Revenues and Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of contract balances

Contract balances were as follows (in millions):

	June 30, 2020		December 31, 2019		Decrease
Receivables from contracts with customers, included in receivables, net	$	2,603	$	5,610	$	(3,007	)
Contract liabilities, included in accrued expenses	34		55		(21		)

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 June 30, 2020
Revenues:
Revenues from external customers	$	9,615		$	239	$	543		$	—		$	10,397
Intersegment revenues	2			57		38			(97		)	—
Total revenues	9,617			296		581			(97		)	10,397
Cost of sales:
Cost of materials and other	8,539			135		501			(96		)	9,079
LCM inventory valuation adjustment	(2,137		)	—		(111		)	—			(2,248		)
Operating expenses (excluding depreciation and amortization expense reflected below)	928			20		79			—			1,027
Depreciation and amortization expense	533			12		21			—			566
Total cost of sales	7,863			167		490			(96		)	8,424
Other operating expenses	3			—		—			—			3
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—			—		—			169			169
Depreciation and amortization expense	—			—		—			12			12
Operating income by segment	$	1,751		$	129	$	91		$	(182	)	$	1,789
Three months ended June 30, 2019
Revenues:
Revenues from external customers	$	27,746		$	222	$	964		$	1		$	28,933
Intersegment revenues	8			73		53			(134		)	—
Total revenues	27,754			295		1,017			(133		)	28,933
Cost of sales:
Cost of materials and other	25,172			189		855			(133		)	26,083
Operating expenses (excluding depreciation and amortization expense reflected below)	1,026			17		132			—			1,175
Depreciation and amortization expense	518			12		22			—			552
Total cost of sales	26,716			218		1,009			(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		$	77	$	7		$	(213	)	$	908

	Refining			Renewable Diesel		Ethanol			Corporate and Eliminations			Total
Six months ended June 30, 2020
Revenues:
Revenues from external customers	$	30,600		$	545	$	1,354		$	—		$	32,499
Intersegment revenues	4			110		102			(216		)	—
Total revenues	30,604			655		1,456			(216		)	32,499
Cost of sales:
Cost of materials and other	27,666			265		1,314			(214		)	29,031
LCM inventory valuation adjustment	277			—		17			—			294
Operating expenses (excluding depreciation and amortization expense reflected below)	1,923			40		188			—			2,151
Depreciation and amortization expense	1,069			23		43			—			1,135
Total cost of sales	30,935			328		1,562			(214		)	32,611
Other operating expenses	5			—		—			—			5
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—			—		—			346			346
Depreciation and amortization expense	—			—		—			25			25
Operating income (loss) by segment	$	(336	)	$	327	$	(106	)	$	(373	)	$	(488	)
Six months ended June 30, 2019
Revenues:
Revenues from external customers	$	50,964		$	474	$	1,757		$	1		$	53,196
Intersegment revenues	10			124		105			(239		)	—
Total revenues	50,974			598		1,862			(238		)	53,196
Cost of sales:
Cost of materials and other	46,337			413		1,549			(238		)	48,061
Operating expenses (excluding depreciation and amortization expense reflected below)	2,097			36		257			—			2,390
Depreciation and amortization expense	1,021			23		45			—			1,089
Total cost of sales	49,455			472		1,851			(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		$	126	$	10		$	(436	)	$	1,216

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,
	2020		2019		2020		2019
Refining:
Gasolines and blendstocks	$	3,993	$	11,530	$	12,237	$	20,904
Distillates	4,379		13,476		15,042		25,393
Other product revenues	1,243		2,740		3,321		4,667
Total refining revenues	9,615		27,746		30,600		50,964
Renewable diesel:
Renewable diesel	239		222		545		474
Ethanol:
Ethanol	432		774		1,061		1,394
Distillers grains	111		190		293		363
Total ethanol revenues	543		964		1,354		1,757
Corporate – other revenues	—		1		—		1
Revenues	$	10,397	$	28,933	$	32,499	$	53,196

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

	June 30, 2020		December 31, 2019
Refining	$	42,225	$	47,067
Renewable diesel	1,504		1,412
Ethanol	1,687		1,615
Corporate and eliminations	3,683		3,770
Total assets	$	49,099	$	53,864