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Revenues and Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
REVENUES AND SEGMENT INFORMATION | 17. REVENUES AND SEGMENT INFORMATION Revenue from Contracts with Customers Disaggregation of Revenue Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements. Contract Balances Contract balances were as follows (in millions):
| December 31, |  |
| 2023 |  | 2022 |  |
Receivables from contracts with customers (see Note 3) | $ | 7,209 |  |  | $ | 7,189 |  |  |
Contract liabilities, included in accrued expenses (see Note 8) | 40 |  |  | 129 |  |  |
During the years ended December 31, 2023, 2022, and 2021, we recognized as revenue $127 million, $76 million, and $47 million, respectively, that was included in contract liabilities as of December 31, 2022, 2021, and 2020, respectively. Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of December 31, 2023, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations. Segment Information We have three reportable segments—Refining, Renewable Diesel, and Ethanol. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income generated by the segment, which includes revenues and expenses that are directly attributable to the management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following is a description of each segment’s business operations. •The Refining segment includes the operations of our petroleum refineries, the associated activities to market our refined petroleum products, and the logistics assets that support our refining operations. The principal products manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products. •The Renewable Diesel segment represents the operations of DGD, a consolidated joint venture as discussed in Note 12, and the associated activities to market renewable diesel and renewable naphtha. The principal products manufactured by DGD and sold by this segment are renewable diesel and renewable naphtha. This segment sells some renewable diesel to the Refining segment, which is then sold to that segment’s customers. •The Ethanol segment includes the operations of our ethanol plants and the associated activities to market our ethanol and co-products. The principal products manufactured by our ethanol plants are ethanol and distillers grains. This segment sells some ethanol to the Refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product. Operations that are not included in any of the reportable segments are included in the corporate category. The following tables reflect information about our operating income, including a reconciliation to our consolidated income before income tax expense, and total expenditures for long-lived assets by reportable segment (in millions):
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 136,470 |  |  | $ | 3,823 |  |  | $ | 4,473 |  |  | $ | — |  |  | $ | 144,766 |
Intersegment revenues | 18 |  |  | 3,168 |  |  | 1,086 |  |  | (4,272) |  |  | — |
Total revenues | 136,488 |  |  | 6,991 |  |  | 5,559 |  |  | (4,272) |  |  | 144,766 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 117,401 |  |  | 5,550 |  |  | 4,395 |  |  | (4,259) |  |  | 123,087 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 5,208 |  |  | 358 |  |  | 515 |  |  | 8 |  |  | 6,089 |
Depreciation and amortization expense | 2,351 |  |  | 231 |  |  | 80 |  |  | (4) |  |  | 2,658 |
Total cost of sales | 124,960 |  |  | 6,139 |  |  | 4,990 |  |  | (4,255) |  |  | 131,834 |
Other operating expenses | 17 |  |  | — |  |  | 16 |  |  | — |  |  | 33 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 998 |  |  | 998 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 43 |  |  | 43 |
Operating income by segment | $ | 11,511 |  |  | $ | 852 |  |  | $ | 553 |  |  | $ | (1,058) |  |  | 11,858 |
Other income, net |  |  |  |  |  |  |  |  | 502 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (592) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 11,768 |
Total expenditures for long-lived assets (b) | $ | 1,488 |  |  | $ | 294 |  |  | $ | 43 |  |  | $ | 91 |  |  | $ | 1,916 |
________________________ See notes on page 128.
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 168,154 |  |  | $ | 3,483 |  |  | $ | 4,746 |  |  | $ | — |  |  | $ | 176,383 |
Intersegment revenues | 56 |  |  | 2,018 |  |  | 740 |  |  | (2,814) |  |  | — |
Total revenues | 168,210 |  |  | 5,501 |  |  | 5,486 |  |  | (2,814) |  |  | 176,383 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 144,588 |  |  | 4,350 |  |  | 4,628 |  |  | (2,796) |  |  | 150,770 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 5,509 |  |  | 255 |  |  | 625 |  |  | — |  |  | 6,389 |
Depreciation and amortization expense | 2,247 |  |  | 122 |  |  | 59 |  |  | — |  |  | 2,428 |
Total cost of sales | 152,344 |  |  | 4,727 |  |  | 5,312 |  |  | (2,796) |  |  | 159,587 |
Asset impairment loss | — |  |  | — |  |  | 61 |  |  | — |  |  | 61 |
Other operating expenses | 63 |  |  | — |  |  | 3 |  |  | — |  |  | 66 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 934 |  |  | 934 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 45 |  |  | 45 |
Operating income by segment | $ | 15,803 |  |  | $ | 774 |  |  | $ | 110 |  |  | $ | (997) |  |  | 15,690 |
Other income, net |  |  |  |  |  |  |  |  | 179 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (562) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 15,307 |
Total expenditures for long-lived assets (b) | $ | 1,763 |  |  | $ | 879 |  |  | $ | 22 |  |  | $ | 73 |  |  | $ | 2,737 |
