Impairments and Other Charges (Credits)

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Impairments and Other Charges (Credits)The following table presents various pre-tax charges (credits) we recorded during the three and six months ended

June 30, 2026 and 2025, which are reflected within “Impairments and other charges (credits)” on our Condensed Consolidated

Statements of Operations.


	Three Months Ended		Six Months Ended
	June 30,		June 30,
Millions of dollars	2026	2025	2026	2025
Gain on investments	$(64)	$—	$(64)	$—
Loss on sale of a business	17	—	17	—
Severance costs	—	—	—	107
Impairment of assets held for sale	—	—	—	104
Impairment of real estate facilities	—	—	—	53
Other	(48)	—	(48)	92
Total impairments and other charges (credits)	$(95)	$—	$(95)	$356

During the three and six months ended June 30, 2026, we recorded a pre-tax credit of $95 million primarily due to a

$54 million gain resulting from changes in our ownership interest in an equity investment, and a $10 million gain from

remeasuring an equity investment to fair value. Other credits of $48 million were primarily due to a government refund

recovery. These gains were partially offset by a $17 million loss on the sale of a portion of our chemical business, which closed

in April 2026.

During the three months ended June 30, 2025, there were no amounts recorded in impairments and other charges

(credits). During the six months ended June 30, 2025, we recorded a pre-tax charge of $356 million primarily related to $107

million in severance expense as we rationalized global headcount to align with activity levels and $104 million of additional

impairment associated with a strategic decision to market for sale a portion of our chemical business. Additionally, we

recognized a $53 million impairment related to facility closures and lease terminations. Other charges of $92 million were

primarily related to legacy environmental remediation cost estimate increases.