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Revenues and Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
REVENUES AND SEGMENT INFORMATION | 10. 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):
| 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 |  |  |
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 September 30, 2025, 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 low-carbon fuels. The principal products manufactured by DGD and sold by this segment are renewable diesel, renewable naphtha, and neat SAF. This segment sells some renewable diesel and neat SAF to the Refining segment for blending into petroleum-based diesel and conventional jet fuel, respectively, which is then sold to that segment’s customers as finished product. •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. Our chief operating decision maker (CODM) is our Chairman of the Board, Chief Executive Officer and President. Our CODM uses operating income by segment to allocate resources (including employees, property, and financial or capital resources) for each segment primarily during the annual budget process. On a monthly basis, our CODM considers budget-to-actual variances for operating income by segment when evaluating the operating performance of each 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. 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 |
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 |
As of September 30, 2025 and December 31, 2024, our investments in nonconsolidated joint ventures accounted for under the equity method were $687 million and $695 million, respectively, all of which related to the Refining segment and are reflected in “deferred charges and other assets, net” in our balance sheets.

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