________________________ See notes on page 128.
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 106,947 |  |  | $ | 1,874 |  |  | $ | 5,156 |  |  | $ | — |  |  | $ | 113,977 |
Intersegment revenues | 14 |  |  | 468 |  |  | 433 |  |  | (915) |  |  | — |
Total revenues | 106,961 |  |  | 2,342 |  |  | 5,589 |  |  | (915) |  |  | 113,977 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 97,759 |  |  | 1,438 |  |  | 4,428 |  |  | (911) |  |  | 102,714 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 5,088 |  |  | 134 |  |  | 556 |  |  | (2) |  |  | 5,776 |
Depreciation and amortization expense | 2,169 |  |  | 58 |  |  | 131 |  |  | — |  |  | 2,358 |
Total cost of sales | 105,016 |  |  | 1,630 |  |  | 5,115 |  |  | (913) |  |  | 110,848 |
Other operating expenses | 83 |  |  | 3 |  |  | 1 |  |  | — |  |  | 87 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 865 |  |  | 865 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 47 |  |  | 47 |
Operating income by segment | $ | 1,862 |  |  | $ | 709 |  |  | $ | 473 |  |  | $ | (914) |  |  | 2,130 |
Other income, net |  |  |  |  |  |  |  |  | 16 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (603) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 1,543 |
Total expenditures for long-lived assets (b) | $ | 1,374 |  |  | $ | 1,049 |  |  | $ | 18 |  |  | $ | 17 |  |  | $ | 2,458 |
________________________ (a)Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $1.2 billion, $761 million, and $371 million for the years ended December 31, 2023, 2022, and 2021, respectively. (b)Total expenditures for long-lived assets includes amounts related to capital expenditures; deferred turnaround and catalyst costs; and property, plant, and equipment for acquisitions. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Refining: |  |  |  |  |
Gasolines and blendstocks | $ | 61,538 |  |  | $ | 70,496 |  |  | $ | 49,534 |
Distillates | 63,664 |  |  | 82,521 |  |  | 45,939 |
Other product revenues | 11,268 |  |  | 15,137 |  |  | 11,474 |
Total Refining revenues | 136,470 |  |  | 168,154 |  |  | 106,947 |
Renewable Diesel: |  |  |  |  |
Renewable diesel | 3,665 |  |  | 3,333 |  |  | 1,874 |
Renewable naphtha | 158 |  |  | 150 |  |  | — |
Total Renewable Diesel revenues | 3,823 |  |  | 3,483 |  |  | 1,874 |
Ethanol: |  |  |  |  |
Ethanol | 3,300 |  |  | 3,653 |  |  | 4,122 |
Distillers grains | 1,173 |  |  | 1,093 |  |  | 1,034 |
Total Ethanol revenues | 4,473 |  |  | 4,746 |  |  | 5,156 |
Revenues | $ | 144,766 |  |  | $ | 176,383 |  |  | $ | 113,977 |
Revenues by geographic area are shown in the following table (in millions). The geographic area is based on location of customer and no customer accounted for 10 percent or more of our revenues.
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. | $ | 104,208 |  |  | $ | 126,722 |  |  | $ | 82,940 |
Canada | 10,107 |  |  | 11,743 |  |  | 6,597 |
U.K. and Ireland | 16,148 |  |  | 17,822 |  |  | 13,307 |
Mexico and Peru | 6,438 |  |  | 8,396 |  |  | 3,855 |
Other countries | 7,865 |  |  | 11,700 |  |  | 7,278 |
Revenues | $ | 144,766 |  |  | $ | 176,383 |  |  | $ | 113,977 |
Long-lived assets include “property, plant, and equipment. net” and certain long-lived assets included in “deferred charges and other assets, net.” Long-lived assets by geographic area consisted of the following (in millions):
| December 31,
| 2023 |  | 2022
U.S. | $ | 28,868 |  |  | $ | 29,378 |
Canada | 1,598 |  |  | 1,634 |
U.K. and Ireland | 1,346 |  |  | 1,301 |
Mexico and Peru | 837 |  |  | 860 |
Total long-lived assets | $ | 32,649 |  |  | $ | 33,173 |
Total assets by reportable segment were as follows (in millions):
| December 31,
| 2023 |  | 2022
Refining | $ | 49,031 |  |  | $ | 48,484 |
Renewable Diesel | 5,790 |  |  | 5,217 |
Ethanol | 1,549 |  |  | 1,551 |
Corporate and eliminations | 6,686 |  |  | 5,730 |
Total assets | $ | 63,056 |  |  | $ | 60,982 |
As of December 31, 2023 and 2022, our investments in nonconsolidated joint ventures accounted for under the equity method were $713 million and $724 million, respectively, all of which related to the Refining segment and are reflected in “deferred charges and other assets, net” as presented in Note 7.

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