Valuation Allowances	176	9.9
Nontaxable or Nondeductible items	32	1.8
Other Adjustments	(5)	(0.1)
Changes in Unrecognized Tax Benefits	(28)	(1.6)
Effective Tax Rate	$479	27.0%

(a) During the year ended December 31, 2025, state and local income taxes in Texas comprise the majority (greater than 50 percent) of the state and local income taxes, net of federal effect category.

Year Ended December 31,
	2024	2023
United States statutory rate	21.0%	21.0%
Valuation allowance against tax assets	(2.1)	0.8
Impact of foreign income taxed at different rates	4.7	0.2
State income taxes	0.6	0.7
Impact of impairments and other charges	0.6	0.6
Adjustments of prior year taxes	(2.5)	(1.3)
Other items, net	(0.1)	(1.2)
Total effective tax rate on continuing operations	22.2%	20.8%

Schedule of Deferred Tax Assets and Liabilities

The primary components of our deferred tax assets and liabilities were as follows:

	December 31,
Millions of dollars	2025	2024
Gross deferred tax assets:
Foreign tax credit carryforwards	$790	$950
Intangible assets	679	727
Operating and capital loss carryforwards	629	581
Royalty prepayment	239	—
Accrued liabilities	233	227
Employee compensation and benefits	157	170
Research and development tax credit carryforwards	86	85
Other	813	639
Total gross deferred tax assets	3,626	3,379
Gross deferred tax liabilities:
Depreciation and amortization	197	164
Operating lease right-of-use assets	133	144
Other	63	50
Total gross deferred tax liabilities	393	358
Valuation allowances	943	718
Net deferred income tax asset	$2,290	$2,303

Summary of Tax Credit Carryforwards

Our deferred tax assets from operating and capital losses, foreign tax credits, and research and development credits

will expire as follows:

Millions of dollars	U.S. Net Operating Loss	Foreign Operating and Capital Loss	Foreign Tax Credits	Research and Development Credit	Total Deferred Tax Assets
2026-2030	$5	$69	$430	$—	$504
2031-2035	6	24	353	—	383
2036-2045	13	68	36	85	202
Non-Expiring	13	437	—	—	450
	$37	$598	$819	$85	$1,539

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents a rollforward of our unrecognized tax benefits and associated interest and penalties.

Millions of dollars	Unrecognized Tax Benefits		Interest and Penalties
Balance at January 1, 2023	$311		$64
Change in prior year tax positions	(38)		(10)
Change in current year tax positions	8		1
Cash settlements with taxing authorities	(4)		(3)
Lapse of statute of limitations	(9)		(3)
Balance at December 31, 2023	$268	(a)	$49
Change in prior year tax positions	(68)		—
Change in current year tax positions	10		1
Cash settlements with taxing authorities	(1)		(1)
Lapse of statute of limitations	(13)		(4)
Balance at December 31, 2024	$196	(a)	$45
Change in prior year tax positions	40		3
Change in current year tax positions	15		2
Cash settlements with taxing authorities	(11)		—
Lapse of statute of limitations	(70)		(8)
Balance at December 31, 2025	$170	(a)(b)	$42

(a)

Includes $36 million as of December 31, 2025, $40 million as of December 31, 2024, and $43 million as of December 31, 2023 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2025, December 31, 2024, and December 31, 2023, a net $119 million, $137 million and $192 million after a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor.

(b)

Includes $24 million as of December 31, 2025 that we believe could be resolved within the next 12 months.

Schedule Income Tax Paid, Net

Income taxes paid (net of refunds received) were as follows:

	Year Ended December 31,
Million of dollars	2025
US Federal	$27
US State and Local	9
Foreign
Mexico	112
Saudi Arabia	76
Other	415
Foreign Subtotal	603
Total	$639

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