Revenues and Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

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 expenses	59		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 before income tax expense and total expenditures for long-lived assets, by reportable segment (in millions):


	Refining		Renewable Diesel		Ethanol		Corporate 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 expenses	4		—		—		—		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, net									86
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.


	Refining		Renewable Diesel		Ethanol		Corporate 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 expenses	5		—		(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, net									122
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.


	Refining		Renewable Diesel		Ethanol		Corporate 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 loss	1,131		—		—		—		1,131
Other operating expenses	8		—		—		—		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, net									206
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.


	Refining		Renewable Diesel		Ethanol		Corporate 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 expenses	10		—		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, net									266
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.

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


	June 30, 2025		December 31, 2024
Refining	$	46,223	$	46,729
Renewable Diesel	5,402		5,680
Ethanol	1,496		1,545
Corporate and eliminations	6,312		6,189
Total assets	$	59,433	$	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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
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 revenues	28,324		33,044		57,081		63,187
Renewable Diesel:
Renewable diesel	470		540		861		1,219
Renewable naphtha	46		14		85		37
Neat SAF	49		—		112		—
Total Renewable Diesel revenues	565		554		1,058		1,256
Ethanol:
Ethanol	780		662		1,567		1,300
Distillers grains	220		230		441		506
Total Ethanol revenues	1,000		892		2,008		1,806

Revenues	$	29,889	$	34,490	$	60,147	$	66,249