Revenues and Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Contract balances were as follows (in millions):


	September 30, 2021		December 31, 2020
Receivables from contracts with customers, included in receivables, net	$	5,597	$	3,642
Contract liabilities, included in accrued expenses	67		55

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, 2021
Revenues:
Revenues from external customers	$	27,989	$	342	$	1,189	$	—	$	29,520
Intersegment revenues	3		60		115		(178)		—
Total revenues	27,992		402		1,304		(178)		29,520
Cost of sales:
Cost of materials and other	25,395		256		1,150		(177)		26,624

Operating expenses (excluding depreciation and amortization expense reflected below)	1,195		26		128		(1)		1,348
Depreciation and amortization expense	549		11		70		—		630
Total cost of sales	27,139		293		1,348		(178)		28,602
Other operating expenses	18		1		—		—		19
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		195		195
Depreciation and amortization expense	—		—		—		11		11

Operating income (loss) by segment	$	835	$	108	$	(44)	$	(206)	$	693

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)


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Nine months ended September 30, 2021
Revenues:
Revenues from external customers	$	73,426	$	1,190	$	3,458	$	—	$	78,074
Intersegment revenues	7		215		259		(481)		—
Total revenues	73,433		1,405		3,717		(481)		78,074
Cost of sales:
Cost of materials and other	67,417		724		3,204		(480)		70,865

Operating expenses (excluding depreciation and amortization expense reflected below)	3,730		86		403		(1)		4,218
Depreciation and amortization expense	1,626		35		111		—		1,772
Total cost of sales	72,773		845		3,718		(481)		76,855
Other operating expenses	68		1		—		—		69
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		579		579
Depreciation and amortization expense	—		—		—		35		35


Operating income (loss) by segment	$	592	$	559	$	(1)	$	(614)	$	536




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)

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,
	2021		2020		2021		2020
Refining:
Gasolines and blendstocks	$	13,132	$	7,021	$	34,293	$	19,258
Distillates	11,588		6,327		31,044		21,369
Other product revenues	3,269		1,379		8,089		4,700
Total refining revenues	27,989		14,727		73,426		45,327
Renewable diesel:
Renewable diesel	342		305		1,190		850
Ethanol:
Ethanol	948		624		2,683		1,685
Distillers grains	241		153		775		446
Total ethanol revenues	1,189		777		3,458		2,131

Revenues	$	29,520	$	15,809	$	78,074	$	48,308

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


	September 30, 2021		December 31, 2020
Refining	$	45,975	$	42,939
Renewable diesel	2,588		1,659
Ethanol	1,621		1,728
Corporate and eliminations	4,507		5,448
Total assets	$	54,691	$	51,774