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Revenues and Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
REVENUES AND SEGMENT INFORMATION
9.    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):
June 30,
2024		December 31,
2023
Receivables from contracts with customers,
included in receivables, net
$6,821 $7,209 
Contract liabilities, included in accrued expenses33 40 

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 June 30, 2024, 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 6, 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, by reportable segment (in millions):
RefiningRenewable
Diesel		EthanolCorporate
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 expenses5 — (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, net122 
Interest and debt expense, net of capitalized
interest
(140)
Income before income tax expense$1,203 
________________________
See note (a) on page 23.
RefiningRenewable
Diesel		EthanolCorporate
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 expenses1 — 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, net106 
Interest and debt expense, net of capitalized
interest
(148)
Income before income tax expense$2,717 
________________________
See note (a) on page 23.
RefiningRenewable
Diesel		EthanolCorporate
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 expenses10 — 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, net266 
Interest and debt expense, net of capitalized
interest
(280)
Income before income tax expense$2,886 
________________________
See note (a) on page 23.
RefiningRenewable
Diesel		EthanolCorporate
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 expenses11 — 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, net235 
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,
2024202320242023
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 revenues33,044 31,996 63,187 66,403 
Renewable Diesel:
Renewable diesel
540 1,249 1,219 2,125 
Renewable naphtha14 47 37 106 
Total Renewable Diesel revenues554 1,296 1,256 2,231 
Ethanol:
Ethanol
662 898 1,300 1,661 
Distillers grains
230 319 506 653 
Total Ethanol revenues892 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 Diesel5,941 5,790 
Ethanol1,514 1,549 
Corporate and eliminations6,289 6,686 
Total assets$63,615 $63,056