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v3.20.2

Revenues and Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Schedule of contract balances | Contract balances were as follows (in millions):
| September 30, 2020 |  | December 31, 2019 |  | Decrease
Receivables from contracts with customers, included in receivables, net | $ | 3,169 |  |  | $ | 5,610 |  |  | $ | (2,441) |
Contract liabilities, included in accrued expenses | 43 |  |  | 55 |  |  | (12) |
Segment information for our reportable segments | The following tables reflect information about our operating income (loss) by reportable segment (in millions):
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Three months ended September 30, 2020 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 14,727 |  |  | $ | 305 |  |  | $ | 777 |  |  | $ | — |  |  | $ | 15,809 |
Intersegment revenues | 2 |  |  | 40 |  |  | 58 |  |  | (100) |  |  | — |
Total revenues | 14,729 |  |  | 345 |  |  | 835 |  |  | (100) |  |  | 15,809 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 14,103 |  |  | 128 |  |  | 670 |  |  | (100) |  |  | 14,801 |
LCM inventory valuation adjustment | (296) |  |  | — |  |  | (17) |  |  | — |  |  | (313) |
Operating expenses (excluding depreciation and amortization expense reflected below) | 989 |  |  | 23 |  |  | 105 |  |  | — |  |  | 1,117 |
Depreciation and amortization expense | 538 |  |  | 10 |  |  | 54 |  |  | — |  |  | 602 |
Total cost of sales | 15,334 |  |  | 161 |  |  | 812 |  |  | (100) |  |  | 16,207 |
Other operating expenses | 24 |  |  | — |  |  | 1 |  |  | — |  |  | 25 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 186 |  |  | 186 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 12 |  |  | 12 |
Operating income (loss) by segment | $ | (629) |  |  | $ | 184 |  |  | $ | 22 |  |  | $ | (198) |  |  | $ | (621) |
Three months ended September 30, 2019 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 26,145 |  |  | $ | 212 |  |  | $ | 891 |  |  | $ | 1 |  |  | $ | 27,249 |
Intersegment revenues | 2 |  |  | 50 |  |  | 57 |  |  | (109) |  |  | — |
Total revenues | 26,147 |  |  | 262 |  |  | 948 |  |  | (108) |  |  | 27,249 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 23,432 |  |  | 164 |  |  | 847 |  |  | (108) |  |  | 24,335 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,100 |  |  | 18 |  |  | 121 |  |  | — |  |  | 1,239 |
Depreciation and amortization expense | 518 |  |  | 15 |  |  | 23 |  |  | — |  |  | 556 |
Total cost of sales | 25,050 |  |  | 197 |  |  | 991 |  |  | (108) |  |  | 26,130 |
Other operating expenses | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 217 |  |  | 217 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Operating income (loss) by segment | $ | 1,087 |  |  | $ | 65 |  |  | $ | (43) |  |  | $ | (228) |  |  | $ | 881 |
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Nine months ended September 30, 2020 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 45,327 |  |  | $ | 850 |  |  | $ | 2,131 |  |  | $ | — |  |  | $ | 48,308 |
Intersegment revenues | 6 |  |  | 150 |  |  | 160 |  |  | (316) |  |  | — |
Total revenues | 45,333 |  |  | 1,000 |  |  | 2,291 |  |  | (316) |  |  | 48,308 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 41,769 |  |  | 393 |  |  | 1,984 |  |  | (314) |  |  | 43,832 |
LCM inventory valuation adjustment | (19) |  |  | — |  |  | — |  |  | — |  |  | (19) |
Operating expenses (excluding depreciation and amortization expense reflected below) | 2,912 |  |  | 63 |  |  | 293 |  |  | — |  |  | 3,268 |
Depreciation and amortization expense | 1,607 |  |  | 33 |  |  | 97 |  |  | — |  |  | 1,737 |
Total cost of sales | 46,269 |  |  | 489 |  |  | 2,374 |  |  | (314) |  |  | 48,818 |
Other operating expenses | 29 |  |  | — |  |  | 1 |  |  | — |  |  | 30 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 532 |  |  | 532 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 37 |  |  | 37 |
Operating income (loss) by segment | $ | (965) |  |  | $ | 511 |  |  | $ | (84) |  |  | $ | (571) |  |  | $ | (1,109) |
Nine months ended September 30, 2019 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 77,109 |  |  | $ | 686 |  |  | $ | 2,648 |  |  | $ | 2 |  |  | $ | 80,445 |
Intersegment revenues | 12 |  |  | 174 |  |  | 162 |  |  | (348) |  |  | — |
Total revenues | 77,121 |  |  | 860 |  |  | 2,810 |  |  | (346) |  |  | 80,445 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 69,769 |  |  | 577 |  |  | 2,396 |  |  | (346) |  |  | 72,396 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 3,197 |  |  | 54 |  |  | 378 |  |  | — |  |  | 3,629 |
Depreciation and amortization expense | 1,539 |  |  | 38 |  |  | 68 |  |  | — |  |  | 1,645 |
Total cost of sales | 74,505 |  |  | 669 |  |  | 2,842 |  |  | (346) |  |  | 77,670 |
Other operating expenses | 13 |  |  | — |  |  | 1 |  |  | — |  |  | 14 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 625 |  |  | 625 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 39 |  |  | 39 |
Operating income (loss) by segment | $ | 2,603 |  |  | $ | 191 |  |  | $ | (33) |  |  | $ | (664) |  |  | $ | 2,097 |
The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Refining: |  |  |  |  |  |  |
Gasolines and blendstocks | $ | 7,021 |  |  | $ | 10,978 |  |  | $ | 19,258 |  |  | $ | 31,882 |
Distillates | 6,327 |  |  | 12,861 |  |  | 21,369 |  |  | 38,254 |
Other product revenues | 1,379 |  |  | 2,306 |  |  | 4,700 |  |  | 6,973 |
Total refining revenues | 14,727 |  |  | 26,145 |  |  | 45,327 |  |  | 77,109 |
Renewable diesel: |  |  |  |  |  |  |
Renewable diesel | 305 |  |  | 212 |  |  | 850 |  |  | 686 |
Ethanol: |  |  |  |  |  |  |
Ethanol | 624 |  |  | 714 |  |  | 1,685 |  |  | 2,108 |
Distillers grains | 153 |  |  | 177 |  |  | 446 |  |  | 540 |
Total ethanol revenues | 777 |  |  | 891 |  |  | 2,131 |  |  | 2,648 |
Corporate – other revenues | — |  |  | 1 |  |  | — |  |  | 2 |
Revenues | $ | 15,809 |  |  | $ | 27,249 |  |  | $ | 48,308 |  |  | $ | 80,445 |
Total assets by reportable segment were as follows (in millions):
| September 30, 2020 |  | December 31, 2019
Refining | $ | 42,643 |  |  | $ | 47,067 |
Renewable diesel | 1,538 |  |  | 1,412 |
Ethanol | 1,677 |  |  | 1,615 |
Corporate and eliminations | 5,874 |  |  | 3,770 |
Total assets | $ | 51,732 |  |  | $ | 53,864 |

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