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Revenues and Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
REVENUES AND SEGMENT INFORMATION
17.    REVENUES AND SEGMENT INFORMATION

Revenue from Contracts with Customers
Disaggregation of Revenue
Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements.

Contract Balances
Contract balances were as follows (in millions):
December 31,
20242023
Receivables from contracts with customers,
included in receivables, net (see Note 3)
$5,812 $7,209 
Contract liabilities, included in accrued expenses (see Note 8)
82 40 

During the years ended December 31, 2024, 2023, and 2022, we recognized as revenue $39 million, $127 million, and $76 million, respectively, that was included in contract liabilities as of December 31, 2023, 2022, and 2021, respectively.

Remaining Performance Obligations
We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of December 31, 2024, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations.

Segment Information
We have three reportable segments—Refining, Renewable Diesel, and Ethanol. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income generated by the segment, which includes revenues and expenses that are directly attributable to the management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following is a description of each segment’s business operations.

•The Refining segment includes the operations of our petroleum refineries, the associated activities to market our refined petroleum products, and the logistics assets that support our refining operations. The principal products manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products.
•The Renewable Diesel segment represents the operations of DGD, a consolidated joint venture as discussed in Note 12, and the associated activities to market renewable diesel, renewable naphtha, and neat SAF. The principal products manufactured by DGD and sold by this segment are renewable diesel, renewable naphtha, and neat SAF. This segment sells some renewable diesel and neat SAF to the Refining segment for blending into petroleum-based diesel and conventional jet fuel, respectively, which is then sold to that segment’s customers as finished product. For the year ended December 31, 2024, all neat SAF sales were to the Refining segment.
•The Ethanol segment includes the operations of our ethanol plants and the associated activities to market our ethanol and co-products. The principal products manufactured by our ethanol plants are ethanol and distillers grains. This segment sells some ethanol to the Refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product.

Operations that are not included in any of the reportable segments are included in the corporate category.

Our chief operating decision maker (CODM) is our Chairman of the Board, Chief Executive Officer and President. Our CODM uses operating income by segment to allocate resources (including employees, property, and financial or capital resources) for each segment primarily during the annual budget process. On a monthly basis, our CODM considers budget-to-actual variances for operating income by segment when evaluating the operating performance of each 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):
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Year ended December 31, 2024
Revenues:
Revenues from external customers$123,853 $2,410 $3,618 $— $129,881 
Intersegment revenues10 2,656 868 (3,534)— 
Total revenues123,863 5,066 4,486 (3,534)129,881 
Cost of sales:
Cost of materials and other (a)112,538 3,944 3,558 (3,524)116,516 
Operating expenses (excluding depreciation
and amortization expense reflected below)
4,946 350 536 (1)5,831 
Depreciation and amortization expense 2,391 265 77 (4)2,729 
Total cost of sales119,875 4,559 4,171 (3,529)125,076 
Other operating expenses17 — 27 — 44 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 961 961 
Depreciation and amortization expense— — — 45 45 
Operating income by segment$3,971 $507 $288 $(1,011)3,755 
Other income, net499 
Interest and debt expense, net of capitalized
interest
(556)
Income before income tax expense$3,698 
Total expenditures for long-lived assets (b)$1,635 $321 $34 $67 $2,057 
________________________
See notes on page 126.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Year ended December 31, 2023
Revenues:
Revenues from external customers$136,470 $3,823 $4,473 $— $144,766 
Intersegment revenues18 3,168 1,086 (4,272)— 
Total revenues136,488 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 expense2,351 231 80 (4)2,658 
Total cost of sales124,960 6,139 4,990 (4,255)131,834 
Other operating expenses17 — 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, net502 
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 126.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Year ended December 31, 2022
Revenues:
Revenues from external customers$168,154 $3,483 $4,746 $— $176,383 
Intersegment revenues56 2,018 740 (2,814)— 
Total revenues168,210 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 expense2,247 122 59 — 2,428 
Total cost of sales152,344 4,727 5,312 (2,796)159,587 
Asset impairment loss— — 61 — 61 
Other operating expenses63 — 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, net179 
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 
________________________
(a)Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $1.3 billion, $1.2 billion, and $761 million for the years ended December 31, 2024, 2023, and 2022, 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.
The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
Year Ended December 31,
202420232022
Refining:
Gasolines and blendstocks$56,014 $61,538 $70,496 
Distillates55,636 63,664 82,521 
Other product revenues12,203 11,268 15,137 
Total Refining revenues123,853 136,470 168,154 
Renewable Diesel:
Renewable diesel2,316 3,665 3,333 
Renewable naphtha94 158 150 
Total Renewable Diesel revenues2,410 3,823 3,483 
Ethanol:
Ethanol2,647 3,300 3,653 
Distillers grains971 1,173 1,093 
Total Ethanol revenues3,618 4,473 4,746 
Revenues$129,881 $144,766 $176,383 

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,
202420232022
U.S.$93,311 $104,208 $126,722 
Canada8,577 10,107 11,743 
U.K. and Ireland15,236 16,148 17,822 
Mexico and Peru5,405 6,438 8,396 
Other countries7,352 7,865 11,700 
Revenues$129,881 $144,766 $176,383 

Long-lived assets include “property, plant, and equipment, net” and certain long-lived assets included in “deferred charges and other assets, net.” Long-lived assets by geographic area consisted of the following (in millions):
December 31,
20242023
U.S.$28,359 $28,868 
Canada1,414 1,598 
U.K. and Ireland1,484 1,346 
Mexico and Peru798 837 
Total long-lived assets$32,055 $32,649 
Total assets by reportable segment were as follows (in millions):
December 31,
20242023
Refining$46,729 $49,031 
Renewable Diesel5,680 5,790 
Ethanol1,545 1,549 
Corporate and eliminations6,189 6,686 
Total assets$60,143 $63,056 

As of December 31, 2024 and 2023, our investments in nonconsolidated joint ventures accounted for under the equity method were $695 million and $713 million, respectively, all of which related to the Refining segment and are reflected in “deferred charges and other assets, net” as presented in Note 7.