Revenues and Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment information for our reportable segments

The following tables reflect information about our operating income by reportable segment (in millions):

	Refining		Ethanol		Renewable Diesel		Corporate and Eliminations			Total
Three months ended June 30, 2019:
Revenues:
Revenues from external customers	$	27,746	$	964	$	222	$	1		$	28,933
Intersegment revenues	8		53		73		(134		)	—
Total revenues	27,754		1,017		295		(133		)	28,933
Cost of sales:
Cost of materials and other	25,172		855		189		(133		)	26,083
Operating expenses (excluding depreciation and amortization expense reflected below)	1,026		132		17		—			1,175
Depreciation and amortization expense	518		22		12		—			552
Total cost of sales	26,716		1,009		218		(133		)	27,810
Other operating expenses	1		1		—		—			2
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		199			199
Depreciation and amortization expense	—		—		—		14			14
Operating income by segment	$	1,037	$	7	$	77	$	(213	)	$	908
Three months ended June 30, 2018:
Revenues:
Revenues from external customers	$	30,024	$	884	$	106	$	1		$	31,015
Intersegment revenues	11		42		46		(99		)	—
Total revenues	30,035		926		152		(98		)	31,015
Cost of sales:
Cost of materials and other	27,103		754		102		(99		)	27,860
Operating expenses (excluding depreciation and amortization expense reflected below)	988		109		13		—			1,110
Depreciation and amortization expense	483		20		7		—			510
Total cost of sales	28,574		883		122		(99		)	29,480
Other operating expenses	21		—		—		—			21
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		248			248
Depreciation and amortization expense	—		—		—		13			13
Operating income by segment	$	1,440	$	43	$	30	$	(260	)	$	1,253

	Refining		Ethanol		Renewable Diesel		Corporate and Eliminations			Total
Six months ended June 30, 2019:
Revenues:
Revenues from external customers	$	50,964	$	1,757	$	474	$	1		$	53,196
Intersegment revenues	10		105		124		(239		)	—
Total revenues	50,974		1,862		598		(238		)	53,196
Cost of sales:
Cost of materials and other	46,337		1,549		413		(238		)	48,061
Operating expenses (excluding depreciation and amortization expense reflected below)	2,097		257		36		—			2,390
Depreciation and amortization expense	1,021		45		23		—			1,089
Total cost of sales	49,455		1,851		472		(238		)	51,540
Other operating expenses	3		1		—		—			4
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		408			408
Depreciation and amortization expense	—		—		—		28			28
Operating income by segment	$	1,516	$	10	$	126	$	(436	)	$	1,216
Six months ended June 30, 2018:
Revenues:
Revenues from external customers	$	55,477	$	1,761	$	214	$	2		$	57,454
Intersegment revenues	15		88		88		(191		)	—
Total revenues	55,492		1,849		302		(189		)	57,454
Cost of sales:
Cost of materials and other	50,267		1,503		37		(191		)	51,616
Operating expenses (excluding depreciation and amortization expense reflected below)	1,999		220		27		—			2,246
Depreciation and amortization expense	944		38		13		—			995
Total cost of sales	53,210		1,761		77		(191		)	54,857
Other operating expenses	31		—		—		—			31
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		486			486
Depreciation and amortization expense	—		—		—		26			26
Operating income by segment	$	2,251	$	88	$	225	$	(510	)	$	2,054

The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions).

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Refining:
Gasolines and blendstocks	$	11,530	$	12,514	$	20,904	$	23,143
Distillates	13,476		14,353		25,393		26,903
Other product revenues	2,740		3,157		4,667		5,431
Total refining revenues	27,746		30,024		50,964		55,477
Ethanol:
Ethanol	774		696		1,394		1,397
Distillers grains	190		188		363		364
Total ethanol revenues	964		884		1,757		1,761
Renewable diesel:
Renewable diesel	222		106		474		214
Corporate – other revenues	1		1		1		2
Revenues	$	28,933	$	31,015	$	53,196	$	57,454

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

	June 30, 2019		December 31, 2018
Refining	$	46,524	$	43,488
Ethanol	1,676		1,691
Renewable diesel	898		787
Corporate and eliminations	2,924		4,189
Total assets	$	52,022	$	50,155