Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Schedule Of Segment Reporting Information

The following is a summary of the financial information of our reportable segments reconciled to the amounts reported in our consolidated financial statements.


	Refining		Renewables		Marketing		Lubricants & Specialties		Midstream		Corporate, Other and Eliminations		Consolidated Total

	(In millions)
Three Months Ended September 30, 2025
Sales and other revenues:
Revenues from external customers	$	5,507	$	163	$	898	$	654	$	29	$	—	$	7,251
Intersegment revenues and other (1)	936		114		—		1		131		(1,182)		—
	6,443		277		898		655		160		(1,182)		7,251
Cost of sales: (2)
Cost of materials and other (3)	5,278		267		860		470		—		(1,183)		5,692
Lower of cost or market inventory valuation adjustments	46		20		—		—		—		—		66
Operating expenses	447		22		—		71		50		—		590
	5,771		309		860		541		50		(1,183)		6,348
Selling, general and administrative expenses (2)	53		1		10		36		1		4		105
Depreciation and amortization	139		22		7		26		18		18		230
Other operating expenses, net	4		—		—		—		—		—		4
Income (loss) from operations	476		(55)		21		52		91		(21)		564
Earnings of equity method investments	—		—		—		—		6		—		6
Interest income	—		—		—		2		1		8		11
Interest expense	—		(1)		—		—		(1)		(49)		(51)
Other income (expense), net	—		—		1		—		1		(4)		(2)
Income (loss) before income taxes	$	476	$	(56)	$	22	$	54	$	98	$	(66)	$	528

Capital expenditures	$	79	$	—	$	17	$	8	$	9	$	8	$	121

Three Months Ended September 30, 2024
Sales and other revenues:
Revenues from external customers	$	5,387	$	160	$	950	$	683	$	27	$	—	$	7,207
Intersegment revenues and other (1)	995		105		—		3		137		(1,240)		—
	6,382		265		950		686		164		(1,240)		7,207
Cost of sales: (2)
Cost of materials and other (3)	5,732		237		918		509		—		(1,238)		6,158
Lower of cost or market inventory valuation adjustments	199		3		—		—		—		—		202
Operating expenses	485		25		—		61		59		—		630
	6,416		265		918		570		59		(1,238)		6,990
Selling, general and administrative expenses (2)	55		2		10		38		3		10		118
Depreciation and amortization	123		21		6		22		18		20		210
Asset impairments	—		—		—		—		10		—		10
Income (loss) from operations	(212)		(23)		16		56		74		(32)		(121)
Earnings of equity method investments	—		—		—		—		7		1		8
Interest income	—		1		—		3		3		11		18
Interest expense	—		(2)		—		—		(8)		(30)		(40)
Other income (expense), net	—		—		—		(2)		(1)		7		4
Income (loss) before income taxes	$	(212)	$	(24)	$	16	$	57	$	75	$	(43)	$	(131)

Capital expenditures	$	71	$	1	$	13	$	11	$	16	$	12	$	124


	Refining		Renewables		Marketing		Lubricants & Specialties		Midstream		Corporate, Other and Eliminations		Consolidated Total

	(In millions)
Nine Months Ended September 30, 2025
Sales and other revenues:
Revenues from external customers	$	15,588	$	388	$	2,410	$	1,932	$	87	$	—	$	20,405
Intersegment revenues and other (1)	2,525		337		—		6		386		(3,254)		—
	18,113		725		2,410		1,938		473		(3,254)		20,405
Cost of sales: (2)
Cost of materials and other (3)	15,463		688		2,304		1,409		—		(3,256)		16,608
Lower of cost or market inventory valuation adjustments	102		(5)		—		—		—		—		97
Operating expenses	1,349		67		—		198		141		3		1,758
	16,914		750		2,304		1,607		141		(3,253)		18,463
Selling, general and administrative expenses (2)	159		2		26		115		5		16		323
Depreciation and amortization	410		71		21		70		55		54		681
Other operating expenses, net	18		—		—		—		—		—		18
Income (loss) from operations	612		(98)		59		146		272		(71)		920
Earnings of equity method investments	—		—		—		—		27		—		27
Interest income	—		1		—		4		6		16		27
Interest expense	—		(5)		—		—		(5)		(143)		(153)
Other income (expense), net	—		—		1		2		(40)		(11)		(48)
Income (loss) before income taxes	$	612	$	(102)	$	60	$	152	$	260	$	(209)	$	773

Capital expenditures	$	209	$	2	$	33	$	28	$	30	$	16	$	318

Nine Months Ended September 30, 2024
Sales and other revenues:
Revenues from external customers	$	16,730	$	520	$	2,668	$	2,084	$	78	$	—	$	22,080
Intersegment revenues and other (1)	2,834		233		—		11		399		(3,477)		—
	19,564		753		2,668		2,095		477		(3,477)		22,080
Cost of sales: (2)
Cost of materials and other (3)	17,497		688		2,591		1,533		—		(3,474)		18,835
Lower of cost or market inventory valuation adjustments	(22)		2		—		—		—		—		(20)
Operating expenses	1,407		76		—		189		156		—		1,828
	18,882		766		2,591		1,722		156		(3,474)		20,643
Selling, general and administrative expenses (2)	154		4		24		112		11		22		327
Depreciation and amortization	363		61		19		67		52		51		613
Asset impairments	—		—		—		—		10		—		10
Income (loss) from operations	165		(78)		34		194		248		(76)		487
Earnings of equity method investments	—		—		—		—		22		2		24
Interest income	—		1		—		6		9		43		59
Interest expense	—		(5)		—		(1)		(26)		(95)		(127)
Other income (expense), net	—		—		—		(1)		—		6		5
Income (loss) before income taxes	$	165	$	(82)	$	34	$	198	$	253	$	(120)	$	448

Capital expenditures	$	162	$	7	$	33	$	23	$	35	$	37	$	297

(1)Refining segment intersegment revenues relate to transportation fuels sold to the Marketing segment. Midstream segment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.

(2)Exclusive of Depreciation and amortization.

(3)Exclusive of Lower of cost or market inventory valuation adjustments.