Revenues and Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Contract balances were as follows (in millions):


	September 30, 2020		December 31, 2019		Decrease
Receivables from contracts with customers, included in receivables, net	$	3,169	$	5,610	$	(2,441)
Contract liabilities, included in accrued expenses	43		55		(12)

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 September 30, 2020
Revenues:
Revenues from external customers	$	14,727	$	305	$	777	$	—	$	15,809
Intersegment revenues	2		40		58		(100)		—
Total revenues	14,729		345		835		(100)		15,809
Cost of sales:
Cost of materials and other	14,103		128		670		(100)		14,801
LCM inventory valuation adjustment	(296)		—		(17)		—		(313)
Operating expenses (excluding depreciation and amortization expense reflected below)	989		23		105		—		1,117
Depreciation and amortization expense	538		10		54		—		602
Total cost of sales	15,334		161		812		(100)		16,207
Other operating expenses	24		—		1		—		25
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		186		186
Depreciation and amortization expense	—		—		—		12		12

Operating income (loss) by segment	$	(629)	$	184	$	22	$	(198)	$	(621)

Three months ended September 30, 2019
Revenues:
Revenues from external customers	$	26,145	$	212	$	891	$	1	$	27,249
Intersegment revenues	2		50		57		(109)		—
Total revenues	26,147		262		948		(108)		27,249
Cost of sales:
Cost of materials and other	23,432		164		847		(108)		24,335

Operating expenses (excluding depreciation and amortization expense reflected below)	1,100		18		121		—		1,239
Depreciation and amortization expense	518		15		23		—		556
Total cost of sales	25,050		197		991		(108)		26,130
Other operating expenses	10		—		—		—		10
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		217		217
Depreciation and amortization expense	—		—		—		11		11

Operating income (loss) by segment	$	1,087	$	65	$	(43)	$	(228)	$	881


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Nine months ended September 30, 2020
Revenues:
Revenues from external customers	$	45,327	$	850	$	2,131	$	—	$	48,308
Intersegment revenues	6		150		160		(316)		—
Total revenues	45,333		1,000		2,291		(316)		48,308
Cost of sales:
Cost of materials and other	41,769		393		1,984		(314)		43,832
LCM inventory valuation adjustment	(19)		—		—		—		(19)
Operating expenses (excluding depreciation and amortization expense reflected below)	2,912		63		293		—		3,268
Depreciation and amortization expense	1,607		33		97		—		1,737
Total cost of sales	46,269		489		2,374		(314)		48,818
Other operating expenses	29		—		1		—		30
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		532		532
Depreciation and amortization expense	—		—		—		37		37


Operating income (loss) by segment	$	(965)	$	511	$	(84)	$	(571)	$	(1,109)




Nine months ended September 30, 2019
Revenues:
Revenues from external customers	$	77,109	$	686	$	2,648	$	2	$	80,445
Intersegment revenues	12		174		162		(348)		—
Total revenues	77,121		860		2,810		(346)		80,445
Cost of sales:
Cost of materials and other	69,769		577		2,396		(346)		72,396
Operating expenses (excluding depreciation and amortization expense reflected below)	3,197		54		378		—		3,629
Depreciation and amortization expense	1,539		38		68		—		1,645

Total cost of sales	74,505		669		2,842		(346)		77,670
Other operating expenses	13		—		1		—		14
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		625		625
Depreciation and amortization expense	—		—		—		39		39

Operating income (loss) by segment	$	2,603	$	191	$	(33)	$	(664)	$	2,097

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Refining:
Gasolines and blendstocks	$	7,021	$	10,978	$	19,258	$	31,882
Distillates	6,327		12,861		21,369		38,254
Other product revenues	1,379		2,306		4,700		6,973
Total refining revenues	14,727		26,145		45,327		77,109
Renewable diesel:
Renewable diesel	305		212		850		686
Ethanol:
Ethanol	624		714		1,685		2,108
Distillers grains	153		177		446		540
Total ethanol revenues	777		891		2,131		2,648
Corporate – other revenues	—		1		—		2
Revenues	$	15,809	$	27,249	$	48,308	$	80,445

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


	September 30, 2020		December 31, 2019
Refining	$	42,643	$	47,067
Renewable diesel	1,538		1,412
Ethanol	1,677		1,615
Corporate and eliminations	5,874		3,770
Total assets	$	51,732	$	53,864