Segment Information (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Segment information for our reportable segments

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

	Refining		Ethanol		VLP		Corporate and Eliminations			Total
Three months ended September 30, 2017:
Operating revenues:
Operating revenues from external customers	$	22,728	$	834	$	—	$	—		$	23,562
Intersegment revenues	1		48		110		(159		)	—
Total operating revenues	22,729		882		110		(159		)	23,562
Cost of sales:
Cost of materials and other	19,818		669		—		(158		)	20,329
Operating expenses (excluding depreciation and amortization expense reflected below)	986		114		26		(1		)	1,125
Depreciation and amortization expense	455		17		12		—			484
Total cost of sales	21,259		800		38		(159		)	21,938
Other operating expenses	41		—		3		—			44
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		229			229
Depreciation and amortization expense	—		—		—		13			13
Operating income (loss) by segment	$	1,429	$	82	$	69	$	(242	)	$	1,338
Three months ended September 30, 2016:
Operating revenues:
Operating revenues from external customers	$	18,718	$	931	$	—	$	—		$	19,649
Intersegment revenues	—		56		92		(148		)	—
Total operating revenues	18,718		987		92		(148		)	19,649
Cost of sales:
Cost of materials and other	16,424		757		—		(148		)	17,033
Operating expenses (excluding depreciation and amortization expense reflected below)	931		107		24		—			1,062
Depreciation and amortization expense	429		17		12		—			458
Total cost of sales	17,784		881		36		(148		)	18,553
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		192			192
Depreciation and amortization expense	—		—		—		12			12
Operating income (loss) by segment	$	934	$	106	$	56	$	(204	)	$	892

	Refining			Ethanol			VLP		Corporate and Eliminations			Total
Nine months ended September 30, 2017:
Operating revenues:
Operating revenues from external customers	$	65,030		$	2,558		$	—	$	—		$	67,588
Intersegment revenues	1			136			326		(463		)	—
Total operating revenues	65,031			2,694			326		(463		)	67,588
Cost of sales:
Cost of materials and other	57,662			2,166			—		(462		)	59,366
Operating expenses (excluding depreciation and amortization expense reflected below)	2,935			330			75		(1		)	3,339
Depreciation and amortization expense	1,358			63			36		—			1,457
Total cost of sales	61,955			2,559			111		(463		)	64,162
Other operating expenses	41			—			3		—			44
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—			—			—		597			597
Depreciation and amortization expense	—			—			—		39			39
Operating income (loss) by segment	$	3,035		$	135		$	212	$	(636	)	$	2,746
Nine months ended September 30, 2016:
Operating revenues:
Operating revenues from external customers	$	52,302		$	2,645		$	—	$	—		$	54,947
Intersegment revenues	—			135			258		(393		)	—
Total operating revenues	52,302			2,780			258		(393		)	54,947
Cost of sales:
Cost of materials and other	45,790			2,263			—		(393		)	47,660
Operating expenses (excluding depreciation and amortization expense reflected below)	2,716			305			72		—			3,093
Depreciation and amortization expense	1,308			48			35		—			1,391
Lower of cost or market inventory valuation adjustment	(697		)	(50		)	—		—			(747		)
Total cost of sales	49,117			2,566			107		(393		)	51,397
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—			—			—		507			507
Depreciation and amortization expense	—			—			—		35			35
Asset impairment loss	56			—			—		—			56
Operating income (loss) by segment	$	3,129		$	214		$	151	$	(542	)	$	2,952

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

	September 30, 2017		December 31, 2016
Refining	$	39,450	$	38,095
Ethanol	1,319		1,316
VLP	1,110		972
Corporate and eliminations	6,109		5,790
Total assets	$	47,988	$	46,173