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Revenues and Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Contract balances were as follows (in millions):


	December 31,
	2023		2022
Receivables from contracts with customers (see Note 3)	$	7,209	$	7,189
Contract liabilities, included in accrued expenses (see Note 8)	40		129

Revenues from external customers by product

The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):


	Year Ended December 31,
	2023		2022		2021
Refining:
Gasolines and blendstocks	$	61,538	$	70,496	$	49,534
Distillates	63,664		82,521		45,939
Other product revenues	11,268		15,137		11,474
Total Refining revenues	136,470		168,154		106,947
Renewable Diesel:
Renewable diesel	3,665		3,333		1,874
Renewable naphtha	158		150		—
Total Renewable Diesel revenues	3,823		3,483		1,874
Ethanol:
Ethanol	3,300		3,653		4,122
Distillers grains	1,173		1,093		1,034
Total Ethanol revenues	4,473		4,746		5,156

Revenues	$	144,766	$	176,383	$	113,977

Revenues by geographic area of customer

Revenues by geographic area are shown in the following table (in millions). The geographic area is based on location of customer and no customer accounted for 10 percent or more of our revenues.


	Year Ended December 31,
	2023		2022		2021
U.S.	$	104,208	$	126,722	$	82,940
Canada	10,107		11,743		6,597
U.K. and Ireland	16,148		17,822		13,307
Mexico and Peru	6,438		8,396		3,855
Other countries	7,865		11,700		7,278
Revenues	$	144,766	$	176,383	$	113,977

Geographic information by country for long-lived assets

Long-lived assets by geographic area consisted of the following (in millions):


	December 31,
	2023		2022
U.S.	$	28,868	$	29,378
Canada	1,598		1,634
U.K. and Ireland	1,346		1,301
Mexico and Peru	837		860
Total long-lived assets	$	32,649	$	33,173

Segment activity, including total assets by reportable segment

The following tables reflect information about our operating income, including a reconciliation to our consolidated income before income tax expense, and total expenditures for long-lived assets by reportable segment (in millions):


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Year ended December 31, 2023
Revenues:
Revenues from external customers	$	136,470	$	3,823	$	4,473	$	—	$	144,766
Intersegment revenues	18		3,168		1,086		(4,272)		—
Total revenues	136,488		6,991		5,559		(4,272)		144,766
Cost of sales:
Cost of materials and other (a)	117,401		5,550		4,395		(4,259)		123,087

Operating expenses (excluding depreciation and amortization expense reflected below)	5,208		358		515		8		6,089
Depreciation and amortization expense	2,351		231		80		(4)		2,658
Total cost of sales	124,960		6,139		4,990		(4,255)		131,834

Other operating expenses	17		—		16		—		33
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		998		998
Depreciation and amortization expense	—		—		—		43		43
Operating income by segment	$	11,511	$	852	$	553	$	(1,058)	11,858
Other income, net									502
Interest and debt expense, net of capitalized interest									(592)
Income before income tax expense									$	11,768

Total expenditures for long-lived assets (b)	$	1,488	$	294	$	43	$	91	$	1,916

________________________

See notes on page 128.


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Year ended December 31, 2022
Revenues:
Revenues from external customers	$	168,154	$	3,483	$	4,746	$	—	$	176,383
Intersegment revenues	56		2,018		740		(2,814)		—
Total revenues	168,210		5,501		5,486		(2,814)		176,383
Cost of sales:
Cost of materials and other (a)	144,588		4,350		4,628		(2,796)		150,770

Operating expenses (excluding depreciation and amortization expense reflected below)	5,509		255		625		—		6,389
Depreciation and amortization expense	2,247		122		59		—		2,428
Total cost of sales	152,344		4,727		5,312		(2,796)		159,587
Asset impairment loss	—		—		61		—		61
Other operating expenses	63		—		3		—		66
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		934		934
Depreciation and amortization expense	—		—		—		45		45
Operating income by segment	$	15,803	$	774	$	110	$	(997)	15,690
Other income, net									179
Interest and debt expense, net of capitalized interest									(562)
Income before income tax expense									$	15,307

Total expenditures for long-lived assets (b)	$	1,763	$	879	$	22	$	73	$	2,737

________________________

See notes on page 128.


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Year ended December 31, 2021
Revenues:
Revenues from external customers	$	106,947	$	1,874	$	5,156	$	—	$	113,977
Intersegment revenues	14		468		433		(915)		—
Total revenues	106,961		2,342		5,589		(915)		113,977
Cost of sales:
Cost of materials and other (a)	97,759		1,438		4,428		(911)		102,714

Operating expenses (excluding depreciation and amortization expense reflected below)	5,088		134		556		(2)		5,776
Depreciation and amortization expense	2,169		58		131		—		2,358
Total cost of sales	105,016		1,630		5,115		(913)		110,848

Other operating expenses	83		3		1		—		87
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		865		865
Depreciation and amortization expense	—		—		—		47		47
Operating income by segment	$	1,862	$	709	$	473	$	(914)	2,130
Other income, net									16
Interest and debt expense, net of capitalized interest									(603)
Income before income tax expense									$	1,543

Total expenditures for long-lived assets (b)	$	1,374	$	1,049	$	18	$	17	$	2,458

________________________

(a)Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $1.2 billion, $761 million, and $371 million for the years ended December 31, 2023, 2022, and 2021, respectively.

(b)Total expenditures for long-lived assets includes amounts related to capital expenditures; deferred turnaround and catalyst costs; and property, plant, and equipment for acquisitions.

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


	December 31,
	2023		2022
Refining	$	49,031	$	48,484
Renewable Diesel	5,790		5,217
Ethanol	1,549		1,551
Corporate and eliminations	6,686		5,730
Total assets	$	63,056	$	60,982