INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2023

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	2023		2022		2023		2022
Earnings (Loss) before income taxes	$	204	$	(332)	$	95	$	95
Income tax expense (benefit) computed at United States statutory tax rate	43		(70)		20		20
State and local taxes, net of federal tax benefit	4		7		5		16
Valuation allowances	17		(1)		21		6
Audit and Settlements	34		(29)		54		(26)
U.S. foreign income items, net of credits	—		(2)		2		(10)
Non deductible impairments	1		150		51		150
Non deductible fines and penalties	10		—		20		—
Other	5		(18)		9		(13)
Income tax expense (benefit) computed at effective worldwide tax rates	$	114	$	37	$	182	$	143

(1) Prior year amounts on the table above have been reclassified to conform with current year presentation.