Segment Information

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

SEGMENT INFORMATION

10. SEGMENT INFORMATION

The following table reflects activity related to our reportable segments (in millions):

	Refining			Ethanol			Corporate			Total
Three months ended June 30, 2016:
Total segment revenues	$	18,664		$	965		$	—		$	19,629
Less intersegment revenues	—			45			—			45
Operating revenues from external customers	$	18,664		$	920		$	—		$	19,584
Lower of cost or market inventory valuation adjustment	$	(434	)	$	(20	)	$	—		$	(454	)
Asset impairment loss	56			—			—			56
Operating income (loss)	1,332			69			(170		)	1,231
Three months ended June 30, 2015:
Total segment revenues	$	24,350		$	805		$	—		$	25,155
Less intersegment revenues	—			37			—			37
Operating revenues from external customers	$	24,350		$	768		$	—		$	25,118
Operating income (loss)	$	2,161		$	108		$	(191	)	$	2,078
Six months ended June 30, 2016:
Total segment revenues	$	33,584		$	1,793		$	—		$	35,377
Less intersegment revenues	—			79			—			79
Operating revenues from external customers	$	33,584		$	1,714		$	—		$	35,298
Lower of cost or market inventory valuation adjustment	$	(697	)	$	(50	)	$	—		$	(747	)
Asset impairment loss	56			—			—			56
Operating income (loss)	2,290			108			(338		)	2,060
Six months ended June 30, 2015:
Total segment revenues	$	44,879		$	1,634		$	—		$	46,513
Less intersegment revenues	—			65			—			65
Operating revenues from external customers	$	44,879		$	1,569		$	—		$	46,448
Operating income (loss)	$	3,802		$	120		$	(349	)	$	3,573

Total assets by reportable segment were as follows (in millions):

	June 30, 2016		December 31, 2015
Refining	$	38,634	$	38,068
Ethanol	1,005		1,016
Corporate	5,813		5,143
Total assets	$	45,452	$	44,227