Revenues and Segment Information

3 Months Ended

Mar. 31, 2026

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):

	March 31, 2026		December 31, 2025
Receivables from contracts with customers, included in receivables, net	$	8,610	$	6,233
Contract liabilities, included in accrued expenses	61		60

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 March 31, 2026, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations. See Note 2 for additional information regarding contractual obligations related to our Benicia Refinery.

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 (loss) 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 includes the operations of DGD, a consolidated joint venture as discussed in Note 7, 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 and other category. As discussed in Note 2, beginning in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery will be reported within other corporate expenses.

Our chief operating decision maker (CODM) is our Chairman of the Board, Chief Executive Officer and President. Our CODM uses operating income (loss) 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 (loss) by segment when evaluating the operating performance of each segment.

The following tables reflect information about our reportable segments and include the reconciliation to our consolidated income (loss) before income tax expense (benefit) (in millions):

	Refining		Renewable Diesel		Ethanol		Total
Three months ended March 31, 2026
Revenues:
Revenues from external customers	$	30,805	$	711	$	865	$	32,381
Intersegment revenues	2		703		302		1,007
	30,807		1,414		1,167		33,388
Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues							(1,007)
Total consolidated revenues							$	32,381
Less:
Cost of sales:
Cost of materials and other (a)	25,178		1,112		894
Taxes other than income taxes	1,721		—		—
Operating expenses (excluding depreciation and amortization expense reflected below)	1,346		85		164
Depreciation and amortization expense	732		78		19
Total cost of sales	28,977		1,275		1,077
Other operating expenses	24		—		—
Operating income by segment	$	1,806	$	139	$	90	$	2,035
Reconciliation of operating income by segment to income before income tax expense
Elimination of intersegment profits							(7)
Unallocated amounts:
Other corporate expenses (b)							(297)
Other income, net							132
Interest and debt expense, net of capitalized interest							(140)
Income before income tax expense							$	1,723
Other segment disclosures
Segment assets	$	47,506	$	5,634	$	1,569	$	54,709
Expenditures for long-lived assets (c)	402		33		7		442

________________________

See notes on page 19.

	Refining		Renewable Diesel		Ethanol		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
	28,759		900		1,225		30,884
Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues							(626)
Total consolidated revenues							$	30,258
Less:
Cost of sales:
Cost of materials and other (a)	24,769		895		1,032
Taxes other than income taxes	1,500		—		—
Operating expenses (excluding depreciation and amortization expense reflected below)	1,291		78		154
Depreciation and amortization expense	594		68		19
Total cost of sales	28,154		1,041		1,205
Asset impairment loss	1,131		—		—
Other operating expenses	4		—		—
Operating income (loss) by segment	$	(530)	$	(141)	$	20	$	(651)
Reconciliation of operating income (loss) by segment to loss before income tax benefit
Elimination of intersegment losses							23
Unallocated amounts:
Other corporate expenses (b)							(272)
Other income, net							120
Interest and debt expense, net of capitalized interest							(137)
Loss before income tax benefit							$	(917)
Other segment disclosures
Segment assets	$	45,755	$	5,283	$	1,621	$	52,659
Expenditures for long-lived assets (c)	533		95		8		636

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(a)Cost of materials and other is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $178 million and $20 million for our Renewable Diesel and Ethanol segments, respectively, in the three months ended March 31, 2026 and $51 million for our Renewable Diesel segment in the three months ended March 31, 2025.

(b)Other corporate expenses include general and administrative expenses and depreciation and amortization expense, as reflected in our consolidated statements of income on page 2.

(c)Total expenditures for long-lived assets include amounts related to capital expenditures and deferred turnaround and catalyst costs.

Total assets for reportable segments reconciled to our consolidated assets were as follows (in millions):

	March 31, 2026		December 31, 2025
Total assets for reportable segments	$	54,709	$	51,316
Corporate assets	7,807		6,938
Elimination of intercompany receivables and other assets	(374)		(266)
Total consolidated assets	$	62,142	$	57,988

Expenditures for long-lived assets for reportable segments reconciled to our consolidated expenditures for long-lived assets were as follows (in millions):

	Three Months Ended March 31,
	2026		2025
Expenditures for long-lived assets for reportable segments	$	442	$	636
Corporate expenditures for long-lived assets	6		23
Total consolidated expenditures for long-lived assets	$	448	$	659

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,
	2026		2025
Refining:
Gasolines and blendstocks	$	12,431	$	12,374
Distillates	15,461		13,376
Other product revenues	2,913		3,007
Total Refining revenues	30,805		28,757
Renewable Diesel:
Renewable diesel	566		391
Renewable naphtha	37		39
Neat SAF	108		63
Total Renewable Diesel revenues	711		493
Ethanol:
Ethanol	676		787
Distillers grains	189		221
Total Ethanol revenues	865		1,008
Revenues	$	32,381	$	30,258

As of March 31, 2026 and December 31, 2025, our investments in nonconsolidated joint ventures accounted for under the equity method were $680 million and $684 million, respectively, all of which

related to the Refining segment and are reflected in “deferred charges and other assets, net” in our balance sheets.