Revenue Recognition

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

As of September 30, 2025, and December 31, 2024, receivables from contracts with customers were $291.9 million and $312.7 million, respectively. Our refining segment recognizes deferred revenues when cash payments are received in advance of delivery of products to the customer. Deferred revenue was $4.7 million and $16.2 million as of September 30, 2025, and December 31, 2024, respectively. We have elected to apply a practical expedient not to disclose the value of unsatisfied performance obligations for (i) contracts with an original expected duration of less than one year and (ii) contracts where the variable consideration has been allocated entirely to our unsatisfied performance obligation.

The following table provides information about disaggregated revenue by major product line and includes a reconciliation of the disaggregated revenues to total segment revenues (in thousands):

Three Months Ended September 30, 2025	Refining		Logistics		Retail
Product or service:
Gasoline	$	723,326	$	—	$	108,646
Distillates (1)	798,641		—		13,682
Other refined products (2)	387,615		—		—
Merchandise	—		—		28,048
Transportation and terminalling services	—		80,310		—
Other revenue	35,788		—		954
Total segment revenues (3)	$	1,945,370	$	80,310	$	151,330

Three Months Ended September 30, 2024	Refining		Logistics		Retail
Product or service:
Gasoline	$	755,838	$	—	$	107,824
Distillates (1)	863,339		—		13,006
Other refined products (2)	400,899		—		—
Merchandise	—		—		28,469
Transportation and terminalling services	—		77,741		—
Other revenue	60,470		—		914
Total segment revenues (3)	$	2,080,546	$	77,741	$	150,213

Nine Months Ended September 30, 2025	Refining		Logistics		Retail
Product or service:
Gasoline	$	1,983,070	$	—	$	315,052
Distillates (1)	2,185,551		—		37,584
Other refined products (2)	1,146,149		—		—
Merchandise	—		—		79,223
Transportation and terminalling services	—		224,730		—
Other revenue	143,238		—		2,588
Total segment revenues (3)	$	5,458,008	$	224,730	$	434,447

Nine Months Ended September 30, 2024	Refining		Logistics		Retail
Product or service:
Gasoline	$	2,133,705	$	—	$	323,027
Distillates (1)	2,497,574		—		36,914
Other refined products (2)	1,201,836		—		—
Merchandise	—		—		80,611
Transportation and terminalling services	—		222,058		—
Other revenue	131,320		—		2,637
Total segment revenues (3)	$	5,964,435	$	222,058	$	443,189

_______________________________________________________

(1)Distillates primarily include diesel and jet fuel.

(2)Other refined products include fuel oil, vacuum gas oil, and asphalt.

(3)Refer to Note 18—Segment Information for the reconciliation of segment revenues to total consolidated revenues.