Properties, Plants and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Our investment in PP&E and the associated accumulated depreciation and amortization (Accum. D&A) balances were as follows:


	Millions of Dollars
	March 31, 2026				December 31, 2025
	Gross PP&E		Accum. D&A	Net PP&E	Gross PP&E	Accum. D&A	Net PP&E

Midstream	$	29,903	5,973	23,930	29,558	5,771	23,787
Chemicals	—		—	—	—	—	—
Refining	22,959		11,027	11,932	25,955	13,685	12,270
Marketing and Specialties	1,029		556	473	1,014	543	471
Renewable Fuels	3,787		1,789	1,998	3,772	1,762	2,010
Corporate and Other	4,592		3,776	816	1,492	933	559
	$	62,270	23,121	39,149	61,791	22,694	39,097

In the fourth quarter of 2025, we began idling facilities at our Los Angeles Refinery and ceased fuel production. We have submitted redevelopment project applications for the facilities, initiating the review process and allowing us to continue pursuing the redevelopment of the property for future uses. As a result of the decision to cease operations and begin idling the facilities, the carrying values of the associated net properties, plants and equipment (PP&E) and intangible assets were depreciated to the estimated salvage value of $241 million at December 31, 2025. Total depreciation related to the Los Angeles Refinery assets for the three months ended March 31, 2025, was $270 million, including $246 million of accelerated depreciation, and was included within the “Depreciation and amortization” line item on our consolidated statement of income reported in our Refining segment. In the first quarter of 2026, we transferred $2,965 million in gross PP&E and $2,699 million of accumulated depreciation and amortization associated with the idled Los Angeles Refinery from our Refining segment to Corporate and Other.