Revenues and Segment Information

9 Months Ended

Sep. 30, 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):

	September 30, 2026		December 31, 2025
Receivables from contracts with customers, included in receivables, net	$	9,447	$	6,233
Contract liabilities, included in accrued expenses	82		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 September 30, 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 are then sold to that segment’s customers as finished products.

•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, effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are 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 before income tax expense (in millions):

	Refining		Renewable Diesel		Ethanol		Total
Three months ended September 30, 2026
Revenues:
Revenues from external customers	$	44,369	$	664	$	1,065	$	46,098
Intersegment revenues	3		1,729		352		2,084
	44,372		2,393		1,417		48,182
Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues							(2,084)
Total consolidated revenues							$	46,098
Less:
Cost of sales:
Cost of materials and other (a)	31,988		1,883		962
Taxes other than income taxes	1,654		—		—
Operating expenses (excluding depreciation and amortization expense reflected below)	1,376		86		165
Depreciation and amortization expense	580		71		18
Total cost of sales	35,598		2,040		1,145
Other operating expenses	(8)		—		—
Operating income by segment	$	8,782	$	353	$	272	$	9,407
Reconciliation of operating income by segment to income before income tax expense
Elimination of intersegment losses							8
Unallocated amounts:
Other corporate expenses (b)							(342)
Other income, net							127
Interest and debt expense, net of capitalized interest							(144)
Income before income tax expense							$	9,056
Other segment disclosures
Expenditures for long-lived assets (c)	$	397	$	4	$	25	$	426

________________________

See notes on page 24.

	Refining		Renewable Diesel		Ethanol		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
	30,415		1,203		1,294		32,912
Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues							(744)
Total consolidated revenues							$	32,168
Less:
Cost of sales:
Cost of materials and other (a)	24,858		1,077		942
Taxes other than income taxes	1,826		—		—
Operating expenses (excluding depreciation and amortization expense reflected below)	1,388		78		148
Depreciation and amortization expense	728		76		21
Total cost of sales	28,800		1,231		1,111
Other operating expenses	5		—		—
Operating income (loss) by segment	$	1,610	$	(28)	$	183	$	1,765
Reconciliation of operating income (loss) by segment to income before income tax expense
Elimination of intersegment losses							2
Unallocated amounts:
Other corporate expenses (b)							(258)
Other income, net							86
Interest and debt expense, net of capitalized interest							(139)
Income before income tax expense							$	1,456
Other segment disclosures
Expenditures for long-lived assets (c)	$	324	$	49	$	12	$	385

________________________

See notes on page 24.

	Refining		Renewable Diesel		Ethanol		Total
Nine months ended September 30, 2026
Revenues:
Revenues from external customers	$	117,474	$	2,551	$	2,930	$	122,955
Intersegment revenues	7		3,938		965		4,910
	117,481		6,489		3,895		127,865
Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues							(4,910)
Total consolidated revenues							$	122,955
Less:
Cost of sales:
Cost of materials and other (a)	91,434		4,798		2,678
Taxes other than income taxes	5,023		—		—
Operating expenses (excluding depreciation and amortization expense reflected below)	3,985		262		481
Depreciation and amortization expense	1,947		220		56
Total cost of sales	102,389		5,280		3,215
Other operating expenses	34		—		—
Operating income by segment	$	15,058	$	1,209	$	680	$	16,947
Reconciliation of operating income by segment to income before income tax expense
Elimination of intersegment profits							(53)
Unallocated amounts:
Other corporate expenses (b)							(894)
Other income, net							375
Interest and debt expense, net of capitalized interest							(429)
Income before income tax expense							$	15,946
Other segment disclosures
Segment assets	$	49,538	$	5,669	$	1,475	$	56,682
Expenditures for long-lived assets (c)	1,119		44		43		1,206

________________________

See notes on page 24.

	Refining		Renewable Diesel		Ethanol		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
	87,500		3,201		3,724		94,425
Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues							(2,110)
Total consolidated revenues							$	92,315
Less:
Cost of sales:
Cost of materials and other (a)	73,015		3,016		2,962
Taxes other than income taxes	4,980		—		—
Operating expenses (excluding depreciation and amortization expense reflected below)	3,986		228		446
Depreciation and amortization expense	2,029		205		59
Total cost of sales	84,010		3,449		3,467
Asset impairment loss	1,131		—		—
Other operating expenses	13		—		—
Operating income (loss) by segment	$	2,346	$	(248)	$	257	$	2,355
Reconciliation of operating income (loss) by segment to income before income tax expense
Elimination of intersegment losses							29
Unallocated amounts:
Other corporate expenses (b)							(778)
Other income, net							292
Interest and debt expense, net of capitalized interest							(417)
Income before income tax expense							$	1,481
Other segment disclosures
Segment assets	$	45,010	$	5,600	$	1,495	$	52,105
Expenditures for long-lived assets (c)	1,231		158		30		1,419

________________________

(a)Cost of materials and other is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $150 million and $206 million for the three months ended September 30, 2026 and 2025, respectively, and $505 million and $397 million for the nine months ended September 30, 2026 and 2025, respectively, for our Renewable Diesel segment and $92 million and $211 million for the three and nine months ended September 30, 2026, respectively, for our Ethanol segment.

(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. Effective in the second quarter of 2026, other corporate expenses also include expenses associated with the decommissioning and redevelopment of our Benicia Refinery.

(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):

	September 30, 2026		December 31, 2025
Total assets for reportable segments	$	56,682	$	51,316
Corporate assets	11,815		6,938
Elimination of intercompany receivables and other assets	(546)		(266)
Total consolidated assets	$	67,951	$	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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Expenditures for long-lived assets for reportable segments	$	426	$	385	$	1,206	$	1,419
Corporate expenditures for long-lived assets	6		24		24		56
Total consolidated expenditures for long-lived assets	$	432	$	409	$	1,230	$	1,475

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,
	2026		2025		2026		2025
Refining:
Gasolines and blendstocks	$	17,932	$	13,287	$	47,780	$	38,382
Distillates	22,003		14,582		58,152		40,736
Other product revenues	4,434		2,545		11,542		8,377
Total Refining revenues	44,369		30,414		117,474		87,495
Renewable Diesel:
Renewable diesel	433		623		2,056		1,484
Renewable naphtha	61		29		137		114
Neat SAF	170		67		358		179
Total Renewable Diesel revenues	664		719		2,551		1,777
Ethanol:
Ethanol	848		823		2,313		2,390
Distillers grains	217		212		617		653
Total Ethanol revenues	1,065		1,035		2,930		3,043
Revenues	$	46,098	$	32,168	$	122,955	$	92,315

As of September 30, 2026 and December 31, 2025, our investments in nonconsolidated joint ventures accounted for under the equity method were $675 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.