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v3.23.3

Revenues and Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of contract balances | Contract balances were as follows (in millions):
| September 30, 2023 |  | December 31, 2022 |  |
Receivables from contracts with customers, included in receivables, net | $ | 7,451 |  |  | $ | 7,189 |  |  |
Contract liabilities, included in accrued expenses | 38 |  |  | 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 September 30, 2023 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 36,521 |  |  | $ | 759 |  |  | $ | 1,124 |  |  | $ | — |  |  | $ | 38,404 |
Intersegment revenues | 8 |  |  | 672 |  |  | 310 |  |  | (990) |  |  | — |
Total revenues | 36,529 |  |  | 1,431 |  |  | 1,434 |  |  | (990) |  |  | 38,404 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 31,115 |  |  | 1,169 |  |  | 1,092 |  |  | (991) |  |  | 32,385 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,366 |  |  | 84 |  |  | 125 |  |  | 3 |  |  | 1,578 |
Depreciation and amortization expense | 597 |  |  | 55 |  |  | 20 |  |  | (1) |  |  | 671 |
Total cost of sales | 33,078 |  |  | 1,308 |  |  | 1,237 |  |  | (989) |  |  | 34,634 |
Other operating expenses | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 250 |  |  | 250 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Operating income by segment | $ | 3,445 |  |  | $ | 123 |  |  | $ | 197 |  |  | $ | (262) |  |  | $ | 3,503 |
Three months ended September 30, 2022 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 42,280 |  |  | $ | 967 |  |  | $ | 1,207 |  |  | $ | — |  |  | $ | 44,454 |
Intersegment revenues | 9 |  |  | 508 |  |  | 179 |  |  | (696) |  |  | — |
Total revenues | 42,289 |  |  | 1,475 |  |  | 1,386 |  |  | (696) |  |  | 44,454 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 36,389 |  |  | 1,161 |  |  | 1,203 |  |  | (689) |  |  | 38,064 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,516 |  |  | 69 |  |  | 162 |  |  | (1) |  |  | 1,746 |
Depreciation and amortization expense | 568 |  |  | 33 |  |  | 20 |  |  | — |  |  | 621 |
Total cost of sales | 38,473 |  |  | 1,263 |  |  | 1,385 |  |  | (690) |  |  | 40,431 |
Other operating expenses | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 214 |  |  | 214 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Operating income by segment | $ | 3,810 |  |  | $ | 212 |  |  | $ | 1 |  |  | $ | (231) |  |  | $ | 3,792 |
________________________ See note (a) on page 21.
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 102,924 |  |  | $ | 2,990 |  |  | $ | 3,438 |  |  | $ | — |  |  | $ | 109,352 |
Intersegment revenues | 8 |  |  | 2,367 |  |  | 790 |  |  | (3,165) |  |  | — |
Total revenues | 102,932 |  |  | 5,357 |  |  | 4,228 |  |  | (3,165) |  |  | 109,352 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 87,398 |  |  | 4,143 |  |  | 3,422 |  |  | (3,143) |  |  | 91,820 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 3,832 |  |  | 274 |  |  | 383 |  |  | 6 |  |  | 4,495 |
Depreciation and amortization expense | 1,751 |  |  | 172 |  |  | 59 |  |  | (3) |  |  | 1,979 |
Total cost of sales | 92,981 |  |  | 4,589 |  |  | 3,864 |  |  | (3,140) |  |  | 98,294 |
Other operating expenses | 17 |  |  | — |  |  | 1 |  |  | — |  |  | 18 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 703 |  |  | 703 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 32 |  |  | 32 |
Operating income by segment | $ | 9,934 |  |  | $ | 768 |  |  | $ | 363 |  |  | $ | (760) |  |  | $ | 10,305 |
Nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 128,588 |  |  | $ | 2,417 |  |  | $ | 3,632 |  |  | $ | — |  |  | $ | 134,637 |
Intersegment revenues | 24 |  |  | 1,490 |  |  | 507 |  |  | (2,021) |  |  | — |
Total revenues | 128,612 |  |  | 3,907 |  |  | 4,139 |  |  | (2,021) |  |  | 134,637 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 111,308 |  |  | 3,129 |  |  | 3,533 |  |  | (2,011) |  |  | 115,959 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 4,111 |  |  | 178 |  |  | 464 |  |  | (2) |  |  | 4,751 |
Depreciation and amortization expense | 1,682 |  |  | 87 |  |  | 37 |  |  | — |  |  | 1,806 |
Total cost of sales | 117,101 |  |  | 3,394 |  |  | 4,034 |  |  | (2,013) |  |  | 122,516 |
Other operating expenses | 38 |  |  | — |  |  | 2 |  |  | — |  |  | 40 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 652 |  |  | 652 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 34 |  |  | 34 |
Operating income by segment | $ | 11,473 |  |  | $ | 513 |  |  | $ | 103 |  |  | $ | (694) |  |  | $ | 11,395 |
________________________ (a)Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $266 million and $191 million for the three months ended September 30, 2023 and 2022, respectively, and $900 million and $545 million for the nine months ended September 30, 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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Refining: |  |  |  |  |  |  |
Gasolines and blendstocks | $ | 17,025 |  |  | $ | 17,862 |  |  | $ | 47,302 |  |  | $ | 54,026 |
Distillates | 16,392 |  |  | 20,481 |  |  | 47,222 |  |  | 62,352 |
Other product revenues | 3,104 |  |  | 3,937 |  |  | 8,400 |  |  | 12,210 |
Total Refining revenues | 36,521 |  |  | 42,280 |  |  | 102,924 |  |  | 128,588 |
Renewable Diesel: |  |  |  |  |  |  |
Renewable diesel | 739 |  |  | 899 |  |  | 2,864 |  |  | 2,311 |
Renewable naphtha | 20 |  |  | 68 |  |  | 126 |  |  | 106 |
Total Renewable Diesel revenues | 759 |  |  | 967 |  |  | 2,990 |  |  | 2,417 |
Ethanol: |  |  |  |  |  |  |
Ethanol | 861 |  |  | 966 |  |  | 2,522 |  |  | 2,820 |
Distillers grains | 263 |  |  | 241 |  |  | 916 |  |  | 812 |
Total Ethanol revenues | 1,124 |  |  | 1,207 |  |  | 3,438 |  |  | 3,632 |
Revenues | $ | 38,404 |  |  | $ | 44,454 |  |  | $ | 109,352 |  |  | $ | 134,637 |
Total assets by reportable segment were as follows (in millions):
| September 30, 2023 |  | December 31, 2022
Refining | $ | 49,171 |  |  | $ | 48,484 |
Renewable Diesel | 5,552 |  |  | 5,217 |
Ethanol | 1,501 |  |  | 1,551 |
Corporate and eliminations | 6,951 |  |  | 5,730 |
Total assets | $ | 63,175 |  |  | $ | 60,982 |

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