Revenues and Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

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 expenses	57		82

Segment Activity, Including Total Assets by Reportable 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):


	Refining		Renewable Diesel		Ethanol		Corporate 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 loss	1,131		—		—		—		1,131
Other operating expenses	4		—		—		—		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, net									120
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

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See notes on page 18.


	Refining		Renewable Diesel		Ethanol		Corporate 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 expenses	5		—		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, net									144
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

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(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.

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


	March 31, 2025		December 31, 2024
Refining	$	45,755	$	46,729
Renewable Diesel	5,283		5,680
Ethanol	1,621		1,545
Corporate and eliminations	6,518		6,189
Total assets	$	59,177	$	60,143

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):


	Three Months Ended March 31,
		2025		2024
Refining:
Gasolines and blendstocks		$	12,374	$	13,126
Distillates		13,376		14,128
Other product revenues		3,007		2,889
Total Refining revenues		28,757		30,143
Renewable Diesel:
Renewable diesel		391		679
Renewable naphtha		39		23
Neat SAF		63		—
Total Renewable Diesel revenues		493		702
Ethanol:
Ethanol		787		638
Distillers grains		221		276
Total Ethanol revenues		1,008		914

Revenues		$	30,258	$	31,759