Revenues and Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Contract balances were as follows (in millions):


	September 30, 2022		December 31, 2021
Receivables from contracts with customers, included in receivables, net	$	7,439	$	6,228
Contract liabilities, included in accrued expenses	102		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 September 30, 2022
Revenues:
Revenues from external customers	$	42,280	$	967	$	1,207	$	—	$	44,454
Intersegment revenues	9		508		179		(696)		—
Total revenues	42,289		1,475		1,386		(696)		44,454
Cost of sales:
Cost of materials and other (a)	36,389		1,161		1,203		(689)		38,064

Operating expenses (excluding depreciation and amortization expense reflected below)	1,516		69		162		(1)		1,746
Depreciation and amortization expense	568		33		20		—		621
Total cost of sales	38,473		1,263		1,385		(690)		40,431
Other operating expenses	6		—		—		—		6
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		214		214
Depreciation and amortization expense	—		—		—		11		11

Operating income by segment	$	3,810	$	212	$	1	$	(231)	$	3,792

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 (a)	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

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See note (a) on page 20.


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Nine months ended September 30, 2022
Revenues:
Revenues from external customers	$	128,588	$	2,417	$	3,632	$	—	$	134,637
Intersegment revenues	24		1,490		507		(2,021)		—
Total revenues	128,612		3,907		4,139		(2,021)		134,637
Cost of sales:
Cost of materials and other (a)	111,308		3,129		3,533		(2,011)		115,959

Operating expenses (excluding depreciation and amortization expense reflected below)	4,111		178		464		(2)		4,751
Depreciation and amortization expense	1,682		87		37		—		1,806
Total cost of sales	117,101		3,394		4,034		(2,013)		122,516
Other operating expenses	38		—		2		—		40
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		652		652
Depreciation and amortization expense	—		—		—		34		34


Operating income by segment	$	11,473	$	513	$	103	$	(694)	$	11,395




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 (a)	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

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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 $191 million and $62 million for the three months ended September 30, 2022 and 2021, respectively, and $545 million and $225 million for the nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Refining:
Gasolines and blendstocks	$	17,862	$	13,132	$	54,026	$	34,293
Distillates	20,481		11,588		62,352		31,044
Other product revenues	3,937		3,269		12,210		8,089
Total refining revenues	42,280		27,989		128,588		73,426
Renewable Diesel:
Renewable diesel	967		342		2,417		1,190
Ethanol:
Ethanol	966		948		2,820		2,683
Distillers grains	241		241		812		775
Total ethanol revenues	1,207		1,189		3,632		3,458

Revenues	$	44,454	$	29,520	$	134,637	$	78,074

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


	September 30, 2022		December 31, 2021
Refining	$	48,617	$	47,365
Renewable Diesel	4,257		3,437
Ethanol	1,538		1,812
Corporate and eliminations	4,917		5,274
Total assets	$	59,329	$	57,888