v3.26.1
Segment and Related Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment and Related Information Segment and Related Information
Our operations are managed by senior executives who report to our Chief Executive Officer, the chief operating decision maker. Discrete financial information is available for each of the segments. The Chief Executive Officer uses EBITDA as the primary measure for reviewing the profitability of our segments and allocating resources to the segments. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Our chief operating decision maker does not receive information about total assets by reportable segment.
The activities of each of our segments from which they earn revenues and incur expenses are described below: 
•Olefins and Polyolefins-Americas (“O&P-Americas”). Our O&P-Americas segment produces and markets olefins and co-products, polyethylene and polypropylene.
•Olefins and Polyolefins-Europe, Asia, International (“O&P-EAI”). Our O&P-EAI segment produces and markets olefins and co-products, polyethylene and polypropylene.
•Intermediates and Derivatives (“I&D”). Our I&D segment produces and markets propylene oxide and its derivatives; oxyfuels and related products; and intermediate chemicals such as styrene monomer and acetyls.
•Advanced Polymer Solutions (“APS”). Our APS segment produces and markets compounding and solutions, such as polypropylene compounds, engineered plastics, masterbatches, engineered composites, and colors.
•Technology. Our Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts.
“Other” includes intersegment eliminations and items that are not directly related or allocated to business operations, such as foreign exchange gains or losses and components of pension and other postretirement benefit costs other than service costs. Sales between segments are made at prices approximating prevailing market prices.
Summarized financial information concerning reportable segments is shown in the following tables for the periods presented:
Three Months Ended June 30, 2026
Millions of dollars O&P–
Americas		O&P–
EAI		I&DAPSTechnologyOtherTotal
Sales and other operating revenues:
Customers$2,679 $2,648 $2,704 $1,006 $140 $— $9,177 
Intersegment842 307 43 4 27 (1,223)— 
3,521 2,955 2,747 1,010 167 (1,223)9,177 
Less:
Cost of sales2,328 2,689 2,402 867 71 (1,218)7,139 
Impairments74 — — — — — 74 
(Income) loss from equity investments(18)(39)(1)1 — — (57)
Loss on sale of business— 734 — — — — 734 
Other items117 49 77 85 33 4 365 
Add:
Depreciation and amortization expense163 46 108 20 10 — 347 
EBITDA$1,183 $(432)$377 $77 $73 $(9)$1,269 
Capital expenditures$107 $101 $40 $10 $12 $— $270 
Three Months Ended June 30, 2025
Millions of dollarsO&P–
Americas		O&P–
EAI		I&DAPSTechnologyOtherTotal
Sales and other operating revenues:
Customers$1,851 $2,537 $2,244 $913 $113 $— $7,658 
Intersegment526 167 31 4 24 (752)— 
2,377 2,704 2,275 917 137 (752)7,658 
Less:
Cost of sales2,108 2,575 2,048 807 82 (749)6,871 
Impairments— 32 — — — — 32 
Income from equity investments(4)(3)— — — — (7)
Other items124 136 40 98 33 10 441 
Add:
Depreciation and amortization expense164 38 99 20 11 — 332 
EBITDA$313 $2 $286 $32 $33 $(13)$653 
Capital expenditures$305 $115 $73 $19 $27 $— $539 
Six Months Ended June 30, 2026
Millions of dollarsO&P-
Americas		O&P-
EAI		I&DAPSTechnologyOtherTotal
Sales and other operating revenues:
Customers$4,599 $4,948 $4,727 $1,879 $221 $— $16,374 
Intersegment1,359 508 80 7 52 (2,006)— 
5,958 5,456 4,807 1,886 273 (2,006)16,374 
Less:
Cost of sales4,507 5,120 4,263 1,617 131 (2,003)13,635 
Impairments74 15 — — — — 89 
(Income) loss from equity investments(27)(24)(2)1 — — (52)
Loss on sale of business— 734 — — — — 734 
Other items221 167 157 173 72 12 802 
Add:
Depreciation and amortization expense327 89 212 40 21 — 689 
EBITDA$1,510 $(467)$601 $135 $91 $(15)$1,855 
Capital expenditures$227 $162 $98 $27 $25 $— $539 
Six Months Ended June 30, 2025
Millions of dollarsO&P–
Americas		O&P–
EAI		I&DAPSTechnologyOtherTotal
Sales and other operating revenues:
Customers$3,808 $4,972 $4,526 $1,817 $212 $— $15,335 
Intersegment1,050 332 47 8 45 (1,482)— 
4,858 5,304 4,573 1,825 257 (1,482)15,335 
Less:
Cost of sales4,381 5,085 4,281 1,607 126 (1,481)13,999 
Impairments— 32 — — — — 32 
(Income) loss from equity investments(11)3 — — — — (8)
Other items243 242 110 180 67 13 855 
Add:
Depreciation and amortization expense319 77 198 40 21 — 655 
EBITDA$564 $19 $380 $78 $85 $(14)$1,112 
Capital expenditures$521 $239 $164 $49 $49 $— $1,022 
Other items include Selling, general and administrative (“SG&A”) expenses, Research and development expenses, and Other income, net.
A reconciliation of EBITDA to Income from continuing operations before income taxes is shown in the following table for each of the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
Millions of dollars2026202520262025
EBITDA:
Total segment EBITDA$1,278 $666 $1,870 $1,126 
Other EBITDA(9)(13)(15)(14)
Less:
Depreciation and amortization expense(347)(332)(689)(655)
Interest expense(138)(118)(276)(225)
Add:
Interest income24 21 55 51 
Income from continuing operations before income taxes$808 $224 $945 $283 
Divestiture of European Assets—On May 1, 2026, we completed the divestiture of select European olefins and polyolefins assets and the associated businesses located in Berre l’Etang (France), Münchsmünster (Germany), Carrington (United Kingdom), and Tarragona (Spain), previously included in our O&P-EAI segment. In connection with the divestiture, we recognized a pre-tax loss of $734 million, subject to post closing adjustments. The loss includes a $310 million cash contribution to the businesses at closing. As of December 31, 2025, the assets and liabilities associated with the disposal group were classified as held for sale in the Consolidated Balance Sheet.
Planned Closure of Brindisi Site—During the second quarter of 2026, we recognized $31 million of employee-related costs associated with the planned closure of our polypropylene unit at our Brindisi site in Italy. These costs are reflected in Cost of sales in the Consolidated Statements of Income and within the O&P-EAI segment.

Impairment—We have a 50% ownership interest in a plastic waste sorting facility located in Houston, Texas. In the second quarter of 2026, we determined that our investment was fully impaired and recognized an impairment charge of $74 million in our O&P-Americas segment. The impairment was primarily attributable to the slower than anticipated pace of our circularity investments in the U.S., including our decision to postpone the final investment decision on MoReTec-2. The fair value of our investment was determined using a discounted cash flow model under the income approach. These inputs are considered Level 3 inputs within the fair value hierarchy.

Closure of European PO Joint Venture—In March 2025, we announced the permanent closure of our European PO Joint Venture. During the first quarter of 2025, we recognized $117 million of costs associated with the closure which are reflected in Cost of sales in the Consolidated Statements of Income.