Impairments and Other Charges

9 Months Ended

Sep. 30, 2025

The following table presents various pre-tax charges we recorded during the three and nine months ended

September 30, 2025 and 2024, which are reflected within “Impairments and other charges” on our condensed consolidated

statements of operations.


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
Millions of dollars	2025	2024	2025	2024
Severance costs	$169	$63	$276	$63
Fixed and Other assets write-offs	115	—	115	—
Impairment of assets held for sale	96	49	200	49
Impairment of real estate facilities	—	—	53	—
Cybersecurity incident	(10)	35	(10)	35
Gain on investment	(6)	(43)	(6)	(43)
Other	28	12	120	12
Total impairments and other charges	$392	$116	$748	$116

During the three months ended September 30, 2025 and 2024, we rationalized global headcount to align with activity

levels and recorded severance expense of $169 million and $63 million, respectively. Additionally, we recognized an

impairment of assets held for sale of $96 million and $49 million, respectively, associated with a strategic decision to market

for sale a portion of our chemical business.

During the three months ended September 30, 2025, we wrote off various fixed and other assets, primarily related to

our North America Land operations, for a total of $115 million.

Offsetting these charges during the three months ended September 30, 2025, were a release of accruals related to a

cybersecurity incident from the third quarter of 2024 for $10 million and a gain of $6 million related to an equity investment.

The charges for the nine months ended September 30, 2025, included $276 million of severance costs, $200 million of

an impairment of assets held for sale related to our chemical business, fixed and other asset write-offs of $115 million, a $53

million impairment associated with facility closures and lease terminations, and $120 million of other charges, primarily related

to legacy environmental remediation cost estimate increases. The charges for the nine months ended September 30, 2024,

included $63 million of severance costs, a $49 million impairment of assets held for sale, $35 million in expenses related to a

cybersecurity incident, and $12 million classified as other, and were partially offset by a $43 million gain related to a fair value

adjustment on an equity investment.