Income Taxes	6 Months Ended
Jun. 30, 2021
Income Taxes [Abstract]
Income Taxes	Note 18—Income Taxes Our effective tax rate was 32 percent in the three-month period ended June 30, 2021 and was negative for the comparable period of 2020. Both periods were primarily impacted by shifts in our before-tax income between higher and lower tax jurisdictions as well as the change in our U.S. valuation allowance driven by the fair value measurement of our CVE common shares. Our effective tax rates for the six-months ended June 30, 2021 and 2020 were 36 percent and 7 percent, respectively and both periods were impacted by the same items noted above. Additionally, our effective tax rate for the six-month period ended June 30, 2021 was adversely impacted by $ 75 million due to incremental interest deductions from the exchange of debt acquired from Concho offsetting U.S. foreign source revenue that would otherwise have been offset by foreign tax credits. The six-month period ending June 30, 2020, was also impacted by the tax effect of the gain on disposition recognized for Australia-West assets. During the three and six-month periods of 2021, our valuation allowance decreased by $ 87 million and $ 151 million, respectively, compared to a decrease of $ 117 million and an increase of $ 229 for the same periods of 2020. The change to our U.S. valuation allowance for all periods relates primarily to the fair value measurement of our CVE common shares and our expectation of the tax impact related to incremental capital gains and losses. 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. Within the next twelve months we may have audit periods close that could significantly impact our total unrecognized tax benefits. The amount of such change and the associated impact on our financial statements is not estimable at this time. Our deferred tax liability increased by approximately $ 1.1 billion as part of the liabilities assumed through our Concho acquisition. Additionally, our reserve for unrecognized tax benefits increased by $ 150 million related to tax credit carryovers acquired from Concho that we do not expect to recognize.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Taxes [Abstract]

Income Taxes

Note 18—Income Taxes

Our effective tax rate was

percent in the three-month period ended June 30,

2021 and was negative for the

comparable period of 2020.

Both periods were primarily impacted by shifts

in our before-tax income between

higher and lower tax jurisdictions as well as the

change in our U.S. valuation allowance

driven by the fair

value measurement of our CVE common shares.

Our effective tax rates for the six-months ended June 30,

2021 and 2020 were

percent and

percent,

respectively and both periods were impacted by the

same items noted above.

Additionally, our effective tax

rate for the six-month period ended June 30, 2021

was adversely impacted by $

million due to incremental

interest deductions from the exchange of debt

acquired from Concho offsetting U.S. foreign source revenue

that would otherwise have been offset by foreign tax credits.

The six-month period ending June 30, 2020, was

also impacted by the tax effect of the gain on disposition

recognized for Australia-West assets.

During the three and six-month periods of 2021,

our valuation allowance decreased by $

million and $

151

million, respectively, compared to a decrease of $

117

million and an increase of $

229

for the same periods of

2020.

The change to our U.S. valuation allowance

for all periods relates primarily to the fair

value

measurement of our CVE common shares and

our expectation of the tax impact related

to incremental capital

gains and losses.

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.

Within the next twelve months we may have audit periods close

that

could significantly impact our total unrecognized

tax benefits. The amount of such change

and the associated

impact on our financial statements is not estimable

at this time.

Our deferred tax liability increased by approximately

1.1

billion as part of the liabilities assumed through

our

Concho acquisition.

Additionally, our reserve for unrecognized tax benefits increased by $

150

million related

to tax credit carryovers acquired from Concho

that we do not expect to recognize.