Revenues and Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

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

Segment Activity, Including Total Assets by Reportable 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.

Reconciliation of Assets from Segment to Consolidated

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

Segment, Reconciliation of Other Items from Segments to Consolidated

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

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 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