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Revenues and Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Contract Balances | Contract balances were as follows (in millions):
| June 30, 2024 |  | December 31, 2023 |  |
Receivables from contracts with customers, included in receivables, net | $ | 6,821 |  |  | $ | 7,209 |  |  |
Contract liabilities, included in accrued expenses | 33 |  |  | 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 June 30, 2024 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 33,044 |  |  | $ | 554 |  |  | $ | 892 |  |  | $ | — |  |  | $ | 34,490 |
Intersegment revenues | 3 |  |  | 630 |  |  | 229 |  |  | (862) |  |  | — |
Total revenues | 33,047 |  |  | 1,184 |  |  | 1,121 |  |  | (862) |  |  | 34,490 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 29,995 |  |  | 930 |  |  | 874 |  |  | (856) |  |  | 30,943 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,219 |  |  | 80 |  |  | 125 |  |  | — |  |  | 1,424 |
Depreciation and amortization expense | 604 |  |  | 62 |  |  | 19 |  |  | (1) |  |  | 684 |
Total cost of sales | 31,818 |  |  | 1,072 |  |  | 1,018 |  |  | (857) |  |  | 33,051 |
Other operating expenses | 5 |  |  | — |  |  | (2) |  |  | — |  |  | 3 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 203 |  |  | 203 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 12 |  |  | 12 |
Operating income by segment | $ | 1,224 |  |  | $ | 112 |  |  | $ | 105 |  |  | $ | (220) |  |  | 1,221 |
Other income, net |  |  |  |  |  |  |  |  | 122 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (140) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 1,203 |
________________________ See note (a) on page 23.
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Three months ended June 30, 2023 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 31,996 |  |  | $ | 1,296 |  |  | $ | 1,217 |  |  | $ | — |  |  | $ | 34,509 |
Intersegment revenues | (3) |  |  | 950 |  |  | 257 |  |  | (1,204) |  |  | — |
Total revenues | 31,993 |  |  | 2,246 |  |  | 1,474 |  |  | (1,204) |  |  | 34,509 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 27,773 |  |  | 1,643 |  |  | 1,199 |  |  | (1,185) |  |  | 29,430 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,205 |  |  | 104 |  |  | 128 |  |  | 3 |  |  | 1,440 |
Depreciation and amortization expense | 582 |  |  | 59 |  |  | 19 |  |  | (2) |  |  | 658 |
Total cost of sales | 29,560 |  |  | 1,806 |  |  | 1,346 |  |  | (1,184) |  |  | 31,528 |
Other operating expenses | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 2 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 209 |  |  | 209 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Operating income by segment | $ | 2,432 |  |  | $ | 440 |  |  | $ | 127 |  |  | $ | (240) |  |  | 2,759 |
Other income, net |  |  |  |  |  |  |  |  | 106 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (148) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 2,717 |
________________________ See note (a) on page 23.
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 63,187 |  |  | $ | 1,256 |  |  | $ | 1,806 |  |  | $ | — |  |  | $ | 66,249 |
Intersegment revenues | 5 |  |  | 1,339 |  |  | 419 |  |  | (1,763) |  |  | — |
Total revenues | 63,192 |  |  | 2,595 |  |  | 2,225 |  |  | (1,763) |  |  | 66,249 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 56,606 |  |  | 1,996 |  |  | 1,783 |  |  | (1,760) |  |  | 58,625 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 2,403 |  |  | 170 |  |  | 262 |  |  | — |  |  | 2,835 |
Depreciation and amortization expense | 1,204 |  |  | 127 |  |  | 38 |  |  | (2) |  |  | 1,367 |
Total cost of sales | 60,213 |  |  | 2,293 |  |  | 2,083 |  |  | (1,762) |  |  | 62,827 |
Other operating expenses | 10 |  |  | — |  |  | 27 |  |  | — |  |  | 37 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 461 |  |  | 461 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 24 |  |  | 24 |
Operating income by segment | $ | 2,969 |  |  | $ | 302 |  |  | $ | 115 |  |  | $ | (486) |  |  | 2,900 |
Other income, net |  |  |  |  |  |  |  |  | 266 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (280) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 2,886 |
________________________ See note (a) on page 23.
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Six months ended June 30, 2023 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 66,403 |  |  | $ | 2,231 |  |  | $ | 2,314 |  |  | $ | — |  |  | $ | 70,948 |
Intersegment revenues | — |  |  | 1,695 |  |  | 480 |  |  | (2,175) |  |  | — |
Total revenues | 66,403 |  |  | 3,926 |  |  | 2,794 |  |  | (2,175) |  |  | 70,948 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 56,283 |  |  | 2,974 |  |  | 2,330 |  |  | (2,152) |  |  | 59,435 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 2,466 |  |  | 190 |  |  | 258 |  |  | 3 |  |  | 2,917 |
Depreciation and amortization expense | 1,154 |  |  | 117 |  |  | 39 |  |  | (2) |  |  | 1,308 |
Total cost of sales | 59,903 |  |  | 3,281 |  |  | 2,627 |  |  | (2,151) |  |  | 63,660 |
Other operating expenses | 11 |  |  | — |  |  | 1 |  |  | — |  |  | 12 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 453 |  |  | 453 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 21 |  |  | 21 |
Operating income by segment | $ | 6,489 |  |  | $ | 645 |  |  | $ | 166 |  |  | $ | (498) |  |  | 6,802 |
Other income, net |  |  |  |  |  |  |  |  | 235 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (294) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 6,743 |
________________________ (a)Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $308 million and $388 million for the three months ended June 30, 2024 and 2023, respectively, and $639 million and $634 million for the six months ended June 30, 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Refining: |  |  |  |  |  |  |
Gasolines and blendstocks | $ | 15,517 |  |  | $ | 15,229 |  |  | $ | 28,643 |  |  | $ | 30,277 |
Distillates | 14,303 |  |  | 13,992 |  |  | 28,431 |  |  | 30,830 |
Other product revenues | 3,224 |  |  | 2,775 |  |  | 6,113 |  |  | 5,296 |
Total Refining revenues | 33,044 |  |  | 31,996 |  |  | 63,187 |  |  | 66,403 |
Renewable Diesel: |  |  |  |  |  |  |
Renewable diesel | 540 |  |  | 1,249 |  |  | 1,219 |  |  | 2,125 |
Renewable naphtha | 14 |  |  | 47 |  |  | 37 |  |  | 106 |
Total Renewable Diesel revenues | 554 |  |  | 1,296 |  |  | 1,256 |  |  | 2,231 |
Ethanol: |  |  |  |  |  |  |
Ethanol | 662 |  |  | 898 |  |  | 1,300 |  |  | 1,661 |
Distillers grains | 230 |  |  | 319 |  |  | 506 |  |  | 653 |
Total Ethanol revenues | 892 |  |  | 1,217 |  |  | 1,806 |  |  | 2,314 |
Revenues | $ | 34,490 |  |  | $ | 34,509 |  |  | $ | 66,249 |  |  | $ | 70,948 |
Total assets by reportable segment were as follows (in millions):
| June 30, 2024 |  | December 31, 2023
Refining | $ | 49,871 |  |  | $ | 49,031 |
Renewable Diesel | 5,941 |  |  | 5,790 |
Ethanol | 1,514 |  |  | 1,549 |
Corporate and eliminations | 6,289 |  |  | 6,686 |
Total assets | $ | 63,615 |  |  | $ | 63,056 |

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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 -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 2: 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 3: 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
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