Our investment in PP&E is recorded at cost. Investments in refining and processing facilities are generally depreciated on a straight-line basis over a 25-year life, pipeline assets over a 45-year life, terminal assets over a 35-year life, and gathering systems over a 35-year life. The company’s investment in PP&E, with the associated accumulated depreciation and amortization (Accum. D&A), at December 31 was:


	Millions of Dollars
	2025				2024
	Gross PP&E		Accum. D&A	Net PP&E	Gross PP&E	Accum. D&A	Net PP&E

Midstream	$	29,558	5,771	23,787	26,187	4,820	21,367
Chemicals	—		—	—	—	—	—
Refining	25,955		13,685	12,270	22,274	11,991	10,283
Marketing and Specialties	1,014		543	471	2,091	1,267	824
Renewable Fuels	3,772		1,762	2,010	3,716	1,669	2,047
Corporate and Other	1,492		933	559	1,688	945	743
	$	61,791	22,694	39,097	55,956	20,692	35,264

See Note 4—Restructuring, for information regarding the cessation of fuel production and idling of the Los Angeles Refinery. See Note 5—Business Combinations and Note 20—Fair Value Measurements for additional information regarding our acquisitions in the Midstream, Refining and Marketing and Specialties segments. See Note 9—Investments, Loans and Long-Term Receivables for additional information regarding the partial sale of Germany and Austria Marketing in the M&S segment. See Note 12—Impairments, for information regarding PP&E impairments the Refining and Midstream segments.

On August 30, 2024, we sold certain Midstream gathering and processing assets in Texas for cash proceeds of $41 million and recognized a before-tax loss of $9 million, which is included in the “Net gain on dispositions” line item on our consolidated statement of income for the year ended December 31, 2024.