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Revenues and Segment Information
 9 Months Ended
Sep. 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):
September 30,
2025		December 31,
2024
Receivables from contracts with customers,
included in receivables, net
$6,321 $5,812 
Contract liabilities, included in accrued expenses62 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 September 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 September 30, 2025
Revenues:
Revenues from external customers
$30,414 $719 $1,035 $— $32,168 
Intersegment revenues
1 484 259 (744)— 
Total revenues
30,415 1,203 1,294 (744)32,168 
Cost of sales:
Cost of materials and other (a)26,684 1,077 942 (745)27,958 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,388 78 148 — 1,614 
Depreciation and amortization expense
728 76 21 (1)824 
Total cost of sales
28,800 1,231 1,111 (746)30,396 
Other operating expenses5 — — — 5 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 246 246 
Depreciation and amortization expense
— — — 12 12 
Operating income (loss) by segment$1,610 $(28)$183 $(256)1,509 
Other income, net86 
Interest and debt expense, net of capitalized
interest
(139)
Income before income tax expense$1,456 
Total expenditures for long-lived assets (b)$324 $49 $12 $24 $409 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended September 30, 2024
Revenues:
Revenues from external customers
$31,332 $632 $912 $— $32,876 
Intersegment revenues
3 593 235 (831)— 
Total revenues
31,335 1,225 1,147 (831)32,876 
Cost of sales:
Cost of materials and other (a)28,922 1,029 842 (828)29,965 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,256 92 133 1 1,482 
Depreciation and amortization expense
589 69 19 (2)675 
Total cost of sales
30,767 1,190 994 (829)32,122 
Other operating expenses3 — — — 3 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 234 234 
Depreciation and amortization expense
— — — 10 10 
Operating income by segment$565 $35 $153 $(246)507 
Other income, net123 
Interest and debt expense, net of capitalized
interest
(141)
Income before income tax expense$489 
Total expenditures for long-lived assets (b)$344 $67 $9 $9 $429 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Nine months ended September 30, 2025
Revenues:
Revenues from external customers
$87,495 $1,777 $3,043 $— $92,315 
Intersegment revenues
5 1,424 681 (2,110)— 
Total revenues
87,500 3,201 3,724 (2,110)92,315 
Cost of sales:
Cost of materials and other (a)77,995 3,016 2,962 (2,135)81,838 
Operating expenses (excluding depreciation
and amortization expense reflected below)
3,986 228 446 (1)4,659 
Depreciation and amortization expense
2,029 205 59 (3)2,290 
Total cost of sales
84,010 3,449 3,467 (2,139)88,787 
Asset impairment loss1,131 — — — 1,131 
Other operating expenses13 — — — 13 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 727 727 
Depreciation and amortization expense
— — — 51 51 
Operating income (loss) by segment$2,346 $(248)$257 $(749)1,606 
Other income, net292 
Interest and debt expense, net of capitalized
interest
(417)
Income before income tax expense$1,481 
Total expenditures for long-lived assets (b)$1,231 $158 $30 $56 $1,475 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Nine months ended September 30, 2024
Revenues:
Revenues from external customers
$94,519 $1,888 $2,718 $— $99,125 
Intersegment revenues
8 1,932 654 (2,594)— 
Total revenues
94,527 3,820 3,372 (2,594)99,125 
Cost of sales:
Cost of materials and other (a)85,528 3,025 2,625 (2,588)88,590 
Operating expenses (excluding depreciation
and amortization expense reflected below)
3,659 262 395 1 4,317 
Depreciation and amortization expense
1,793 196 57 (4)2,042 
Total cost of sales
90,980 3,483 3,077 (2,591)94,949 
Other operating expenses13 — 27 — 40 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 695 695 
Depreciation and amortization expense
— — — 34 34 
Operating income by segment$3,534 $337 $268 $(732)3,407 
Other income, net389 
Interest and debt expense, net of capitalized
interest
(421)
Income before income tax expense$3,375 
Total expenditures for long-lived assets (b)$1,191 $260 $26 $33 $1,510 
________________________
(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 $206 million and $397 million for the three and nine months ended September 30, 2025, respectively, and the blender’s tax credit on qualified fuel mixtures of $313 million and $952 million for the three and nine months ended September 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
September 30,		Nine Months Ended
September 30,
2025202420252024
Refining:
Gasolines and blendstocks
$13,287 $14,361 $38,382 $43,004 
Distillates
14,582 13,855 40,736 42,286 
Other product revenues
2,545 3,116 8,377 9,229 
Total Refining revenues30,414 31,332 87,495 94,519 
Renewable Diesel:
Renewable diesel
623 610 1,484 1,829 
Renewable naphtha29 22 114 59 
Neat SAF67 — 179 — 
Total Renewable Diesel revenues719 632 1,777 1,888 
Ethanol:
Ethanol
823 685 2,390 1,985 
Distillers grains
212 227 653 733 
Total Ethanol revenues1,035 912 3,043 2,718 
Revenues
$32,168 $32,876 $92,315 $99,125 

Total assets by reportable segment were as follows (in millions):
September 30,
2025		December 31,
2024
Refining$45,010 $46,729 
Renewable Diesel5,600 5,680 
Ethanol1,495 1,545 
Corporate and eliminations6,510 6,189 
Total assets$58,615 $60,143 

As of September 30, 2025 and December 31, 2024, our investments in nonconsolidated joint ventures accounted for under the equity method were $687 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.