Impairments and Other Charges

12 Months Ended

Dec. 31, 2025

The following table presents various pre-tax charges we recorded during the years ended December 31, 2025 and

2024, which are reflected within “Impairments and other charges” on our Consolidated Statements of Operations.


	Year Ended December 31,
Millions of dollars	2025	2024	2023
Severance costs	$299	$63	$—
Impairment of assets held for sale	224	49	—
Fixed and Other assets write-offs	115	—	—
Impairment of real estate facilities	53	—	—
Equity in earnings loss	50	—	—
Gain on investment	(6)	(43)	—
Cybersecurity incident	(10)	35	—
Other	106	12	—
Total impairments and other charges	$831	$116	$—

For the year ended December 31, 2025, the charges included $299 million of severance costs, $224 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, $50 million equity in earnings loss, and $106

million of other charges, primarily related to legacy environmental remediation cost estimate increases. Offsetting these charges

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.

For the year ended December 31, 2024, the charges 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 of other charges, and were

partially offset by a $43 million gain related to a fair value adjustment on an equity investment.

For the year ended December 31, 2023, there were no amounts recorded in impairment and other charges.