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Segment Disclosures and Related Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Analysis of Results by Operating Segment | Analysis of Results by Operating Segment
| Millions of Dollars
| Three Months Ended March 31, 2025
| Operating Segments |  |  |
| Midstream | Chemicals | Refining | M&S | Renewable Fuels | Corporate and Other | Consolidating Adjustments | Total Consolidated
Revenues and Other Income |  |  |  |  |  |  |  |
Third-party sales and other operating revenues | $ | 4,827 |  | — |  | 5,702 |  | 19,163 |  | 728 |  | 10 |  | — |  | 30,430 |
Intercompany revenues | 631 |  | — |  | 10,173 |  | 478 |  | 781 |  | 2 |  | (12,065) |  | — |
Total sales and other operating revenues | 5,458 |  | — |  | 15,875 |  | 19,641 |  | 1,509 |  | 12 |  | (12,065) |  | 30,430 |
Equity in earnings of affiliates | 110 |  | 113 |  | (105) |  | 36 |  | (1) |  | — |  | — |  | 153 |
Net gain on dispositions | 69 |  | — |  | — |  | 1,018 |  | — |  | — |  | — |  | 1,087 |
Other income | 10 |  | — |  | 3 |  | 6 |  | 19 |  | 18 |  | — |  | 56 |
Total Revenues and Other Income | 5,647 |  | 113 |  | 15,773 |  | 20,701 |  | 1,527 |  | 30 |  | (12,065) |  | 31,726 |
Costs and Expenses |  |  |  |  |  |  |  |
Purchased crude oil and products | 4,089 |  | — |  | 15,025 |  | 19,045 |  | 1,536 |  | — |  | (12,035) |  | 27,660 |
Operating expenses* | 458 |  | 2 |  | 1,074 |  | 18 |  | 96 |  | 4 |  | (30) |  | 1,622 |
Selling, general and administrative expenses* | 53 |  | (2) |  | 46 |  | 328 |  | 18 |  | 76 |  | — |  | 519 |
Depreciation and amortization | 233 |  | — |  | 456 |  | 20 |  | 23 |  | 59 |  | — |  | 791 |
Impairments | — |  | — |  | 1 |  | — |  | — |  | 25 |  | — |  | 26 |
Taxes other than income taxes | 61 |  | — |  | 110 |  | 9 |  | 35 |  | 18 |  | — |  | 233 |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | 221 |  | — |  | 221 |
Other segment items** | 2 |  | — |  | (2) |  | (1) |  | 4 |  | 3 |  | — |  | 6 |
Total Costs and Expenses | 4,896 |  | — |  | 16,710 |  | 19,419 |  | 1,712 |  | 406 |  | (12,065) |  | 31,078 |
Income (loss) before income taxes | $ | 751 |  | 113 |  | (937) |  | 1,282 |  | (185) |  | (376) |  | — |  | 648 |
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
| Millions of Dollars
| Three Months Ended March 31, 2024
| Operating Segments |  |  |
| Midstream | Chemicals | Refining | M&S | Renewable Fuels | Corporate and Other | Consolidating Adjustments | Total Consolidated
Revenues and Other Income |  |  |  |  |  |  |  |
Third-party sales and other operating revenues | $ | 4,124 |  | — |  | 9,225 |  | 22,084 |  | 368 |  | 10 |  | — |  | 35,811 |
Intercompany revenues | 717 |  | — |  | 12,684 |  | 518 |  | 775 |  | 3 |  | (14,697) |  | — |
Total sales and other operating revenues | 4,841 |  | — |  | 21,909 |  | 22,602 |  | 1,143 |  | 13 |  | (14,697) |  | 35,811 |
Equity in earnings of affiliates | 155 |  | 201 |  | 108 |  | 64 |  | — |  | — |  | — |  | 528 |
Net gain on dispositions | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Other income | 4 |  | — |  | 33 |  | 9 |  | 5 |  | 56 |  | (10) |  | 97 |
Total Revenues and Other Income | 5,000 |  | 201 |  | 22,050 |  | 22,675 |  | 1,148 |  | 69 |  | (14,707) |  | 36,436 |
Costs and Expenses |  |  |  |  |  |  |  |
Purchased crude oil and products | 3,600 |  | — |  | 20,405 |  | 21,915 |  | 1,149 |  | — |  | (14,683) |  | 32,386 |
Operating expenses* | 434 |  | (2) |  | 953 |  | 16 |  | 72 |  | 3 |  | (24) |  | 1,452 |
Selling, general and administrative expenses* | 76 |  | (2) |  | 38 |  | 319 |  | 11 |  | 115 |  | — |  | 557 |
Depreciation and amortization | 229 |  | — |  | 208 |  | 36 |  | 6 |  | 25 |  | — |  | 504 |
Impairments | 59 |  | — |  | 105 |  | — |  | — |  | 1 |  | — |  | 165 |
Taxes other than income taxes | 44 |  | — |  | 121 |  | 15 |  | (34) |  | 19 |  | — |  | 165 |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | 227 |  | — |  | 227 |
Other segment items** | 4 |  | — |  | 4 |  | 8 |  | (1) |  | 1 |  | — |  | 16 |
Total Costs and Expenses | 4,446 |  | (4) |  | 21,834 |  | 22,309 |  | 1,203 |  | 391 |  | (14,707) |  | 35,472 |
Income (loss) before income taxes | $ | 554 |  | 205 |  | 216 |  | 366 |  | (55) |  | (322) |  | — |  | 964 |
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
Other Segment Disclosures
| Millions of Dollars |
| Operating Segments |  |  |
| Midstream | Chemicals | Refining | M&S | Renewable Fuels | Corporate and Other | Total Consolidated |
Three Months Ended March 31, 2025 |
Interest Income | $ | — |  | — |  | — |  | — |  | — |  | 34 |  | 34 |  |
Capital Expenditures and Investments | 216 |  | — |  | 176 |  | 15 |  | 9 |  | 7 |  | 423 |  |
Three Months Ended March 31, 2024 |
Interest Income | $ | — |  | — |  | — |  | — |  | — |  | 42 |  | 42 |  |
Capital Expenditures and Investments | 255 |  | — |  | 135 |  | 15 |  | 217 |  | 6 |  | 628 |  |
| Millions of Dollars |
| Operating Segments |  |  |
| Midstream | Chemicals | Refining | M&S | Renewable Fuels | Corporate and Other | Total Consolidated |
As of March 31, 2025 |
Investments In and Advances to Affiliates | $ | 2,261 |  | 7,899 |  | 2,278 |  | 557 |  | 15 |  | 2 |  | 13,012 |  |
Total Assets | 27,421 |  | 7,921 |  | 19,732 |  | 10,382 |  | 3,144 |  | 3,238 |  | 71,838 |  |
As of December 31, 2024 |
Investments In and Advances to Affiliates | $ | 3,080 |  | 7,819 |  | $ | 2,381 |  | 719 |  | 16 |  | 2 |  | 14,017 |  |
Total Assets | 28,334 |  | 7,842 |  | 19,599 |  | 9,799 |  | 3,142 |  | 3,866 |  | 72,582 |  |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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