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v3.25.1

Revenues and Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Contract Balances | Contract balances were as follows (in millions):
| March 31, 2025 |  | December 31, 2024 |  |
Receivables from contracts with customers, included in receivables, net | $ | 6,090 |  |  | $ | 5,812 |  |  |
Contract liabilities, included in accrued expenses | 57 |  |  | 82 |  |  |
Segment Activity, Including Total Assets by Reportable Segment | The following tables reflect information about our operating income (loss), including a reconciliation to our consolidated income (loss) before income tax expense (benefit) and total expenditures for long-lived assets, by reportable segment (in millions):
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Three months ended March 31, 2025 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 28,757 |  |  | $ | 493 |  |  | $ | 1,008 |  |  | $ | — |  |  | $ | 30,258 |
Intersegment revenues | 2 |  |  | 407 |  |  | 217 |  |  | (626) |  |  | — |
Total revenues | 28,759 |  |  | 900 |  |  | 1,225 |  |  | (626) |  |  | 30,258 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 26,269 |  |  | 895 |  |  | 1,032 |  |  | (648) |  |  | 27,548 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,291 |  |  | 78 |  |  | 154 |  |  | — |  |  | 1,523 |
Depreciation and amortization expense | 594 |  |  | 68 |  |  | 19 |  |  | (1) |  |  | 680 |
Total cost of sales | 28,154 |  |  | 1,041 |  |  | 1,205 |  |  | (649) |  |  | 29,751 |
Asset impairment loss | 1,131 |  |  | — |  |  | — |  |  | — |  |  | 1,131 |
Other operating expenses | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 261 |  |  | 261 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Operating income (loss) by segment | $ | (530) |  |  | $ | (141) |  |  | $ | 20 |  |  | $ | (249) |  |  | (900) |
Other income, net |  |  |  |  |  |  |  |  | 120 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (137) |
Loss before income tax benefit |  |  |  |  |  |  |  |  | $ | (917) |
Total expenditures for long-lived assets (b) | $ | 533 |  |  | $ | 95 |  |  | $ | 8 |  |  | $ | 23 |  |  | $ | 659 |
________________________ See notes on page 18.
| 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 |
Total expenditures for long-lived assets (b) | $ | 561 |  |  | $ | 78 |  |  | $ | 6 |  |  | $ | 16 |  |  | $ | 661 |
________________________ (a)Cost of materials and other for our Renewable Diesel segment is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $51 million for the three months ended March 31, 2025 and the blender’s tax credit on qualified fuel mixtures of $331 million for the three months ended March 31, 2024. (b)Total expenditures for long-lived assets includes amounts related to capital expenditures and deferred turnaround and catalyst costs. Total assets by reportable segment were as follows (in millions):
| March 31, 2025 |  | December 31, 2024
Refining | $ | 45,755 |  |  | $ | 46,729 |
Renewable Diesel | 5,283 |  |  | 5,680 |
Ethanol | 1,621 |  |  | 1,545 |
Corporate and eliminations | 6,518 |  |  | 6,189 |
Total assets | $ | 59,177 |  |  | $ | 60,143 |
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):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Refining: |  |  |  |  |  |  |
Gasolines and blendstocks |  |  |  |  | $ | 12,374 |  |  | $ | 13,126 |
Distillates |  |  |  |  | 13,376 |  |  | 14,128 |
Other product revenues |  |  |  |  | 3,007 |  |  | 2,889 |
Total Refining revenues |  |  |  |  | 28,757 |  |  | 30,143 |
Renewable Diesel: |  |  |  |  |  |  |
Renewable diesel |  |  |  |  | 391 |  |  | 679 |
Renewable naphtha |  |  |  |  | 39 |  |  | 23 |
Neat SAF |  |  |  |  | 63 |  |  | — |
Total Renewable Diesel revenues |  |  |  |  | 493 |  |  | 702 |
Ethanol: |  |  |  |  |  |  |
Ethanol |  |  |  |  | 787 |  |  | 638 |
Distillers grains |  |  |  |  | 221 |  |  | 276 |
Total Ethanol revenues |  |  |  |  | 1,008 |  |  | 914 |
Revenues |  |  |  |  | $ | 30,258 |  |  | $ | 31,759 |

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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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