Revenues and Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

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 expenses	62		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 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 expenses	5		—		—		—		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, net									86
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

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See notes on page 23.


	Refining		Renewable Diesel		Ethanol		Corporate 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 expenses	3		—		—		—		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, net									123
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

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See notes on page 23.


	Refining		Renewable Diesel		Ethanol		Corporate 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 loss	1,131		—		—		—		1,131
Other operating expenses	13		—		—		—		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, net									292
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

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See notes on page 23.


	Refining		Renewable Diesel		Ethanol		Corporate 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 expenses	13		—		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, net									389
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

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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 $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.

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


	September 30, 2025		December 31, 2024
Refining	$	45,010	$	46,729
Renewable Diesel	5,600		5,680
Ethanol	1,495		1,545
Corporate and eliminations	6,510		6,189
Total assets	$	58,615	$	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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
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 revenues	30,414		31,332		87,495		94,519
Renewable Diesel:
Renewable diesel	623		610		1,484		1,829
Renewable naphtha	29		22		114		59
Neat SAF	67		—		179		—
Total Renewable Diesel revenues	719		632		1,777		1,888
Ethanol:
Ethanol	823		685		2,390		1,985
Distillers grains	212		227		653		733
Total Ethanol revenues	1,035		912		3,043		2,718

Revenues	$	32,168	$	32,876	$	92,315	$	99,125