XML 29 R17.htm IDEA: XBRL DOCUMENT v3.25.1
Revenues and Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
REVENUES AND SEGMENT INFORMATION
9.    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):
March 31,
2025		December 31,
2024
Receivables from contracts with customers,
included in receivables, net
$6,090 $5,812 
Contract liabilities, included in accrued expenses57 82 

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 March 31, 2025, 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 6, 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.
•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 (loss), including a reconciliation to our consolidated income (loss) before income tax expense (benefit) and total expenditures for long-lived assets, by reportable segment (in millions):
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended March 31, 2025
Revenues:
Revenues from external customers
$28,757 $493 $1,008 $— $30,258 
Intersegment revenues
2 407 217 (626)— 
Total revenues
28,759 900 1,225 (626)30,258 
Cost of sales:
Cost of materials and other (a)26,269 895 1,032 (648)27,548 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,291 78 154 — 1,523 
Depreciation and amortization expense
594 68 19 (1)680 
Total cost of sales
28,154 1,041 1,205 (649)29,751 
Asset impairment loss1,131 — — — 1,131 
Other operating expenses4 — — — 4 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 261 261 
Depreciation and amortization expense
— — — 11 11 
Operating income (loss) by segment$(530)$(141)$20 $(249)(900)
Other income, net120 
Interest and debt expense, net of capitalized
interest
(137)
Loss before income tax benefit$(917)
Total expenditures for long-lived assets (b)$533 $95 $8 $23 $659 
________________________
See notes on page 18.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended March 31, 2024
Revenues:
Revenues from external customers
$30,143 $702 $914 $— $31,759 
Intersegment revenues
2 709 190 (901)— 
Total revenues
30,145 1,411 1,104 (901)31,759 
Cost of sales:
Cost of materials and other (a)26,611 1,066 909 (904)27,682 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,184 90 137 — 1,411 
Depreciation and amortization expense
600 65 19 (1)683 
Total cost of sales
28,395 1,221 1,065 (905)29,776 
Other operating expenses5 — 29 — 34 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 258 258 
Depreciation and amortization expense
— — — 12 12 
Operating income by segment$1,745 $190 $10 $(266)1,679 
Other income, net144 
Interest and debt expense, net of capitalized
interest
(140)
Income before income tax expense$1,683 
Total expenditures for long-lived assets (b)$561 $78 $6 $16 $661 
________________________
(a)Cost of materials and other for our Renewable Diesel segment is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $51 million for the three months ended March 31, 2025 and the blender’s tax credit on qualified fuel mixtures of $331 million for the three months ended March 31, 2024.
(b)Total expenditures for long-lived assets includes amounts related to capital expenditures and deferred turnaround and catalyst costs.
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,
20252024
Refining:
Gasolines and blendstocks
$12,374 $13,126 
Distillates
13,376 14,128 
Other product revenues
3,007 2,889 
Total Refining revenues28,757 30,143 
Renewable Diesel:
Renewable diesel
391 679 
Renewable naphtha39 23 
Neat SAF63 — 
Total Renewable Diesel revenues493 702 
Ethanol:
Ethanol
787 638 
Distillers grains
221 276 
Total Ethanol revenues1,008 914 
Revenues
$30,258 $31,759 

Total assets by reportable segment were as follows (in millions):
March 31,
2025		December 31,
2024
Refining$45,755 $46,729 
Renewable Diesel5,283 5,680 
Ethanol1,621 1,545 
Corporate and eliminations6,518 6,189 
Total assets$59,177 $60,143 

As of March 31, 2025 and December 31, 2024, our investments in nonconsolidated joint ventures accounted for under the equity method were $691 million and $695 million, respectively, all of which related to the Refining segment and are reflected in “deferred charges and other assets, net” in our balance sheets.