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Income taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Text Block1 [Abstract]  
Summary of Income Taxes
Income taxes recognized in the income statement can be detailed as follows:
 
Million US dollar
   
2024
    
   2023
    
   2022
  
Current year
   
(3 252
) 
  
(2 828
) 
  
(2 785
) 
(Underprovided)/overprovided in prior years
   
(211
) 
  
(95
) 
  
157
Current tax expense
   
(3 463
) 
  
(2 923
) 
  
(2 628
) 
                          
Origination and reversal of temporary differences
   
482
 
855
 
829
Recognition/(de-recognition)
of deferred tax assets on tax losses (carried forward)
   
(171
) 
  
(166
) 
  
(128
) 
Deferred tax (expense)/income
   
311
 
689
 
701
                          
Total income tax expense in the income statement
   
(3 152
)
  
(2 234
)
  
(1 928
)
Summary of Reconciliation of Effective Tax Rate with Aggregated Weighted Nominal Tax Rate
The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows:
 
Million US dollar
   
2024
     
   2023
     
   2022
  
                            
Profit/(loss) before tax
   
10 568
  
9 124
  
9 524
Deduct share of results of associates
   
329
  
295
  
299
Deduct exceptional share of results of associates
   
104
  
(35)
  
(1 143)
Profit before tax and before share of results of associates
   
10 134
  
8 864
  
10 369
                            
Adjustments to the tax basis
   
  
  
Government incentives
   
(376)
  
(756)
  
(713)
Non-deductible/(non-taxable)
mark-to-market
on derivatives
   
1 211
  
325
  
(606)
Other expenses not deductible for tax purposes
   
1 725
  
1 632
  
1 590
Other
non-taxable
income
   
(560)
  
(647)
  
(576)
                            
Adjusted tax basis
   
12 133
  
9 417
  
10 065
                            
Aggregate weighted nominal tax rate
   
26.3%
  
27.4%
  
26.7%
                            
Tax at aggregated nominal tax rate
   
(3 196)
  
(2 583)
  
(2 691)
                            
Adjustments on tax expense
   
  
  
Recognition/(de-recognition)
of deferred tax assets on tax losses (carried forward)
   
(171)
  
(166)
  
(128)
(Underprovided)/overprovided in prior years
   
(211)
  
(95)
  
157
Deductions from interest on equity
   
240
  
781
  
790
Deductions from goodwill and other tax deductions
   
736
  
491
  
473
Change in tax rate
   
10
  
2
  
48
Withholding taxes
   
(497)
  
(559)
  
(436)
Other tax adjustments
   
(62)
     
(105)
  
(140)
                            
Total tax expense
   
(3 152)
  
(2 234)
  
(1 928)
                            
Effective tax rate
   
31.1%
     
25.2%
  
18.6%
Summary of Detail Information of Income Tax Recognized in Other Comprehensive Income
Income taxes were directly recognized in other comprehensive income as follows:
 
Million US dollar
   
2024
     
   2023
     
   2022
  
                            
Re-measurements
of post-employment benefits
   
(48)
  
(13)
  
(126)
Exchange differences, cash flow and net investment hedges
   
10
  
(41)
  
(51)
Income tax (losses)/gains
   
(38)
  
(54)
  
(177)