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v3.23.1

Revenues and Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of contract balances | Contract balances were as follows (in millions):
| March 31, 2023 |  | December 31, 2022 |  |
Receivables from contracts with customers, included in receivables, net | $ | 6,073 |  |  | $ | 7,189 |  |  |
Contract liabilities, included in accrued expenses | 45 |  |  | 129 |  |  |
Segment information for our reportable segments | The following tables reflect information about our operating income by reportable segment (in millions):
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Three months ended March 31, 2023 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 34,407 |  |  | $ | 935 |  |  | $ | 1,097 |  |  | $ | — |  |  | $ | 36,439 |
Intersegment revenues | 3 |  |  | 745 |  |  | 223 |  |  | (971) |  |  | — |
Total revenues | 34,410 |  |  | 1,680 |  |  | 1,320 |  |  | (971) |  |  | 36,439 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 28,510 |  |  | 1,331 |  |  | 1,131 |  |  | (967) |  |  | 30,005 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,261 |  |  | 86 |  |  | 130 |  |  | — |  |  | 1,477 |
Depreciation and amortization expense | 572 |  |  | 58 |  |  | 20 |  |  | — |  |  | 650 |
Total cost of sales | 30,343 |  |  | 1,475 |  |  | 1,281 |  |  | (967) |  |  | 32,132 |
Other operating expenses | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 244 |  |  | 244 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 10 |  |  | 10 |
Operating income by segment | $ | 4,057 |  |  | $ | 205 |  |  | $ | 39 |  |  | $ | (258) |  |  | $ | 4,043 |
Three months ended March 31, 2022 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 36,813 |  |  | $ | 595 |  |  | $ | 1,134 |  |  | $ | — |  |  | $ | 38,542 |
Intersegment revenues | 4 |  |  | 386 |  |  | 127 |  |  | (517) |  |  | — |
Total revenues | 36,817 |  |  | 981 |  |  | 1,261 |  |  | (517) |  |  | 38,542 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 33,606 |  |  | 755 |  |  | 1,104 |  |  | (516) |  |  | 34,949 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,193 |  |  | 51 |  |  | 135 |  |  | — |  |  | 1,379 |
Depreciation and amortization expense | 549 |  |  | 26 |  |  | 20 |  |  | — |  |  | 595 |
Total cost of sales | 35,348 |  |  | 832 |  |  | 1,259 |  |  | (516) |  |  | 36,923 |
Other operating expenses | 18 |  |  | — |  |  | 1 |  |  | — |  |  | 19 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 205 |  |  | 205 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Operating income by segment | $ | 1,451 |  |  | $ | 149 |  |  | $ | 1 |  |  | $ | (217) |  |  | $ | 1,384 |
________________________ (a)Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $246 million and $156 million for the three months ended March 31, 2023 and 2022, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Refining: |  |  |  |  |  |  |
Gasolines and blendstocks |  |  |  |  | $ | 15,048 |  |  | $ | 15,560 |
Distillates |  |  |  |  | 16,838 |  |  | 17,444 |
Other product revenues |  |  |  |  | 2,521 |  |  | 3,809 |
Total refining revenues |  |  |  |  | 34,407 |  |  | 36,813 |
Renewable Diesel: |  |  |  |  |  |  |
Renewable diesel |  |  |  |  | 876 |  |  | 595 |
Renewable naphtha |  |  |  |  | 59 |  |  | — |
Total Renewable Diesel revenues |  |  |  |  | 935 |  |  | 595 |
Ethanol: |  |  |  |  |  |  |
Ethanol |  |  |  |  | 763 |  |  | 875 |
Distillers grains |  |  |  |  | 334 |  |  | 259 |
Total ethanol revenues |  |  |  |  | 1,097 |  |  | 1,134 |
Revenues |  |  |  |  | $ | 36,439 |  |  | $ | 38,542 |
Total assets by reportable segment were as follows (in millions):
| March 31, 2023 |  | December 31, 2022
Refining | $ | 46,852 |  |  | $ | 48,484 |
Renewable Diesel | 5,390 |  |  | 5,217 |
Ethanol | 1,628 |  |  | 1,551 |
Corporate and eliminations | 6,307 |  |  | 5,730 |
Total assets | $ | 60,177 |  |  | $ | 60,982 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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