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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
Net income before income taxes was composed of the following:
 For the Year Ended December 31,    
 202320222021
 (In millions)
U.S.$594 $2,656 $689 
Foreign2,322 3,218 1,291 
Total$2,916 $5,874 $1,980 
Schedule of Total Provision (Benefit) for Income Taxes
The total income tax provision (benefit) consisted of the following:
 For the Year Ended December 31,    
 202320222021
 (In millions)
Current income taxes:
Federal$2 $1 $16 
State6 11 — 
Foreign1,330 1,495 636 
1,338 1,507 652 
Deferred income taxes:
Federal(1,696)— — 
State(34)— — 
Foreign78 145 (74)
(1,652)145 (74)
Total$(314)$1,652 $578 
Schedule of Reconciliation of Tax of Income Before Income Taxes and Total Tax Expense A reconciliation of the tax on the Company’s net income before income taxes and total income tax provision (benefit) is shown below:
 For the Year Ended December 31,    
 202320222021
 (In millions)
Income tax expense at U.S. statutory rate
$612 $1,234 $416 
State income tax, less federal effect(1)
(25)9 — 
Taxes related to foreign operations753 774 300 
Tax credits— (4)(10)
Net change in tax contingencies5 1 16 
Valuation allowances(1)
(1,838)(705)(111)
Tax adjustments attributable to BCP Business Combination— 126 — 
Remeasurement of U.K. deferred tax liability174 208 — 
Tax attributable to Altus Preferred Unit limited partners— — (34)
All other, net5 9 1 
$(314)$1,652 $578 
(1)The change in state valuation allowance is included as a component of state income tax.
Schedule of Net Deferred Tax Liability The net deferred income tax (asset) liability consisted of the following as of December 31:
 20232022
 (In millions)
Deferred tax assets:
U.S. and state net operating losses$2,027 $2,035 
Capital losses8 357 
Tax credits and other tax incentives26 26 
Foreign tax credits2,204 2,241 
Accrued expenses and liabilities130 145 
Asset retirement obligation849 672 
Equity investments
8 — 
Net interest expense limitation74 55 
Lease liability71 113 
Decommissioning contingency for sold Gulf of Mexico properties210 275 
Total deferred tax assets5,607 5,919 
Valuation allowance(2,549)(4,831)
Net deferred tax assets3,058 1,088 
Deferred tax liabilities:
Equity investments— 1 
Property and equipment1,510 1,014 
Right-of-use asset69 110 
Decommissioning security for sold Gulf of Mexico properties44 148 
Other59 90 
Total deferred tax liabilities1,682 1,363 
Net deferred income tax (asset) liability
$(1,376)$275 
Net deferred tax assets and liabilities are included in the consolidated balance sheet as of December 31 as follows:
 20232022
 (In millions)
Assets:
Other assets
Deferred tax asset
$1,747 $39 
Liabilities:
Deferred credits and other noncurrent liabilities
Deferred tax liability371 314 
Net deferred income tax (asset) liability
$(1,376)$275 
Summary of Valuation Allowance
In 2023, 2022, and 2021, the Company’s valuation allowance decreased by $2.3 billion, $1.0 billion, and $116 million, respectively, as detailed in the table below:
202320222021
 (In millions)
Balance at beginning of year$4,831 $5,875 $5,991 
State(1)
(61)(111)1 
U.S.(2,221)(706)(112)
Foreign— (227)(5)
Balance at end of year$2,549 $4,831 $5,875 
(1)Reported as a component of state income taxes.
Schedule of Net Operating Losses
On December 31, 2023, the Company had net operating losses as follows:
 Amount    Expiration    
 (In millions) 
U.S.$7,922 2027 - Indefinite
State6,541 Various
Schedule of Foreign Tax Credit Carryforward
On December 31, 2023, the Company had foreign tax credits as follows:
 Amount    Expiration    
 (In millions) 
Foreign tax credits$2,204 2025-2026
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
202320222021
 (In millions)
Balance at beginning of year$89 $116 $93 
Additions based on tax positions related to prior year4 — 16 
Additions based on tax positions related to the current year— — 7 
Reductions for tax positions of prior years(8)(27)— 
Balance at end of year$85 $89 $116 
Schedule of Key Jurisdictions of Company's Earliest Open Tax Years The Company’s earliest open tax years in its key jurisdictions are as follows:
Jurisdiction
U.S.2014
Egypt2005
U.K.2022