Revenues and Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Contract balances were as follows (in millions):


	March 31, 2023		December 31, 2022
Receivables from contracts with customers, included in receivables, net	$	6,073	$	7,189
Contract liabilities, included in accrued expenses	45		129

Segment information for our reportable segments

The following tables reflect information about our operating income by reportable segment (in millions):


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Three months ended March 31, 2023
Revenues:
Revenues from external customers	$	34,407	$	935	$	1,097	$	—	$	36,439
Intersegment revenues	3		745		223		(971)		—
Total revenues	34,410		1,680		1,320		(971)		36,439
Cost of sales:
Cost of materials and other (a)	28,510		1,331		1,131		(967)		30,005

Operating expenses (excluding depreciation and amortization expense reflected below)	1,261		86		130		—		1,477
Depreciation and amortization expense	572		58		20		—		650
Total cost of sales	30,343		1,475		1,281		(967)		32,132
Other operating expenses	10		—		—		—		10
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		244		244
Depreciation and amortization expense	—		—		—		10		10


Operating income by segment	$	4,057	$	205	$	39	$	(258)	$	4,043




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

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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 $246 million and $156 million for the three months ended March 31, 2023 and 2022, 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,
		2023		2022
Refining:
Gasolines and blendstocks		$	15,048	$	15,560
Distillates		16,838		17,444
Other product revenues		2,521		3,809
Total refining revenues		34,407		36,813
Renewable Diesel:
Renewable diesel		876		595
Renewable naphtha		59		—
Total Renewable Diesel revenues		935		595
Ethanol:
Ethanol		763		875
Distillers grains		334		259
Total ethanol revenues		1,097		1,134

Revenues		$	36,439	$	38,542

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


	March 31, 2023		December 31, 2022
Refining	$	46,852	$	48,484
Renewable Diesel	5,390		5,217
Ethanol	1,628		1,551
Corporate and eliminations	6,307		5,730
Total assets	$	60,177	$	60,982