Impairments and Other Charges

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

The following table presents various pre-tax charges we recorded during the three and nine months ended September 30, 2024, which are reflected within “Impairments and other charges” on our condensed consolidated statements of operations.


	Three Months Ended September 30,		Nine Months Ended September 30,
Millions of dollars	2024			2024

Severance	$	63		$	63
Impairment of assets held for sale	49			49
Cybersecurity incident	35			35



Gain on equity investment	(43)			(43)
Other	12			12
Total impairments and other charges	$	116		$	116

Of the $116 million net charges recorded during the three and nine months ended September 30, 2024, $45 million was attributable to our Completion and Production segment, $34 million was attributable to our Drilling and Evaluation segment, and $37 million was attributable to Corporate and other.

During the three months ended September 30, 2024, we recorded $63 million in severance expense as we rationalized global headcount to reflect growth expectations.

During the third quarter of 2024, we recorded a $49 million impairment associated with a strategic decision to market for sale a portion of our chemical business.

As disclosed within our Form 8-Ks filed on August 23, 2024, and September 3, 2024, we became aware that an unauthorized third party gained access to certain of our systems. As a result, we incurred $35 million in expenses during the three months ended September 30, 2024 related to the engagement of external advisors to assess and remediate the effects of the activity, and restore our systems, as well as legal fees, payroll related costs, and other expenses.

Additionally, we recognized a gain of $43 million related to a fair value adjustment on an equity investment during the three months ended September 30, 2024.

During the three and nine months ended September 30, 2023, there were no amounts recorded in impairments and other charges.