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Revenues and Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Contract Balances | Contract balances were as follows (in millions):
| September 30, 2025 |  | December 31, 2024 |  |
Receivables from contracts with customers, included in receivables, net | $ | 6,321 |  |  | $ | 5,812 |  |  |
Contract liabilities, included in accrued expenses | 62 |  |  | 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 September 30, 2025 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 30,414 |  |  | $ | 719 |  |  | $ | 1,035 |  |  | $ | — |  |  | $ | 32,168 |
Intersegment revenues | 1 |  |  | 484 |  |  | 259 |  |  | (744) |  |  | — |
Total revenues | 30,415 |  |  | 1,203 |  |  | 1,294 |  |  | (744) |  |  | 32,168 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 26,684 |  |  | 1,077 |  |  | 942 |  |  | (745) |  |  | 27,958 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,388 |  |  | 78 |  |  | 148 |  |  | — |  |  | 1,614 |
Depreciation and amortization expense | 728 |  |  | 76 |  |  | 21 |  |  | (1) |  |  | 824 |
Total cost of sales | 28,800 |  |  | 1,231 |  |  | 1,111 |  |  | (746) |  |  | 30,396 |
Other operating expenses | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 246 |  |  | 246 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 12 |  |  | 12 |
Operating income (loss) by segment | $ | 1,610 |  |  | $ | (28) |  |  | $ | 183 |  |  | $ | (256) |  |  | 1,509 |
Other income, net |  |  |  |  |  |  |  |  | 86 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (139) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 1,456 |
Total expenditures for long-lived assets (b) | $ | 324 |  |  | $ | 49 |  |  | $ | 12 |  |  | $ | 24 |  |  | $ | 409 |
________________________ See notes on page 23.
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 31,332 |  |  | $ | 632 |  |  | $ | 912 |  |  | $ | — |  |  | $ | 32,876 |
Intersegment revenues | 3 |  |  | 593 |  |  | 235 |  |  | (831) |  |  | — |
Total revenues | 31,335 |  |  | 1,225 |  |  | 1,147 |  |  | (831) |  |  | 32,876 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 28,922 |  |  | 1,029 |  |  | 842 |  |  | (828) |  |  | 29,965 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,256 |  |  | 92 |  |  | 133 |  |  | 1 |  |  | 1,482 |
Depreciation and amortization expense | 589 |  |  | 69 |  |  | 19 |  |  | (2) |  |  | 675 |
Total cost of sales | 30,767 |  |  | 1,190 |  |  | 994 |  |  | (829) |  |  | 32,122 |
Other operating expenses | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 234 |  |  | 234 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 10 |  |  | 10 |
Operating income by segment | $ | 565 |  |  | $ | 35 |  |  | $ | 153 |  |  | $ | (246) |  |  | 507 |
Other income, net |  |  |  |  |  |  |  |  | 123 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (141) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 489 |
Total expenditures for long-lived assets (b) | $ | 344 |  |  | $ | 67 |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | 429 |
________________________ See notes on page 23.
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 87,495 |  |  | $ | 1,777 |  |  | $ | 3,043 |  |  | $ | — |  |  | $ | 92,315 |
Intersegment revenues | 5 |  |  | 1,424 |  |  | 681 |  |  | (2,110) |  |  | — |
Total revenues | 87,500 |  |  | 3,201 |  |  | 3,724 |  |  | (2,110) |  |  | 92,315 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 77,995 |  |  | 3,016 |  |  | 2,962 |  |  | (2,135) |  |  | 81,838 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 3,986 |  |  | 228 |  |  | 446 |  |  | (1) |  |  | 4,659 |
Depreciation and amortization expense | 2,029 |  |  | 205 |  |  | 59 |  |  | (3) |  |  | 2,290 |
Total cost of sales | 84,010 |  |  | 3,449 |  |  | 3,467 |  |  | (2,139) |  |  | 88,787 |
Asset impairment loss | 1,131 |  |  | — |  |  | — |  |  | — |  |  | 1,131 |
Other operating expenses | 13 |  |  | — |  |  | — |  |  | — |  |  | 13 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 727 |  |  | 727 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 51 |  |  | 51 |
Operating income (loss) by segment | $ | 2,346 |  |  | $ | (248) |  |  | $ | 257 |  |  | $ | (749) |  |  | 1,606 |
Other income, net |  |  |  |  |  |  |  |  | 292 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (417) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 1,481 |
Total expenditures for long-lived assets (b) | $ | 1,231 |  |  | $ | 158 |  |  | $ | 30 |  |  | $ | 56 |  |  | $ | 1,475 |
