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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
Income Taxes [Abstract] |
Components of Income (Loss) from Continuing Operations Before Income Taxes and Income Tax Expense |
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿(Thousands of dollars) | 2017 |  | 2016 |  | 2015
﻿Income (loss) from continuing operations before income taxes |  |  |  |  |  |
﻿ United States | $ | (299,349) |  | (595,196) |  | (1,259,268)
﻿ Foreign |  | 371,151 |  | 102,081 |  | (2,022,994)
﻿ Total | $ | 71,802 |  | (493,115) |  | (3,282,262)
﻿Income tax expense (benefit) |  |  |  |  |  |
﻿ Federal – Current | $ | – |  | – |  | (9,435)
﻿ – Deferred |  | 156,065 |  | (197,450) |  | (241,127)
﻿ Total Federal |  | 156,065 |  | (197,450) |  | (250,562)
﻿ State |  | 4,230 |  | 13,984 |  | (5,294)
﻿ Foreign – Current |  | 122,318 |  | 146,861 |  | (40,550)
﻿ – Deferred |  | 100,125 |  | (182,567) |  | (730,084)
﻿ Total Foreign |  | 222,443 |  | (35,706) |  | (770,634)
﻿ Total | $ | 382,738 |  | (219,172) |  | (1,026,490)
﻿
Effective Income Tax Rates |
﻿ |  |  |  |  |  |
﻿(Thousands of dollars) | 2017 |  | 2016 |  | 2015
﻿Income tax expense (benefit) based on the U.S. statutory tax rate | $ | 25,131 |  | (172,590) |  | (1,148,792)
﻿Revaluation of deferred tax (US tax reform) |  | 118,004 |  | – |  | –
﻿Deferred tax effect of deemed repatriation of foreign invested earnings (U.S. tax reform) |  | 156,000 |  | – |  | –
﻿Deferred tax effect on Canadian earnings no longer indefinitely invested |  | 65,000 |  | – |  | –
﻿Foreign income (loss) subject to foreign tax rates different than the U.S. statutory rate |  | 12,658 |  | 8,582 |  | 49,739
﻿State income taxes, net of federal benefit |  | 2,438 |  | 9,090 |  | (3,441)
﻿U.S. tax benefit on certain foreign upstream investments |  | (32,926) |  | (21,336) |  | (16,939)
﻿Deferred tax on distribution of foreign earnings |  | – |  | – |  | 188,461
﻿Tax effects on sale of Canadian assets |  | – |  | (89,473) |  | –
﻿Tax effects on sale of Malaysian assets |  | – |  | 2,080 |  | (122,559)
﻿Increase in deferred tax asset valuation allowance related to other foreign exploration expenditures |  | 18,601 |  | 25,734 |  | 40,788
﻿Other, net |  | 17,832 |  | 18,741 |  | (13,747)
﻿ Total | $ | 382,738 |  | (219,172) |  | (1,026,490)
﻿
Analysis of Deferred Tax Assets and Deferred Tax Liabilities Showing Tax Effects of Significant Temporary Differences |
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﻿ |  |  |  |
﻿(Thousands of dollars) | 2017 |  | 2016
﻿Deferred tax assets |  |  |  |
﻿ Property and leasehold costs | $ | 488,584 |  | 572,481
﻿ Liabilities for dismantlements |  | 98,444 |  | 170,946
﻿ Postretirement and other employee benefits |  | 134,444 |  | 214,288
﻿ Alternative minimum tax |  | 29,710 |  | 29,710
﻿ Foreign tax credit carryforwards |  | 228,159 |  | 33,295
﻿ U. S. net operating loss |  | 272,930 |  | 454,231
﻿ Other deferred tax assets |  | 13,892 |  | 16,541
﻿ Total gross deferred tax assets |  | 1,266,163 |  | 1,491,492
﻿ Less valuation allowance |  | (476,256) |  | (305,389)
﻿ Net deferred tax assets |  | 789,907 |  | 1,186,103
﻿Deferred tax liabilities |  |  |  |
﻿ Deferred tax on undistributed foreign earnings |  | (65,000) |  | –
﻿ Accumulated depreciation, depletion and amortization |  | (669,638) |  | (867,343)
﻿ Other deferred tax liabilities |  | (2,824) |  | (21,908)
﻿ Total gross deferred tax liabilities |  | (737,462) |  | (889,251)
﻿ Net deferred tax assets | $ | 52,445 |  | 296,852
﻿
Reconciliation of Beginning and Ending Amount of Consolidated Liability for Unrecognized Income Tax Benefits |
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﻿(Thousands of dollars) | 2017 |  | 2016 |  | 2015
﻿Balance at January 1 | $ | 7,417 |  | 6,631 |  | 6,011
﻿Additions for tax positions related to current year |  | 769 |  | 756 |  | 821
﻿Settlements due to lapse of time |  | (4,834) |  | – |  | –
﻿Foreign currency translation effect |  | 85 |  | 30 |  | (201)
﻿ Balance at December 31 | $ | 3,437 |  | 7,417 |  | 6,631
﻿

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