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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Taxes  
Income Taxes

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13.  Income Taxes

For the three months ended June 30, 2025, we recorded an income tax benefit of $45 million on pre-tax loss of $246 million compared to an income tax expense of $4 million on pre-tax loss of $482 million for the three months ended June 30, 2024. Our effective income tax rate was 17.5% and (0.8%) for the three months ended June 30, 2025 and 2024, respectively.

For the three months ended June 30, 2025, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership loss for which there was no tax

benefit as such income is allocated to the partners. For the three months ended June 30, 2024, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership losses for which there was no tax benefit as such losses are allocated to the partners.

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For the six months ended June 30, 2025, we recorded an income tax benefit of $119 million on pre-tax loss of $900 million compared to an income tax expense of $11 million on pre-tax loss of $501 million for the six months ended June 30, 2024. Our effective income tax rate was 13.0% and (2.2%) for the six months ended June 30, 2025 and 2024, respectively.

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For the six months ended June 30, 2025, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership losses for which there was no tax benefit as such losses are allocated to the partners. For the six months ended June 30, 2024, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership losses for which there was no tax benefit as such losses are allocated to the partners.

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