Income Taxes |
9 Months Ended |
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Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 19—Income Taxes Our effective tax rate for the three-month periods ended September 30, 2026, and September 30, 2025, was 33.1 percent and 41.0 percent, respectively. The change in the effective tax rate for the three-month period ended September 30, 2026, is primarily due to a shift in our mix of income among taxing jurisdictions and the release of unrecognized tax benefits in the current quarter, as described below. Our effective tax rate for the nine-month periods ended September 30, 2026, and September 30, 2025, was 34.4 percent and 37.1 percent, respectively. The change in the effective tax rate for the nine-month period ended September 30, 2026, is primarily due to a shift in our mix of income among taxing jurisdictions and the release of unrecognized benefits in the current quarter, partly offset by a change to our valuation allowance in the prior year, both described below. For the three-month period ended September 30, 2026, we recognized a benefit of $101 million from the release of unrecognized tax benefits due to the expiration of applicable statutes of limitations in certain jurisdictions. During the first quarter of 2025, our valuation allowance decreased $56 million, relating to the expected utilization of previously unrecognized capital loss carryforwards due to our agreement to sell our interests in the Ursa and Europa fields, and the Ursa Oil Pipeline Company LLC to Shell Offshore Inc. and Shell Pipeline Company LP, respectively. The company has ongoing income tax audits in a number of jurisdictions. The government agents in charge of these audits regularly request additional time to complete audits, which we generally grant, and conversely, occasionally close audits unpredictably.
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