
	Millions of Dollars
	Midstream		Marketing and Specialties	Total






Balance at December 31, 2023	$	626	924	1,550


Goodwill assigned to acquisitions	22		3	25
Balance at December 31, 2024	648		927	1,575
Adjustments	—		(1)	(1)
Goodwill assigned to divestiture	—		(141)	(141)

Balance at December 31, 2025	$	648	785	1,433

On December 1, 2025, we divested 65% of our interest in Germany and Austria Marketing, and derecognized $141 million goodwill in connection with the disposition. The $141 million goodwill allocated to Germany and Austria Marketing is based on the relative fair value of Germany and Austria Marketing compared to the fair value of the M&S reporting unit. See Note 9—Investments, Loans and Long-Term Receivables for additional information on the disposition.

On July 1, 2024, we acquired Dos Picos in our Midstream segment and recognized goodwill of $21 million associated with this acquisition. Refer to Note 5—Business Combinations for additional information.

The gross carrying value of indefinite-lived intangible assets at December 31 consisted of the following:


	Millions of Dollars

	2025		2024

Trade names and trademarks	$	410	503
Refinery air and operating permits	117		109

	$	527	612

During the year ended December 31, 2025, our trade names and trademarks intangible balances decreased $93 million, primarily due to the derecognition of a trade name in connection with the partial sale of Germany and Austria Marketing. See Note 9—Investments, Loans and Long-Term Receivables for additional information on the disposition.

The net book value of our amortized intangible assets was $450 million at December 31, 2025, and $549 million at December 31, 2024. These balances include accumulated amortization of $462 million and $408 million, at December 31, 2025 and 2024, respectively. The amortized intangible assets are primarily related to customer relationships.

On July 1, 2024, we acquired Dos Picos in our Midstream segment and recorded $256 million in amortizable intangible assets, which have a weighted-average amortization period of 20 years. Associated with the 2024 acquisition and final valuation of a marketing business on the U.S. West Coast, in our M&S segment, we recorded $20 million in amortizable intangible assets. See Note 5—Business Combinations for additional information.

For the years ended December 31, 2025, 2024 and 2023, amortization expense was $138 million, $53 million and $33 million, respectively. The increases in amortization expense for the years ended December 31, 2025 and 2024 are primarily due to the accelerated amortization resulting from the cessation of fuel production and idling of our Los Angeles Refinery. See Note 4—Restructuring for additional information. Expected amortization expenses beyond 2026 are less than $50 million per year.