________________________ See notes on page 23.
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 94,519 |  |  | $ | 1,888 |  |  | $ | 2,718 |  |  | $ | — |  |  | $ | 99,125 |
Intersegment revenues | 8 |  |  | 1,932 |  |  | 654 |  |  | (2,594) |  |  | — |
Total revenues | 94,527 |  |  | 3,820 |  |  | 3,372 |  |  | (2,594) |  |  | 99,125 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 85,528 |  |  | 3,025 |  |  | 2,625 |  |  | (2,588) |  |  | 88,590 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 3,659 |  |  | 262 |  |  | 395 |  |  | 1 |  |  | 4,317 |
Depreciation and amortization expense | 1,793 |  |  | 196 |  |  | 57 |  |  | (4) |  |  | 2,042 |
Total cost of sales | 90,980 |  |  | 3,483 |  |  | 3,077 |  |  | (2,591) |  |  | 94,949 |
Other operating expenses | 13 |  |  | — |  |  | 27 |  |  | — |  |  | 40 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 695 |  |  | 695 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 34 |  |  | 34 |
Operating income by segment | $ | 3,534 |  |  | $ | 337 |  |  | $ | 268 |  |  | $ | (732) |  |  | 3,407 |
Other income, net |  |  |  |  |  |  |  |  | 389 |
Interest and debt expense, net of capitalized interest |  |  |  |  |  |  |  |  | (421) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 3,375 |
Total expenditures for long-lived assets (b) | $ | 1,191 |  |  | $ | 260 |  |  | $ | 26 |  |  | $ | 33 |  |  | $ | 1,510 |
________________________ (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 $206 million and $397 million for the three and nine months ended September 30, 2025, respectively, and the blender’s tax credit on qualified fuel mixtures of $313 million and $952 million for the three and nine months ended September 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):
| September 30, 2025 |  | December 31, 2024
Refining | $ | 45,010 |  |  | $ | 46,729 |
Renewable Diesel | 5,600 |  |  | 5,680 |
Ethanol | 1,495 |  |  | 1,545 |
Corporate and eliminations | 6,510 |  |  | 6,189 |
Total assets | $ | 58,615 |  |  | $ | 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Refining: |  |  |  |  |  |  |
Gasolines and blendstocks | $ | 13,287 |  |  | $ | 14,361 |  |  | $ | 38,382 |  |  | $ | 43,004 |
Distillates | 14,582 |  |  | 13,855 |  |  | 40,736 |  |  | 42,286 |
Other product revenues | 2,545 |  |  | 3,116 |  |  | 8,377 |  |  | 9,229 |
Total Refining revenues | 30,414 |  |  | 31,332 |  |  | 87,495 |  |  | 94,519 |
Renewable Diesel: |  |  |  |  |  |  |
Renewable diesel | 623 |  |  | 610 |  |  | 1,484 |  |  | 1,829 |
Renewable naphtha | 29 |  |  | 22 |  |  | 114 |  |  | 59 |
Neat SAF | 67 |  |  | — |  |  | 179 |  |  | — |
Total Renewable Diesel revenues | 719 |  |  | 632 |  |  | 1,777 |  |  | 1,888 |
Ethanol: |  |  |  |  |  |  |
Ethanol | 823 |  |  | 685 |  |  | 2,390 |  |  | 1,985 |
Distillers grains | 212 |  |  | 227 |  |  | 653 |  |  | 733 |
Total Ethanol revenues | 1,035 |  |  | 912 |  |  | 3,043 |  |  | 2,718 |
Revenues | $ | 32,168 |  |  | $ | 32,876 |  |  | $ | 92,315 |  |  | $ | 99,125 |

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