Revenues and Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Schedule of contract balances

Contract balances were as follows (in millions):

	March 31, 2020		December 31, 2019		Decrease
Receivables from contracts with customers, included in receivables, net	$	2,965	$	5,610	$	(2,645	)
Contract liabilities, included in accrued expenses	19		55		(36		)

Segment information for our reportable segments

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

	Refining			Renewable Diesel		Ethanol			Corporate and Eliminations			Total
Three months ended March 31, 2020
Revenues:
Revenues from external customers	$	20,985		$	306	$	811		$	—		$	22,102
Intersegment revenues	2			53		64			(119		)	—
Total revenues	20,987			359		875			(119		)	22,102
Cost of sales:
Cost of materials and other	19,127			130		813			(118		)	19,952
LCM inventory valuation adjustment	2,414			—		128			—			2,542
Operating expenses (excluding depreciation and amortization expense reflected below)	995			20		109			—			1,124
Depreciation and amortization expense	536			11		22			—			569
Total cost of sales	23,072			161		1,072			(118		)	24,187
Other operating expenses	2			—		—			—			2
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—			—		—			177			177
Depreciation and amortization expense	—			—		—			13			13
Operating income (loss) by segment	$	(2,087	)	$	198	$	(197	)	$	(191	)	$	(2,277	)

	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations			Total
Three months ended March 31, 2019
Revenues:
Revenues from external customers	$	23,218	$	252	$	793	$	—		$	24,263
Intersegment revenues	2		51		52		(105		)	—
Total revenues	23,220		303		845		(105		)	24,263
Cost of sales:
Cost of materials and other	21,165		224		694		(105		)	21,978
Operating expenses (excluding depreciation and amortization expense reflected below)	1,071		19		125		—			1,215
Depreciation and amortization expense	503		11		23		—			537
Total cost of sales	22,739		254		842		(105		)	23,730
Other operating expenses	2		—		—		—			2
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		209			209
Depreciation and amortization expense	—		—		—		14			14
Operating income by segment	$	479	$	49	$	3	$	(223	)	$	308

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

	Three Months Ended March 31,
	2020		2019
Refining:
Gasolines and blendstocks	$	8,244	$	9,374
Distillates	10,663		11,917
Other product revenues	2,078		1,927
Total refining revenues	20,985		23,218
Renewable diesel:
Renewable diesel	306		252
Ethanol:
Ethanol	629		620
Distillers grains	182		173
Total ethanol revenues	811		793
Revenues	$	22,102	$	24,263

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

	March 31, 2020		December 31, 2019
Refining	$	41,465	$	47,067
Renewable diesel	1,632		1,412
Ethanol	1,614		1,615
Corporate and eliminations	3,036		3,770
Total assets	$	47,747	$	53,864