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Revenues and Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Contract Balances | Contract balances were as follows (in millions):
| June 30, 2025 |  | December 31, 2024 |  |
Receivables from contracts with customers, included in receivables, net | $ | 6,366 |  |  | $ | 5,812 |  |  |
Contract liabilities, included in accrued expenses | 59 |  |  | 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 before income tax expense and total expenditures for long-lived assets, by reportable segment (in millions):
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Three months ended June 30, 2025 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 28,324 |  |  | $ | 565 |  |  | $ | 1,000 |  |  | $ | — |  |  | $ | 29,889 |
Intersegment revenues | 2 |  |  | 533 |  |  | 205 |  |  | (740) |  |  | — |
Total revenues | 28,326 |  |  | 1,098 |  |  | 1,205 |  |  | (740) |  |  | 29,889 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 25,042 |  |  | 1,044 |  |  | 988 |  |  | (742) |  |  | 26,332 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,307 |  |  | 72 |  |  | 144 |  |  | (1) |  |  | 1,522 |
Depreciation and amortization expense | 707 |  |  | 61 |  |  | 19 |  |  | (1) |  |  | 786 |
Total cost of sales | 27,056 |  |  | 1,177 |  |  | 1,151 |  |  | (744) |  |  | 28,640 |
Other operating expenses | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 220 |  |  | 220 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 28 |  |  | 28 |
Operating income (loss) by segment | $ | 1,266 |  |  | $ | (79) |  |  | $ | 54 |  |  | $ | (244) |  |  | 997 |
Other income, net |  |  |  |  |  |  |  |  | 86 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (141) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 942 |
Total expenditures for long-lived assets (b) | $ | 374 |  |  | $ | 14 |  |  | $ | 10 |  |  | $ | 9 |  |  | $ | 407 |
________________________ See notes on page 23.
| 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 |
Total expenditures for long-lived assets (b) | $ | 286 |  |  | $ | 115 |  |  | $ | 11 |  |  | $ | 8 |  |  | $ | 420 |
________________________ See notes on page 23.
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 57,081 |  |  | $ | 1,058 |  |  | $ | 2,008 |  |  | $ | — |  |  | $ | 60,147 |
Intersegment revenues | 4 |  |  | 940 |  |  | 422 |  |  | (1,366) |  |  | — |
Total revenues | 57,085 |  |  | 1,998 |  |  | 2,430 |  |  | (1,366) |  |  | 60,147 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 51,311 |  |  | 1,939 |  |  | 2,020 |  |  | (1,390) |  |  | 53,880 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 2,598 |  |  | 150 |  |  | 298 |  |  | (1) |  |  | 3,045 |
Depreciation and amortization expense | 1,301 |  |  | 129 |  |  | 38 |  |  | (2) |  |  | 1,466 |
Total cost of sales | 55,210 |  |  | 2,218 |  |  | 2,356 |  |  | (1,393) |  |  | 58,391 |
Asset impairment loss | 1,131 |  |  | — |  |  | — |  |  | — |  |  | 1,131 |
Other operating expenses | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 481 |  |  | 481 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 39 |  |  | 39 |
Operating income (loss) by segment | $ | 736 |  |  | $ | (220) |  |  | $ | 74 |  |  | $ | (493) |  |  | 97 |
Other income, net |  |  |  |  |  |  |  |  | 206 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (278) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 25 |
Total expenditures for long-lived assets (b) | $ | 907 |  |  | $ | 109 |  |  | $ | 18 |  |  | $ | 32 |  |  | $ | 1,066 |
________________________ See notes 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 |
Total expenditures for long-lived assets (b) | $ | 847 |  |  | $ | 193 |  |  | $ | 17 |  |  | $ | 24 |  |  | $ | 1,081 |
________________________ (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 $140 million and $191 million for the three and six months ended June 30, 2025, respectively, and the blender’s tax credit on qualified fuel mixtures of $308 million and $639 million for the three and six months ended June 30, 2024, respectively. (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):
| June 30, 2025 |  | December 31, 2024
Refining | $ | 46,223 |  |  | $ | 46,729 |
Renewable Diesel | 5,402 |  |  | 5,680 |
Ethanol | 1,496 |  |  | 1,545 |
Corporate and eliminations | 6,312 |  |  | 6,189 |
Total assets | $ | 59,433 |  |  | $ | 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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Refining: |  |  |  |  |  |  |
Gasolines and blendstocks | $ | 12,721 |  |  | $ | 15,517 |  |  | $ | 25,095 |  |  | $ | 28,643 |
Distillates | 12,778 |  |  | 14,303 |  |  | 26,154 |  |  | 28,431 |
Other product revenues | 2,825 |  |  | 3,224 |  |  | 5,832 |  |  | 6,113 |
Total Refining revenues | 28,324 |  |  | 33,044 |  |  | 57,081 |  |  | 63,187 |
Renewable Diesel: |  |  |  |  |  |  |
Renewable diesel | 470 |  |  | 540 |  |  | 861 |  |  | 1,219 |
Renewable naphtha | 46 |  |  | 14 |  |  | 85 |  |  | 37 |
Neat SAF | 49 |  |  | — |  |  | 112 |  |  | — |
Total Renewable Diesel revenues | 565 |  |  | 554 |  |  | 1,058 |  |  | 1,256 |
Ethanol: |  |  |  |  |  |  |
Ethanol | 780 |  |  | 662 |  |  | 1,567 |  |  | 1,300 |
Distillers grains | 220 |  |  | 230 |  |  | 441 |  |  | 506 |
Total Ethanol revenues | 1,000 |  |  | 892 |  |  | 2,008 |  |  | 1,806 |
Revenues | $ | 29,889 |  |  | $ | 34,490 |  |  | $ | 60,147 |  |  | $ | 66,249 |

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