Net income included before-tax aggregate foreign exchange transaction gains/(losses) of $0.2 billion, $(0.5) billion, and $(0.1) billion in 2025, 2024, and 2023, respectively.

LIFO Inventory. In 2025, 2024, and 2023, net income included gains of $0.3 billion, $0.2 billion, and $0.4 billion, respectively, attributable to the combined effects of LIFO inventory accumulations and drawdowns. The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by approximately $7 billion and $10 billion at December 31, 2025 and 2024, respectively.


(millions of dollars)	Dec 31, 2025	Dec 31, 2024
Crude oil	7,976	6,483
Petroleum products	6,889	6,017
Chemical products (1)	4,261	4,142
Gas/other	3,853	2,802
Total	22,979	19,444

(1) Chemical products includes basic chemicals (olefins and aromatics), polymers (such as polyolefins, adhesions, specialty elastomers, & butyl), intermediates (e.g., hydrocarbon fluids, plasticizers), and synthetics.

Government Assistance. ASC 832 "Government Assistance" requires disclosure of certain types of government assistance not otherwise covered by authoritative accounting guidance. During 2023 to 2025, certain governments provided payments which, individually and in aggregate, were immaterial to the Corporation's consolidated financial statements. The terms and conditions of these programs, including their duration, vary by country. In connection with cap and trade programs in certain countries outside the United States, companies receive allowances from governments covering a specified level of emissions from facilities they operate. The Corporation records these allowances at a nominal amount, generally in "Inventories - Crude oil, products and merchandise" on the Consolidated Balance Sheet.