Impairments |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairments | Impairments
For the year ended December 31, 2025, we recorded before-tax impairments totaling $1.1 billion, which included $955 million recorded in our Refining segment and $79 million recorded in our Midstream segment. Refining segment impairments included a $948 million before-tax impairment related to our equity method investment in WRB. See Note 9—Investments, Loans and Long-Term Receivables for additional information. The Midstream segment included a $79 million before-tax impairment related to an equity investment in an NGL pipeline in Texas. For the year ended December 31, 2024, we recorded before-tax impairments totaling $456 million, which included $346 million recorded in our Midstream segment and $106 million recorded in our Refining segment. Midstream segment impairments included $224 million related to certain gathering and processing assets in Texas, $35 million related to an equity investment in a crude pipeline in Oklahoma, and $28 million related to certain crude gathering assets in Texas. Before-tax impairments for the year ended December 31, 2024 also included $163 million related to certain crude oil processing and logistics assets in California, of which $104 million was reported in our Refining segment and $59 million was reported in our Midstream segment. These impairment charges are included within the “Impairments” line item on our consolidated income statement. See Note 20—Fair Value Measurements for additional information on the determination of fair value used to record these impairments.
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