v3.26.1
Employee Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost
Millions of Dollars
Pension Benefits
Other Benefits
2026202520262025
U.S.
Int'l.
U.S.
Int'l.
Components of net periodic benefit cost
Three months ended June 30
Service cost
$11 8 14 8 1 1 
Interest cost
19 35 23 31 2 2 
Expected return on plan assets
(18)(53)(19)(44)
Amortization of prior service cost (credit)
— 2 — 1 (1)(6)
Recognized net actuarial loss (gain)
2 9 2 12 — — 
Settlements5 — — — — — 
Net periodic benefit cost
$19 1 20 8 2 (3)
Six Months Ended June 30
Service cost$22 16 29 16 1 1 
Interest cost
40 69 46 62 3 4 
Expected return on plan assets
(38)(106)(38)(89)
Amortization of prior service cost (credit)
— 2 — 1 (2)(12)
Recognized net actuarial loss (gain)
4 18 5 23 — — 
Settlements
14 — — 1 — — 
Net periodic benefit cost$42 (1)42 14 2 (7)
Summary of Severance Accruals
The following table summarizes our severance accrual activity for the six-month period ended June 30, 2026:

Millions of Dollars
Balance at December 31, 2025
$378 
Accruals31
Benefit payments(279)
Foreign currency translation adjustment(3)
Balance at June 30, 2026*
$127 
*Of the balance at June 30, 2026, $71 million is classified as short-term.