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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Net Income Before Income Taxes | Net income before income taxes was composed of the following:
|  | For the Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
U.S. |  | $ | 627 |  |  | $ | 2,675 |  |  | $ | 629 |
Foreign |  | 2,256 |  |  | 3,059 |  |  | 1,262 |
Total |  | $ | 2,883 |  |  | $ | 5,734 |  |  | $ | 1,891 |
Schedule of Total Provision for Income Taxes | The total income tax provision (benefit) consisted of the following:
|  | For the Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Current income taxes: |  |  |  |  |  |
Federal |  | $ | 2 |  |  | $ | 1 |  |  | $ | 16 |
State |  | 6 |  |  | 11 |  |  | — |
Foreign |  | 1,330 |  |  | 1,495 |  |  | 636 |
|  | 1,338 |  |  | 1,507 |  |  | 652 |
Deferred income taxes: |  |  |  |  |  |
Federal |  | (1,708) |  |  | — |  |  | — |
State |  | (32) |  |  | — |  |  | — |
Foreign |  | 78 |  |  | 145 |  |  | (74) |
|  | (1,662) |  |  | 145 |  |  | (74) |
Total |  | $ | (324) |  |  | $ | 1,652 |  |  | $ | 578 |
Schedule of Reconciliation of Tax of Income Before Income Taxes and Total Tax Expense | A reconciliation of the tax on the Company’s net income before income taxes and total income tax provision (benefit) is shown below:
|  | For the Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Income tax expense at U.S. statutory rate |  | $ | 605 |  |  | $ | 1,204 |  |  | $ | 397 |
State income tax, less federal effect(1) |  | (23) |  |  | 9 |  |  | — |
Taxes related to foreign operations |  | 752 |  |  | 745 |  |  | 298 |
Tax credits |  | — |  |  | (4) |  |  | (10) |
Net change in tax contingencies |  | 5 |  |  | 1 |  |  | 16 |
Valuation allowances(1) |  | (1,842) |  |  | (646) |  |  | (90) |
Tax adjustments attributable to BCP Business Combination |  | — |  |  | 126 |  |  | — |
Remeasurement of U.K. deferred tax liability |  | 174 |  |  | 208 |  |  | — |
Tax attributable to Altus Preferred Unit limited partners |  | — |  |  | — |  |  | (34) |
All other, net |  | 5 |  |  | 9 |  |  | 1 |
|  | $ | (324) |  |  | $ | 1,652 |  |  | $ | 578 |
(1)The change in state valuation allowance is included as a component of state income tax.
Schedule of Net Deferred Tax (Asset) Liability | The net deferred income tax (asset) liability consisted of the following as of December 31:
|  | 2023 |  | 2022
|  | (In millions)
Deferred tax assets: |  |  |  |
U.S. and state net operating losses |  | $ | 2,050 |  |  | $ | 2,029 |
Capital losses |  | 8 |  |  | 357 |
Foreign net operating losses |  | 43 |  |  | 27 |
Tax credits and other tax incentives |  | 26 |  |  | 26 |
Foreign tax credits |  | 2,204 |  |  | 2,241 |
Accrued expenses and liabilities |  | 129 |  |  | 156 |
Asset retirement obligation |  | 850 |  |  | 672 |
Property and equipment |  | 38 |  |  | 44 |
Equity investments |  | 8 |  |  | — |
Net interest expense limitation |  | 125 |  |  | 74 |
Lease liability |  | 71 |  |  | 114 |
Decommissioning contingency for sold Gulf of Mexico properties |  | 210 |  |  | 275 |
Total deferred tax assets |  | 5,762 |  |  | 6,015 |
Valuation allowance |  | (2,630) |  |  | (4,918) |
Net deferred tax assets |  | 3,132 |  |  | 1,097 |
Deferred tax liabilities: |  |  |  |
Equity investments |  | — |  |  | 1 |
Property and equipment |  | 1,573 |  |  | 1,023 |
Right-of-use asset |  | 69 |  |  | 110 |
Decommissioning security for sold Gulf of Mexico properties |  | 44 |  |  | 148 |
Other |  | 59 |  |  | 90 |
Total deferred tax liabilities |  | 1,745 |  |  | 1,372 |
Net deferred income tax (asset) liability |  | $ | (1,387) |  |  | $ | 275 |
Net deferred tax assets and liabilities are included in the consolidated balance sheet as of December 31 as follows:
|  | 2023 |  | 2022
|  | (In millions)
Assets: |  |  |  |
Other assets |  |  |  |
Deferred tax asset |  | $ | 1,758 |  |  | $ | 39 |
Liabilities: |  |  |  |
Deferred credits and other noncurrent liabilities |  |  |  |
Deferred tax liability |  | 371 |  |  | 314 |
Net deferred income tax (asset) liability |  | $ | (1,387) |  |  | $ | 275 |
Summary of Valuation Allowance | In 2023, 2022, and 2021, the Company’s valuation allowance decreased by $2.3 billion, $1.0 billion, and $89 million, respectively, as detailed in the table below:
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Balance at beginning of year |  | $ | 4,918 |  |  | $ | 5,902 |  |  | $ | 5,991 |
State(1) |  | (63) |  |  | (111) |  |  | 1 |
U.S. |  | (2,235) |  |  | (706) |  |  | (97) |
Foreign |  | 10 |  |  | (167) |  |  | 7 |
Balance at end of year |  | $ | 2,630 |  |  | $ | 4,918 |  |  | $ | 5,902 |
(1)Reported as a component of state income taxes.
Schedule of Net Operating Losses | On December 31, 2023, the Company had net operating losses as follows:
|  | Amount |  | Expiration
|  | (In millions) |  |
U.S. |  | $ | 8,027 |  |  | 2027 - Indefinite
State |  | 6,553 |  |  | Various
Foreign |  | 119 |  |  | 2024 - Indefinite
Schedule of Foreign Tax Credit Carryforward | On December 31, 2023, the Company had foreign tax credits as follows:
|  | Amount |  | Expiration
|  | (In millions) |  |
Foreign tax credits |  | $ | 2,204 |  |  | 2025-2026
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Balance at beginning of year |  | $ | 89 |  |  | $ | 116 |  |  | $ | 93 |
Additions based on tax positions related to prior year |  | 4 |  |  | — |  |  | 16 |
Additions based on tax positions related to the current year |  | — |  |  | — |  |  | 7 |
Reductions for tax positions of prior years |  | — |  |  | (27) |  |  | — |
Balance at end of year |  | $ | 93 |  |  | $ | 89 |  |  | $ | 116 |
Schedule of Key Jurisdictions of Company's Earliest Open Tax Years | The Company’s earliest open tax years in its key jurisdictions are as follows: Jurisdiction
U.S. | 2014
Egypt | 2005
U.K. | 2022

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