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Segment Disclosures and Related Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Disclosures and Related Information | Segment Disclosures and Related Information Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This resulted in changes to the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects are summarized below. Prior period information has been recast for comparability. •Establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, M&S and Midstream operating segments. •Change in method of allocating results for certain Gulf Coast distillate export activities from our M&S operating segment to our Refining operating segment. •Reclassification of certain crude oil and international clean products trading activities between our M&S operating segment and our Refining operating segment. •Change in reporting of our investment in NOVONIX from our Midstream operating segment to Corporate and Other. Our operating segments are: 1)Midstream—Provides crude oil and refined petroleum product transportation, terminaling and processing services, as well as natural gas and NGL transportation, storage, fractionation, gathering, processing and marketing services in the United States. In addition, this segment exports liquefied petroleum gas to global markets. 2)Chemicals—Consists of our 50% equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis. 3)Refining—Refines crude oil and other feedstocks into petroleum products, such as gasoline and distillates, including aviation fuels. This segment includes 11 refineries in the United States and Europe. 4)Marketing and Specialties—Purchases for resale and markets refined products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of base oils and lubricants. 5)Renewable Fuels—Processes renewable feedstocks into renewable products at the Rodeo Complex and at our Humber Refinery. In addition, this segment includes the global activities to procure renewable feedstocks, manage certain regulatory credits, and market renewable fuels. Corporate and Other includes general corporate overhead, interest income, interest expense, our investment in research of new technologies, our investment in NOVONIX, and various other corporate activities. Corporate assets include all cash, cash equivalents, income tax-related assets and enterprise information technology assets. Intersegment sales are at prices that we believe approximate market. Through our implementation of ASU No. 2023-07, “Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures,” we are including additional disclosures regarding significant segment expenses regularly provided to our chief operating decision maker (CODM), who is our Chief Executive Officer. The measure of segment profit or loss reviewed by our CODM is “income (loss) before income taxes.” The CODM uses segment income (loss) before income taxes to allocate resources to each segment predominantly in the annual budgeting and forecasting process. The CODM compares budget-to-actual segment income (loss) before income taxes on a monthly and quarterly basis and considers trend analyses as well as other market factors when making decisions about allocating capital and personnel to the segments. The measure of segment assets reported on our consolidated balance sheet reviewed by our CODM is “Total Assets.” 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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