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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2017
Segment Reporting [Abstract] |
Segment information for our reportable segments | The following table reflects activity related to our reportable segments (in millions):
| Refining |  | Ethanol |  | VLP |  | Corporate and Eliminations |  | Total
Three months ended June 30, 2017: |  |  |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |  |  |
Operating revenues from external customers | $ | 21,415 |  |  | $ | 839 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,254 |
Intersegment revenues | — |  |  | 28 |  |  | 110 |  |  | (138 | ) |  | — |
Total operating revenues | 21,415 |  |  | 867 |  |  | 110 |  |  | (138 | ) |  | 22,254 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of sales from external customers | 18,899 |  |  | 710 |  |  | — |  |  | — |  |  | 19,609 |
Intersegment cost of sales | 138 |  |  | — |  |  | — |  |  | (138 | ) |  | — |
Total cost of sales | 19,037 |  |  | 710 |  |  | — |  |  | (138 | ) |  | 19,609 |
Operating expenses | 965 |  |  | 107 |  |  | 27 |  |  | (2 | ) |  | 1,097 |
General and administrative expenses | — |  |  | — |  |  | — |  |  | 178 |  |  | 178 |
Depreciation and amortization expense | 454 |  |  | 19 |  |  | 12 |  |  | 14 |  |  | 499 |
Total costs and expenses | 20,456 |  |  | 836 |  |  | 39 |  |  | 52 |  |  | 21,383 |
Operating income (loss) | $ | 959 |  |  | $ | 31 |  |  | $ | 71 |  |  | $ | (190 | ) |  | $ | 871 |
Three months ended June 30, 2016: |  |  |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |  |  |
Operating revenues from external customers | $ | 18,664 |  |  | $ | 920 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,584 |
Intersegment revenues | — |  |  | 45 |  |  | 87 |  |  | (132 | ) |  | — |
Total operating revenues | 18,664 |  |  | 965 |  |  | 87 |  |  | (132 | ) |  | 19,584 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of sales (excluding the lower of cost or market inventory valuation adjustment): |  |  |  |  |  |  |  |  |
Cost of sales from external customers | 16,322 |  |  | 798 |  |  | — |  |  | — |  |  | 17,120 |
Intersegment cost of sales | 132 |  |  | — |  |  | — |  |  | (132 | ) |  | — |
Total cost of sales (excluding the lower of cost or market inventory valuation adjustment) | 16,454 |  |  | 798 |  |  | — |  |  | (132 | ) |  | 17,120 |
Lower of cost or market inventory valuation adjustment | (434 | ) |  | (20 | ) |  | — |  |  | — |  |  | (454 | )
Operating expenses (a) | 878 |  |  | 99 |  |  | 24 |  |  | — |  |  | 1,001 |
General and administrative expenses | — |  |  | — |  |  | — |  |  | 159 |  |  | 159 |
Depreciation and amortization expense (a) | 430 |  |  | 19 |  |  | 11 |  |  | 11 |  |  | 471 |
Asset impairment loss | 56 |  |  | — |  |  | — |  |  | — |  |  | 56 |
Total costs and expenses | 17,384 |  |  | 896 |  |  | 35 |  |  | 38 |  |  | 18,353 |
Operating income (loss) | $ | 1,280 |  |  | $ | 69 |  |  | $ | 52 |  |  | $ | (170 | ) |  | $ | 1,231 |
___________________
(a) | The VLP segment information for the three months ended June 30, 2016 has been retrospectively adjusted for VLP’s acquisitions that occurred subsequent to June 30, 2016.
| Refining |  | Ethanol |  | VLP |  | Corporate and Eliminations |  | Total
Six months ended June 30, 2017: |  |  |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |  |  |
Operating revenues from external customers | $ | 42,302 |  |  | $ | 1,724 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,026 |
Intersegment revenues | — |  |  | 88 |  |  | 216 |  |  | (304 | ) |  | — |
Total operating revenues | 42,302 |  |  | 1,812 |  |  | 216 |  |  | (304 | ) |  | 44,026 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of sales from external customers | 37,540 |  |  | 1,497 |  |  | — |  |  | — |  |  | 39,037 |
Intersegment cost of sales | 304 |  |  | — |  |  | — |  |  | (304 | ) |  | — |
Total cost of sales | 37,844 |  |  | 1,497 |  |  | — |  |  | (304 | ) |  | 39,037 |
Operating expenses | 1,949 |  |  | 216 |  |  | 51 |  |  | (2 | ) |  | 2,214 |
General and administrative expenses | — |  |  | — |  |  | — |  |  | 368 |  |  | 368 |
Depreciation and amortization expense | 903 |  |  | 46 |  |  | 24 |  |  | 26 |  |  | 999 |
Total costs and expenses | 40,696 |  |  | 1,759 |  |  | 75 |  |  | 88 |  |  | 42,618 |
Operating income (loss) | $ | 1,606 |  |  | $ | 53 |  |  | $ | 141 |  |  | $ | (392 | ) |  | $ | 1,408 |
Six months ended June 30, 2016: |  |  |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |  |  |
Operating revenues from external customers | $ | 33,584 |  |  | $ | 1,714 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,298 |
Intersegment revenues | — |  |  | 79 |  |  | 166 |  |  | (245 | ) |  | — |
Total operating revenues | 33,584 |  |  | 1,793 |  |  | 166 |  |  | (245 | ) |  | 35,298 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of sales (excluding the lower of cost or market inventory valuation adjustment): |  |  |  |  |  |  |  |  |
Cost of sales from external customers | 29,121 |  |  | 1,506 |  |  | — |  |  | — |  |  | 30,627 |
Intersegment cost of sales | 245 |  |  | — |  |  | — |  |  | (245 | ) |  | — |
Total cost of sales (excluding the lower of cost or market inventory valuation adjustment) | 29,366 |  |  | 1,506 |  |  | — |  |  | (245 | ) |  | 30,627 |
Lower of cost or market inventory valuation adjustment | (697 | ) |  | (50 | ) |  | — |  |  | — |  |  | (747 | )
Operating expenses (a) | 1,785 |  |  | 198 |  |  | 48 |  |  | — |  |  | 2,031 |
General and administrative expenses | — |  |  | — |  |  | — |  |  | 315 |  |  | 315 |
Depreciation and amortization expense (a) | 879 |  |  | 31 |  |  | 23 |  |  | 23 |  |  | 956 |
Asset impairment loss | 56 |  |  | — |  |  | — |  |  | — |  |  | 56 |
Total costs and expenses | 31,389 |  |  | 1,685 |  |  | 71 |  |  | 93 |  |  | 33,238 |
Operating income (loss) | $ | 2,195 |  |  | $ | 108 |  |  | $ | 95 |  |  | $ | (338 | ) |  | $ | 2,060 |
___________________
(a) | The VLP segment information for the six months ended June 30, 2016 has been retrospectively adjusted for VLP’s acquisitions that occurred subsequent to June 30, 2016.
Total assets by reportable segment were as follows (in millions):
| June 30, 2017 |  | December 31, 2016
Refining | $ | 37,401 |  |  | $ | 38,095 |
Ethanol | 1,314 |  |  | 1,316 |
VLP | 1,072 |  |  | 972 |
Corporate | 6,187 |  |  | 5,790 |
Total assets | $ | 45,974 |  |  | $ | 46,173 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8736-108599 + Details
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