Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, plant, and equipment

Property, plant, and equipment were composed of the following:

	December 31,
Millions of dollars	2024		2023
Land	$	119	$	119
Buildings and property improvements	1,751		1,724
Machinery, equipment, and other	15,704		15,121
Total property, plant, and equipment	17,574		16,964
Accumulated depreciation	(12,461)		(12,064)
Net property, plant, and equipment	$	5,113	$	4,900

Percentages of building and property improvements, and total machinery, and equipment and other, excluding oil and natural gas investments, depreciated over useful lives

Classes of assets are depreciated over the following useful lives:

	Buildings and Property Improvements
	2024	2023
1    -   10 years	17%	16%
11    -   20 years	40%	40%
21    -   30 years	26%	26%
31    -   40 years	17%	18%

	Machinery, Equipment, and Other
	2024	2023
1    -    5 years	46%	47%
6    -   10 years	45%	43%
11    -   20 years	9%	10%