XML 41 R30.htm IDEA: XBRL DOCUMENT v3.26.1

Revenues and Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Contract Balances

Contract balances were as follows (in millions):

			June 30, 2026						December 31, 2025
Receivables from contracts with customers, included in receivables, net			$	8,112					$	6,233
Contract liabilities, included in accrued expenses			102						60

Segment Activity, Including Total Assets by Reportable Segment

The following tables reflect information about our reportable segments and include the reconciliation to our consolidated income before income tax expense (in millions):

						Refining						Renewable Diesel						Ethanol						Total
Three months ended June 30, 2026
Revenues:
Revenues from external customers						$	42,300					$	1,176					$	1,000					$	44,476
Intersegment revenues						2						1,506						311						1,819
						42,302						2,682						1,311						46,295
Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues																								(1,819)
Total consolidated revenues																								$	44,476
Less:
Cost of sales:
Cost of materials and other (a)						34,268						1,803						822
Taxes other than income taxes						1,648						—						—
Operating expenses (excluding depreciation and amortization expense reflected below)						1,263						91						152
Depreciation and amortization expense						635						71						19
Total cost of sales						37,814						1,965						993
Other operating expenses						18						—						—
Operating income by segment						$	4,470					$	717					$	318					$	5,505
Reconciliation of operating income by segment to income before income tax expense
Elimination of intersegment profits																								(54)
Unallocated amounts:
Other corporate expenses (b)																								(255)
Other income, net																								116
Interest and debt expense, net of capitalized interest																								(145)
Income before income tax expense																								$	5,167
Other segment disclosures
Expenditures for long-lived assets (c)						$	320					$	7					$	11					$	338

________________________

See notes on page 24.

						Refining						Renewable Diesel						Ethanol						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
						28,326						1,098						1,205						30,629
Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues																								(740)
Total consolidated revenues																								$	29,889
Less:
Cost of sales:
Cost of materials and other (a)						23,388						1,044						988
Taxes other than income taxes						1,654						—						—
Operating expenses (excluding depreciation and amortization expense reflected below)						1,307						72						144
Depreciation and amortization expense						707						61						19
Total cost of sales						27,056						1,177						1,151
Other operating expenses						4						—						—
Operating income (loss) by segment						$	1,266					$	(79)					$	54					$	1,241
Reconciliation of operating income (loss) by segment to income before income tax expense
Elimination of intersegment losses																								4
Unallocated amounts:
Other corporate expenses (b)																								(248)
Other income, net																								86
Interest and debt expense, net of capitalized interest																								(141)
Income before income tax expense																								$	942
Other segment disclosures
Expenditures for long-lived assets (c)						$	374					$	14					$	10					$	398

________________________

See notes on page 24.

						Refining						Renewable Diesel						Ethanol						Total
Six months ended June 30, 2026
Revenues:
Revenues from external customers						$	73,105					$	1,887					$	1,865					$	76,857
Intersegment revenues						4						2,209						613						2,826
						73,109						4,096						2,478						79,683
Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues																								(2,826)
Total consolidated revenues																								$	76,857
Less:
Cost of sales:
Cost of materials and other (a)						59,446						2,915						1,716
Taxes other than income taxes						3,369						—						—
Operating expenses (excluding depreciation and amortization expense reflected below)						2,609						176						316
Depreciation and amortization expense						1,367						149						38
Total cost of sales						66,791						3,240						2,070
Other operating expenses						42						—						—
Operating income by segment						$	6,276					$	856					$	408					$	7,540
Reconciliation of operating income by segment to income before income tax expense
Elimination of intersegment profits																								(61)
Unallocated amounts:
Other corporate expenses (b)																								(552)
Other income, net																								248
Interest and debt expense, net of capitalized interest																								(285)
Income before income tax expense																								$	6,890
Other segment disclosures
Segment assets						$	47,772					$	6,270					$	1,480					$	55,522
Expenditures for long-lived assets (c)						722						40						18						780

________________________

See notes on page 24.

						Refining						Renewable Diesel						Ethanol						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
						57,085						1,998						2,430						61,513
Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues																								(1,366)
Total consolidated revenues																								$	60,147
Less:
Cost of sales:
Cost of materials and other (a)						48,157						1,939						2,020
Taxes other than income taxes						3,154						—						—
Operating expenses (excluding depreciation and amortization expense reflected below)						2,598						150						298
Depreciation and amortization expense						1,301						129						38
Total cost of sales						55,210						2,218						2,356
Asset impairment loss						1,131						—						—
Other operating expenses						8						—						—
Operating income (loss) by segment						$	736					$	(220)					$	74					$	590
Reconciliation of operating income (loss) by segment to income before income tax expense
Elimination of intersegment losses																								27
Unallocated amounts:
Other corporate expenses (b)																								(520)
Other income, net																								206
Interest and debt expense, net of capitalized interest																								(278)
Income before income tax expense																								$	25
Other segment disclosures
Segment assets						$	46,223					$	5,402					$	1,496					$	53,121
Expenditures for long-lived assets (c)						907						109						18						1,034

________________________

(a)Cost of materials and other is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $177 million and $140 million for the three months ended June 30, 2026 and 2025, respectively, and $355 million and $191 million for the six months ended June 30, 2026 and 2025, respectively, for our Renewable Diesel segment and $99 million and $119 million for the three and six months ended June 30, 2026, respectively, for our Ethanol segment.

(b)Other corporate expenses include general and administrative expenses and depreciation and amortization expense, as reflected in our consolidated statements of income on page 2. Effective in the second quarter of 2026, other corporate expenses also include expenses associated with the decommissioning and redevelopment of our Benicia Refinery.

(c)Total expenditures for long-lived assets include amounts related to capital expenditures and deferred turnaround and catalyst costs.

Reconciliation of Assets from Segment to Consolidated

Total assets for reportable segments reconciled to our consolidated assets were as follows (in millions):

			June 30, 2026						December 31, 2025
Total assets for reportable segments			$	55,522					$	51,316
Corporate assets			9,828						6,938
Elimination of intercompany receivables and other assets			(687)						(266)
Total consolidated assets			$	64,663					$	57,988

Segment, Reconciliation of Other Items from Segments to Consolidated

Expenditures for long-lived assets for reportable segments reconciled to our consolidated expenditures for long-lived assets were as follows (in millions):

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Expenditures for long-lived assets for reportable segments			$	338					$	398					$	780					$	1,034
Corporate expenditures for long-lived assets			12						9						18						32
Total consolidated expenditures for long-lived assets			$	350					$	407					$	798					$	1,066

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,
			2026						2025						2026						2025
Refining:
Gasolines and blendstocks			$	17,417					$	12,721					$	29,848					$	25,095
Distillates			20,688						12,778						36,149						26,154
Other product revenues			4,195						2,825						7,108						5,832
Total Refining revenues			42,300						28,324						73,105						57,081
Renewable Diesel:
Renewable diesel			1,057						470						1,623						861
Renewable naphtha			39						46						76						85
Neat SAF			80						49						188						112
Total Renewable Diesel revenues			1,176						565						1,887						1,058
Ethanol:
Ethanol			789						780						1,465						1,567
Distillers grains			211						220						400						441
Total Ethanol revenues			1,000						1,000						1,865						2,008
Revenues			$	44,476					$	29,889					$	76,857					$	60,147

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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

+ Details

Name:	us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

+ Details

Name:	us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration