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Revenues and Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
REVENUES AND SEGMENT INFORMATION
10.    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):
June 30,
2025		December 31,
2024
Receivables from contracts with customers,
included in receivables, net
$6,366 $5,812 
Contract liabilities, included in accrued expenses59 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 June 30, 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 low-carbon fuels. 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 before income tax expense and total expenditures for long-lived assets, by reportable segment (in millions):
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended June 30, 2025
Revenues:
Revenues from external customers
$28,324 $565 $1,000 $— $29,889 
Intersegment revenues
2 533 205 (740)— 
Total revenues
28,326 1,098 1,205 (740)29,889 
Cost of sales:
Cost of materials and other (a)25,042 1,044 988 (742)26,332 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,307 72 144 (1)1,522 
Depreciation and amortization expense
707 61 19 (1)786 
Total cost of sales
27,056 1,177 1,151 (744)28,640 
Other operating expenses4 — — — 4 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 220 220 
Depreciation and amortization expense
— — — 28 28 
Operating income (loss) by segment$1,266 $(79)$54 $(244)997 
Other income, net86 
Interest and debt expense, net of capitalized
interest
(141)
Income before income tax expense$942 
Total expenditures for long-lived assets (b)$374 $14 $10 $9 $407 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended June 30, 2024
Revenues:
Revenues from external customers
$33,044 $554 $892 $— $34,490 
Intersegment revenues
3 630 229 (862)— 
Total revenues
33,047 1,184 1,121 (862)34,490 
Cost of sales:
Cost of materials and other (a)29,995 930 874 (856)30,943 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,219 80 125 — 1,424 
Depreciation and amortization expense
604 62 19 (1)684 
Total cost of sales
31,818 1,072 1,018 (857)33,051 
Other operating expenses5 — (2)— 3 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 203 203 
Depreciation and amortization expense
— — — 12 12 
Operating income by segment$1,224 $112 $105 $(220)1,221 
Other income, net122 
Interest and debt expense, net of capitalized
interest
(140)
Income before income tax expense$1,203 
Total expenditures for long-lived assets (b)$286 $115 $11 $8 $420 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Six months ended June 30, 2025
Revenues:
Revenues from external customers
$57,081 $1,058 $2,008 $— $60,147 
Intersegment revenues
4 940 422 (1,366)— 
Total revenues
57,085 1,998 2,430 (1,366)60,147 
Cost of sales:
Cost of materials and other (a)51,311 1,939 2,020 (1,390)53,880 
Operating expenses (excluding depreciation
and amortization expense reflected below)
2,598 150 298 (1)3,045 
Depreciation and amortization expense
1,301 129 38 (2)1,466 
Total cost of sales
55,210 2,218 2,356 (1,393)58,391 
Asset impairment loss1,131 — — — 1,131 
Other operating expenses8 — — — 8 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 481 481 
Depreciation and amortization expense
— — — 39 39 
Operating income (loss) by segment$736 $(220)$74 $(493)97 
Other income, net206 
Interest and debt expense, net of capitalized
interest
(278)
Income before income tax expense$25 
Total expenditures for long-lived assets (b)$907 $109 $18 $32 $1,066 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Six months ended June 30, 2024
Revenues:
Revenues from external customers
$63,187 $1,256 $1,806 $— $66,249 
Intersegment revenues
5 1,339 419 (1,763)— 
Total revenues
63,192 2,595 2,225 (1,763)66,249 
Cost of sales:
Cost of materials and other (a)56,606 1,996 1,783 (1,760)58,625 
Operating expenses (excluding depreciation
and amortization expense reflected below)
2,403 170 262 — 2,835 
Depreciation and amortization expense
1,204 127 38 (2)1,367 
Total cost of sales
60,213 2,293 2,083 (1,762)62,827 
Other operating expenses10 — 27 — 37 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 461 461 
Depreciation and amortization expense
— — — 24 24 
Operating income by segment$2,969 $302 $115 $(486)2,900 
Other income, net266 
Interest and debt expense, net of capitalized
interest
(280)
Income before income tax expense$2,886 
Total expenditures for long-lived assets (b)$847 $193 $17 $24 $1,081 
________________________
(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 $140 million and $191 million for the three and six months ended June 30, 2025, respectively, and the blender’s tax credit on qualified fuel mixtures of $308 million and $639 million for the three and six months ended June 30, 2024, respectively.
(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
June 30,		Six Months Ended
June 30,
2025202420252024
Refining:
Gasolines and blendstocks
$12,721 $15,517 $25,095 $28,643 
Distillates
12,778 14,303 26,154 28,431 
Other product revenues
2,825 3,224 5,832 6,113 
Total Refining revenues28,324 33,044 57,081 63,187 
Renewable Diesel:
Renewable diesel
470 540 861 1,219 
Renewable naphtha46 14 85 37 
Neat SAF49 — 112 — 
Total Renewable Diesel revenues565 554 1,058 1,256 
Ethanol:
Ethanol
780 662 1,567 1,300 
Distillers grains
220 230 441 506 
Total Ethanol revenues1,000 892 2,008 1,806 
Revenues
$29,889 $34,490 $60,147 $66,249 

Total assets by reportable segment were as follows (in millions):
June 30,
2025		December 31,
2024
Refining$46,223 $46,729 
Renewable Diesel5,402 5,680 
Ethanol1,496 1,545 
Corporate and eliminations6,312 6,189 
Total assets$59,433 $60,143 

As of June 30, 2025 and December 31, 2024, our investments in nonconsolidated joint ventures accounted for under the equity method were $690 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.