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Revenue | 3 Months Ended
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Mar. 31, 2026
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The following table presents our revenues from external customers disaggregated by segment and product line:
| Three Months Ended March 31, |  |
(Millions of dollars) | 2026 |  | 2025 |  |  |  |
Refining & Marketing |  |  |  |  |  |  |
Refined products | $ | 30,220 |  |  | $ | 27,427 |  |  |  |  |
Crude oil | 1,650 |  |  | 1,565 |  |  |  |  |
Services and other | 456 |  |  | 465 |  |  |  |  |
Total revenues from external customers | 32,326 |  |  | 29,457 |  |  |  |  |
Midstream |  |  |  |  |  |  |
Refined products | 485 |  |  | 530 |  |  |  |  |
Services and other | 817 |  |  | 911 |  |  |  |  |
Total revenues from external customers | 1,302 |  |  | 1,441 |  |  |  |  |
Renewable Diesel |  |  |  |  |  |  |
Refined products | 567 |  |  | 615 |  |  |  |  |
Services and other | 5 |  |  | 4 |  |  |  |  |
Total revenues from external customers | 572 |  |  | 619 |  |  |  |  |
Sales and other operating revenues | $ | 34,200 |  |  | $ | 31,517 |  |  |  |  |
We do not disclose information on the future performance obligations for any contract with expected duration of one year or less at inception. As of March 31, 2026, we do not have future performance obligations that are material to future periods. Contract Balances Our receivables primarily consist of customer receivables. Significant, non-customer balances included in our receivables at March 31, 2026 and December 31, 2025 include matching buy/sell receivables of $6.0 billion and $4.1 billion, respectively. Our contract liabilities primarily represent advances from our customers prior to product or service delivery. At March 31, 2026 and December 31, 2025, contract liabilities were $182 million and $215 million, respectively. Contract liabilities are included in other current liabilities and deferred credits and other liabilities on our consolidated balance sheets. We classify contract liabilities as current or long-term based on the timing of when we expect to recognize revenue.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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