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v3.24.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Adjusted EBITDA |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Millions of dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
Segment adjusted EBITDA for reportable segments |  |  |  |  |  |  |
Refining & Marketing | $ | 1,053 |  |  | $ | 4,373 |  |  | $ | 4,899 |  |  | $ | 11,389 |
Midstream | 1,628 |  |  | 1,539 |  |  | 4,837 |  |  | 4,601 |
Total reportable segments | $ | 2,681 |  |  | $ | 5,912 |  |  | $ | 9,736 |  |  | $ | 15,990 |
Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes |  |  |  |  |  |  |
Total reportable segments | $ | 2,681 |  |  | $ | 5,912 |  |  | $ | 9,736 |  |  | $ | 15,990 |
Corporate | (196) |  |  | (204) |  |  | (600) |  |  | (533) |
Refining planned turnaround costs | (290) |  |  | (153) |  |  | (1,121) |  |  | (902) |
Garyville incident response costs | — |  |  | (63) |  |  | — |  |  | (63) |
Gain on sale of assets(a) | — |  |  | 106 |  |  | 151 |  |  | 106 |
Depreciation and amortization | (846) |  |  | (845) |  |  | (2,511) |  |  | (2,479) |
Net interest and other financial costs | (221) |  |  | (118) |  |  | (594) |  |  | (414) |
Income before income taxes | $ | 1,128 |  |  | $ | 4,635 |  |  | $ | 5,061 |  |  | $ | 11,705 |
(a)The first nine months of 2024 includes the gain from the Whistler Joint Venture Transaction (as defined in Note 13). 2023 includes the gain on the sale of our interest in South Texas Gateway Terminal LLC. See Note 13 for additional information.
Reconciliation of Revenue from Segments to Consolidated |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Millions of dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
Sales and other operating revenues |  |  |  |  |  |  |
Refining & Marketing |  |  |  |  |  |  |
Revenues from external customers(a) | $ | 33,775 |  |  | $ | 39,625 |  |  | $ | 101,914 |  |  | $ | 108,455 |
Intersegment revenues | 36 |  |  | 30 |  |  | 107 |  |  | 78 |
Refining & Marketing segment revenues | 33,811 |  |  | 39,655 |  |  | 102,021 |  |  | 108,533 |
Midstream |  |  |  |  |  |  |
Revenues from external customers(a) | 1,332 |  |  | 1,292 |  |  | 3,813 |  |  | 3,669 |
Intersegment revenues | 1,468 |  |  | 1,434 |  |  | 4,319 |  |  | 4,143 |
Midstream segment revenues | 2,800 |  |  | 2,726 |  |  | 8,132 |  |  | 7,812 |
Total segment revenues | 36,611 |  |  | 42,381 |  |  | 110,153 |  |  | 116,345 |
Less: intersegment revenues | 1,504 |  |  | 1,464 |  |  | 4,426 |  |  | 4,221 |
Consolidated sales and other operating revenues(a) | $ | 35,107 |  |  | $ | 40,917 |  |  | $ | 105,727 |  |  | $ | 112,124 |
(a) Includes sales to related parties. See Note 6 for additional information.
Other Significant Reconciling Items from Segments to Consolidated |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Millions of dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
Income from equity method investments |  |  |  |  |  |  |
Refining & Marketing | $ | 43 |  |  | $ | 24 |  |  | $ | 85 |  |  | $ | 5 |
Midstream | 176 |  |  | 191 |  |  | 560 |  |  | 542 |
Total segment income from equity method investments | 219 |  |  | 215 |  |  | 645 |  |  | 547 |
Corporate(a) | — |  |  | — |  |  | 151 |  |  | — |
Consolidated income from equity method investments | $ | 219 |  |  | $ | 215 |  |  | $ | 796 |  |  | $ | 547 |
Depreciation and amortization |  |  |  |  |  |  |
Refining & Marketing | 465 |  |  | 463 |  |  | 1,395 |  |  | 1,411 |
Midstream | 353 |  |  | 340 |  |  | 1,041 |  |  | 988 |
Total segment depreciation and amortization | 818 |  |  | 803 |  |  | 2,436 |  |  | 2,399 |
Corporate | 28 |  |  | 42 |  |  | 75 |  |  | 80 |
Consolidated depreciation and amortization | $ | 846 |  |  | $ | 845 |  |  | $ | 2,511 |  |  | $ | 2,479 |
Capital expenditures |  |  |  |  |  |  |
Refining & Marketing | $ | 372 |  |  | $ | 255 |  |  | $ | 967 |  |  | $ | 919 |
Midstream | 557 |  |  | 234 |  |  | 1,125 |  |  | 748 |
Total segment capital expenditures and investments | 929 |  |  | 489 |  |  | 2,092 |  |  | 1,667 |
Less investments in equity method investees | 271 |  |  | 66 |  |  | 450 |  |  | 362 |
Plus: |  |  |  |  |  |  |
Corporate | 7 |  |  | 24 |  |  | 25 |  |  | 64 |
Capitalized interest | 14 |  |  | 9 |  |  | 38 |  |  | 43 |
Consolidated capital expenditures(b) | $ | 679 |  |  | $ | 456 |  |  | $ | 1,705 |  |  | $ | 1,412 |
(a)2024 represents the gain from the Whistler Joint Venture Transaction. See Note 13 for additional information. (b)Includes changes in capital expenditure accruals. See Note 19 for a reconciliation of total capital expenditures to additions to property, plant and equipment for the nine months ended September 30, 2024 and 2023 as reported in the consolidated statements of cash flows.

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