Discontinued Operations

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

On May 14, 2021, we completed the sale of Speedway, our company-owned and operated retail transportation fuel and convenience store business, to 7-Eleven for cash proceeds of approximately $21.38 billion. After-tax proceeds were approximately $17.22 billion. This transaction resulted in a pretax gain of $11.68 billion ($8.02 billion after income taxes) after deducting the book value of the net assets and certain other adjustments.

The proceeds and related Speedway sale gain may be adjusted in future periods based on provisions of the purchase and sale agreement that allow for adjustments of working capital amounts and other miscellaneous items subsequent to the transaction closing date of May 14, 2021.

Results of operations for Speedway are reflected through the close of the sale. The following table presents Speedway results and the gain on sale as reported in income from discontinued operations, net of tax, within our consolidated statements of income.


	Three Months Ended		Six Months Ended
(In millions)	June 30, 2021
Revenues, other income and net gain on disposal of assets:
Revenues and other income	$	3,081	$	8,420
Net gain on disposal of assets	11,682		11,682
Total revenues, other income and net gain on disposal of assets	14,763		20,102

Costs and expenses:
Cost of revenues (excludes items below)	2,748		7,654
Depreciation and amortization	1		3
Selling, general and administrative expenses	48		121
Other taxes	24		75
Total costs and expenses	2,821		7,853

Income from operations	11,942		12,249
Net interest and other financial costs	2		6
Income before income taxes	11,940		12,243
Provision for income taxes	3,726		3,795
Income from discontinued operations, net of tax	$	8,214	$	8,448

Fuel Supply AgreementsDuring the second quarter of 2021, we entered into various 15-year fuel supply agreements through which we continue to supply fuel to Speedway.