XML 41 R30.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Revenues and Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Contract Balances

Contract balances were as follows (in millions):

			March 31, 2024						December 31, 2023
Receivables from contracts with customers, included in receivables, net			$	6,788					$	7,209
Contract liabilities, included in accrued expenses			34						40

Schedule of Segment Information For Our Reportable Segments

The following tables reflect information about our operating income, including a reconciliation to our consolidated income before income tax expense, by reportable segment (in millions):

			Refining						Renewable Diesel						Ethanol						Corporate and Eliminations						Total
Three months ended March 31, 2024
Revenues:
Revenues from external customers			$	30,143					$	702					$	914					$	—					$	31,759
Intersegment revenues			2						709						190						(901)						—
Total revenues			30,145						1,411						1,104						(901)						31,759
Cost of sales:
Cost of materials and other (a)			26,611						1,066						909						(904)						27,682
Operating expenses (excluding depreciation and amortization expense reflected below)			1,184						90						137						—						1,411
Depreciation and amortization expense			600						65						19						(1)						683
Total cost of sales			28,395						1,221						1,065						(905)						29,776
Other operating expenses			5						—						29						—						34
General and administrative expenses (excluding depreciation and amortization expense reflected below)			—						—						—						258						258
Depreciation and amortization expense			—						—						—						12						12
Operating income by segment			$	1,745					$	190					$	10					$	(266)					1,679
Other income, net																											144
Interest and debt expense, net of capitalized interest																											(140)
Income before income tax expense																											$	1,683

________________________

See note (a) on page 17.

			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
Other income, net																											129
Interest and debt expense, net of capitalized interest																											(146)
Income before income tax expense																											$	4,026

________________________

(a)Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $331 million and $246 million for the three months ended March 31, 2024 and 2023, 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,
															2024						2023
Refining:
Gasolines and blendstocks															$	13,126					$	15,048
Distillates															14,128						16,838
Other product revenues															2,889						2,521
Total Refining revenues															30,143						34,407
Renewable Diesel:
Renewable diesel															679						876
Renewable naphtha															23						59
Total Renewable Diesel revenues															702						935
Ethanol:
Ethanol															638						763
Distillers grains															276						334
Total Ethanol revenues															914						1,097
Revenues															$	31,759					$	36,439

Total assets by reportable segment were as follows (in millions):

			March 31, 2024						December 31, 2023
Refining			$	49,070					$	49,031
Renewable Diesel			5,852						5,790
Ethanol			1,496						1,549
Corporate and eliminations			6,156						6,686
Total assets			$	62,574					$	63,056

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

+ Details

Name:	us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration