XML 66 R48.htm IDEA: XBRL DOCUMENT v3.25.0.1
Revenues and Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of 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 
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):
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.
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 
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,
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 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,
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 
Geographic Information by Country for Long-Lived Assets 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