v3.26.1
Properties, Plants and Equipment
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Properties, Plants and Equipment Properties, Plants and Equipment
Our investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows:

Millions of Dollars
June 30, 2026December 31, 2025
Gross
PP&E		Accum.
D&A		  Net
PP&E		Gross
PP&E		Accum.
D&A		Net
PP&E
Midstream$30,851 6,391 24,460 29,558 5,771 23,787 
Chemicals— — — — — — 
Refining22,880 10,940 11,940 25,955 13,685 12,270 
Marketing and Specialties1,038 562 476 1,014 543 471 
Renewable Fuels3,792 1,813 1,979 3,772 1,762 2,010 
Corporate and Other4,598 3,804 794 1,492 933 559 
$63,159 23,510 39,649 61,791 22,694 39,097 


In the fourth quarter of 2025, we ceased fuel production and began idling facilities at our Los Angeles Refinery. The process of fully idling these facilities is ongoing while the redevelopment project plans continue through the review processes of the relevant state and local agencies. As a result, the carrying values of the associated net PP&E and intangible assets were depreciated to the estimated salvage value of $241 million at December 31, 2025. Total depreciation related to the Los Angeles Refinery assets for the three and six months ended June 30, 2025, was $265 million and $535 million, respectively, including $239 million and $485 million of accelerated depreciation, respectively. This depreciation was included within the “Depreciation and amortization” line item on our consolidated statement of income reported in our Refining segment. In the first quarter of 2026, we transferred $2,965 million in gross PP&E and $2,699 million of accumulated depreciation and amortization associated with the idled Los Angeles Refinery from our Refining segment to Corporate and Other.
On April 28, 2026, we acquired the assets and associated infrastructure of the Lindsey Oil Refinery for a purchase price of $115 million. We accounted for this acquisition as an asset acquisition and recorded $202 million of PP&E and $87 million of AROs, of which $171 million, inclusive of AROs, is reported in our Refining segment and $31 million is reported in our Midstream segment. The consideration paid is included in the “Acquisitions, net of cash acquired” line item on our consolidated statement of cash flows for the six months ended June 30, 2026.