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Revenues and Segment Information (Tables)

6 Months Ended

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

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
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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

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-Name Accounting Standards Codification
-Topic 280
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