INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the difference between income tax expense (benefit) at the U.S. statutory rate of 21% and the income tax expense (benefit) at effective worldwide tax rates for the respective periods:

	Three Months Ended June 30,				Six Months Ended June 30,
Millions of dollars	2022		2021		2022		2021
Earnings (Loss) before income taxes	$	(332)	$	674	$	95	$	1,273
Income tax expense (benefit) computed at United States statutory tax rate	(70)		142		20		267
Valuation allowances	(1)		(1)		6		2
Audit and Settlements	(29)		8		(26)		15
U.S. foreign income items, net of credits	(2)		—		(10)		7
Changes in enacted tax rates	—		(14)		—		(14)
Non deductible impairments	150		—		150		—
Divestiture tax impact	—		(21)		—		(21)
Legal entity restructuring tax impact	—		(46)		—		(46)
Other	(11)		26		3		43
Income tax expense (benefit) computed at effective worldwide tax rates	$	37	$	94	$	143	$	253