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Revenues and Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of 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 |  |  |
Revenues from external customers by product | 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 of customer | 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 |
Geographic information by country for long-lived assets | 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 |
Segment activity, including total assets by reportable segment | 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. 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 |

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