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Segment Disclosures and Related Information
 3 Months Ended
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
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$4,827 — 5,702 19,163 728 10 — 30,430 
Intercompany revenues631 — 10,173 478 781 2 (12,065)— 
Total sales and other operating revenues5,458 — 15,875 19,641 1,509 12 (12,065)30,430 
Equity in earnings of affiliates110 113 (105)36 (1)— — 153 
Net gain on dispositions69 — — 1,018 — — — 1,087 
Other income10 — 3 6 19 18 — 56 
Total Revenues and Other Income5,647 113 15,773 20,701 1,527 30 (12,065)31,726 
Costs and Expenses
Purchased crude oil and products4,089 — 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 amortization233 — 456 20 23 59 — 791 
Impairments— — 1 — — 25 — 26 
Taxes other than income taxes61 — 110 9 35 18 — 233 
Interest and debt expense— — — — — 221 — 221 
Other segment items**
2 — (2)(1)4 3 — 6 
Total Costs and Expenses4,896 — 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
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$4,124 — 9,225 22,084 368 10 — 35,811 
Intercompany revenues717 — 12,684 518 775 3 (14,697)— 
Total sales and other operating revenues4,841 — 21,909 22,602 1,143 13 (14,697)35,811 
Equity in earnings of affiliates155 201 108 64 — — — 528 
Net gain on dispositions— — — — — — — — 
Other income4 — 33 9 5 56 (10)97 
Total Revenues and Other Income5,000 201 22,050 22,675 1,148 69 (14,707)36,436 
Costs and Expenses
Purchased crude oil and products3,600 — 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 amortization229 — 208 36 6 25 — 504 
Impairments59 — 105 — — 1 — 165 
Taxes other than income taxes44 — 121 15 (34)19 — 165 
Interest and debt expense— — — — — 227 — 227 
Other segment items**
4 — 4 8 (1)1 — 16 
Total Costs and Expenses4,446 (4)21,834 22,309 1,203 391 (14,707)35,472 
Income (loss) before income taxes$554 205 216 366 (55)(322)— 964 
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
Other Segment Disclosures
 Millions of Dollars
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherTotal Consolidated
Three Months Ended March 31, 2025
Interest Income$— — — — — 34 34 
Capital Expenditures and Investments216 — 176 15 9 7 423 
Three Months Ended March 31, 2024
Interest Income$— — — — — 42 42 
Capital Expenditures and Investments255 — 135 15 217 6 628 


 Millions of Dollars
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherTotal Consolidated
As of March 31, 2025
Investments In and Advances to Affiliates$2,261 7,899 2,278 557 15 2 13,012 
Total Assets27,421 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 Assets28,334 7,842 19,599 9,799 3,142 3,866 72,582