Revenues and Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Contract balances were as follows (in millions):


	June 30, 2023		December 31, 2022
Receivables from contracts with customers, included in receivables, net	$	5,878	$	7,189
Contract liabilities, included in accrued expenses	85		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 June 30, 2023
Revenues:
Revenues from external customers	$	31,996	$	1,296	$	1,217	$	—	$	34,509
Intersegment revenues	(3)		950		257		(1,204)		—
Total revenues	31,993		2,246		1,474		(1,204)		34,509
Cost of sales:
Cost of materials and other (a)	27,773		1,643		1,199		(1,185)		29,430

Operating expenses (excluding depreciation and amortization expense reflected below)	1,205		104		128		3		1,440
Depreciation and amortization expense	582		59		19		(2)		658
Total cost of sales	29,560		1,806		1,346		(1,184)		31,528
Other operating expenses	1		—		1		—		2
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		209		209
Depreciation and amortization expense	—		—		—		11		11

Operating income by segment	$	2,432	$	440	$	127	$	(240)	$	2,759

Three months ended June 30, 2022
Revenues:
Revenues from external customers	$	49,495	$	855	$	1,291	$	—	$	51,641
Intersegment revenues	11		596		201		(808)		—
Total revenues	49,506		1,451		1,492		(808)		51,641
Cost of sales:
Cost of materials and other (a)	41,313		1,213		1,226		(806)		42,946

Operating expenses (excluding depreciation and amortization expense reflected below)	1,402		58		167		(1)		1,626
Depreciation and amortization expense	565		28		(3)		—		590
Total cost of sales	43,280		1,299		1,390		(807)		45,162
Other operating expenses	14		—		1		—		15
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		233		233
Depreciation and amortization expense	—		—		—		12		12

Operating income by segment	$	6,212	$	152	$	101	$	(246)	$	6,219

________________________

See note (a) on page 20.


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Six months ended June 30, 2023
Revenues:
Revenues from external customers	$	66,403	$	2,231	$	2,314	$	—	$	70,948
Intersegment revenues	—		1,695		480		(2,175)		—
Total revenues	66,403		3,926		2,794		(2,175)		70,948
Cost of sales:
Cost of materials and other (a)	56,283		2,974		2,330		(2,152)		59,435

Operating expenses (excluding depreciation and amortization expense reflected below)	2,466		190		258		3		2,917
Depreciation and amortization expense	1,154		117		39		(2)		1,308
Total cost of sales	59,903		3,281		2,627		(2,151)		63,660
Other operating expenses	11		—		1		—		12
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		453		453
Depreciation and amortization expense	—		—		—		21		21


Operating income by segment	$	6,489	$	645	$	166	$	(498)	$	6,802




Six months ended June 30, 2022
Revenues:
Revenues from external customers	$	86,308	$	1,450	$	2,425	$	—	$	90,183
Intersegment revenues	15		982		328		(1,325)		—
Total revenues	86,323		2,432		2,753		(1,325)		90,183
Cost of sales:
Cost of materials and other (a)	74,919		1,968		2,330		(1,322)		77,895

Operating expenses (excluding depreciation and amortization expense reflected below)	2,595		109		302		(1)		3,005
Depreciation and amortization expense	1,114		54		17		—		1,185
Total cost of sales	78,628		2,131		2,649		(1,323)		82,085
Other operating expenses	32		—		2		—		34
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		438		438
Depreciation and amortization expense	—		—		—		23		23

Operating income by segment	$	7,663	$	301	$	102	$	(463)	$	7,603

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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 $388 million and $198 million for the three months ended June 30, 2023 and 2022, respectively, and $634 million and $354 million for the six months ended June 30, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Refining:
Gasolines and blendstocks	$	15,229	$	20,604	$	30,277	$	36,164
Distillates	13,992		24,427		30,830		41,871
Other product revenues	2,775		4,464		5,296		8,273
Total Refining revenues	31,996		49,495		66,403		86,308
Renewable Diesel:
Renewable diesel	1,249		817		2,125		1,412
Renewable naphtha	47		38		106		38
Total Renewable Diesel revenues	1,296		855		2,231		1,450
Ethanol:
Ethanol	898		979		1,661		1,854
Distillers grains	319		312		653		571
Total Ethanol revenues	1,217		1,291		2,314		2,425

Revenues	$	34,509	$	51,641	$	70,948	$	90,183

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


	June 30, 2023		December 31, 2022
Refining	$	47,253	$	48,484
Renewable Diesel	5,524		5,217
Ethanol	1,499		1,551
Corporate and eliminations	6,391		5,730
Total assets	$	60,667	$	60,982