Revenues and Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Contract balances were as follows (in millions):


	March 31, 2022		December 31, 2021
Receivables from contracts with customers, included in receivables, net	$	8,395	$	6,228
Contract liabilities, included in accrued expenses	164		78

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, 2022
Revenues:
Revenues from external customers	$	36,813	$	595	$	1,134	$	—	$	38,542
Intersegment revenues	4		386		127		(517)		—
Total revenues	36,817		981		1,261		(517)		38,542
Cost of sales:
Cost of materials and other (a)	33,606		755		1,104		(516)		34,949

Operating expenses (excluding depreciation and amortization expense reflected below)	1,193		51		135		—		1,379
Depreciation and amortization expense	549		26		20		—		595
Total cost of sales	35,348		832		1,259		(516)		36,923
Other operating expenses	18		—		1		—		19
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		205		205
Depreciation and amortization expense	—		—		—		11		11


Operating income by segment	$	1,451	$	149	$	1	$	(217)	$	1,384




Three months ended March 31, 2021
Revenues:
Revenues from external customers	$	19,469	$	352	$	985	$	—	$	20,806
Intersegment revenues	3		79		60		(142)		—
Total revenues	19,472		431		1,045		(142)		20,806
Cost of sales:
Cost of materials and other (a)	18,022		187		924		(141)		18,992

Operating expenses (excluding depreciation and amortization expense reflected below)	1,471		29		156		—		1,656
Depreciation and amortization expense	533		12		21		—		566
Total cost of sales	20,026		228		1,101		(141)		21,214
Other operating expenses	38		—		—		—		38
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		208		208
Depreciation and amortization expense	—		—		—		12		12

Operating income (loss) by segment	$	(592)	$	203	$	(56)	$	(221)	$	(666)

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(a)Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $156 million and $79 million for the three months ended March 31, 2022 and 2021, respectively.

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,
		2022		2021
Refining:
Gasolines and blendstocks		$	15,560	$	8,729
Distillates		17,444		8,581
Other product revenues		3,809		2,159
Total refining revenues		36,813		19,469
Renewable Diesel:
Renewable diesel		595		352
Ethanol:
Ethanol		875		752
Distillers grains		259		233
Total ethanol revenues		1,134		985

Revenues		$	38,542	$	20,806

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


	March 31, 2022		December 31, 2021
Refining	$	51,071	$	47,365
Renewable Diesel	3,933		3,437
Ethanol	1,780		1,812
Corporate and eliminations	3,618		5,274
Total assets	$	60,402	$	57,888