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Revenues (Tables) | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregated Revenues | Disaggregated revenues were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (In thousands)
Revenues by type |  |  |  |  |  |  |  |
Refined product revenues |  |  |  |  |  |  |  |
Transportation fuels (1) |  | $ | 5,005,535 |  |  | $ | 4,725,169 |  |  | $ | 9,634,166 |  |  | $ | 9,233,063 |
Specialty lubricant products (2) |  | 644,163 |  |  | 635,375 |  |  | 1,258,384 |  |  | 1,315,237 |
Asphalt, fuel oil and other products (3) |  | 568,960 |  |  | 572,520 |  |  | 1,052,276 |  |  | 1,012,859 |
Total refined product revenues |  | 6,218,658 |  |  | 5,933,064 |  |  | 11,944,826 |  |  | 11,561,159 |
Excess crude oil revenues (4) |  | 436,796 |  |  | 621,750 |  |  | 703,892 |  |  | 1,332,647 |
Renewable diesel revenues (5) |  | 190,137 |  |  | 175,063 |  |  | 369,806 |  |  | 377,476 |
Transportation and logistics services |  | 27,094 |  |  | 29,833 |  |  | 50,193 |  |  | 56,249 |
Marketing revenues (6) |  | 942,362 |  |  | 1,040,933 |  |  | 1,718,169 |  |  | 1,978,318 |
Other revenues (7) |  | 30,784 |  |  | 33,003 |  |  | 86,090 |  |  | 92,939 |
Total sales and other revenues |  | $ | 7,845,831 |  |  | $ | 7,833,646 |  |  | $ | 14,872,976 |  |  | $ | 15,398,788 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (In thousands)
Refined product revenues by market |  |  |  |  |  |  |  |
United States: |  |  |  |  |  |  |  |
Mid-Continent |  | $ | 2,409,853 |  |  | $ | 2,276,837 |  |  | $ | 4,625,694 |  |  | $ | 4,283,993 |
Southwest |  | 1,082,895 |  |  | 890,586 |  |  | 2,058,597 |  |  | 1,723,288 |
Rocky Mountains |  | 2,155,871 |  |  | 2,207,770 |  |  | 4,144,362 |  |  | 4,405,597 |
Northeast |  | 212,722 |  |  | 233,695 |  |  | 432,069 |  |  | 497,599 |
Canada |  | 288,276 |  |  | 254,952 |  |  | 544,048 |  |  | 505,676 |
Europe, Asia and Latin America |  | 69,041 |  |  | 69,224 |  |  | 140,056 |  |  | 145,006 |
Total refined product revenues |  | $ | 6,218,658 |  |  | $ | 5,933,064 |  |  | $ | 11,944,826 |  |  | $ | 11,561,159 |
(1)Transportation fuels revenues are attributable to our Refining segment’s wholesale marketing of gasoline, diesel and jet fuel. (2)Specialty lubricant products consist of base oil, waxes, finished lubricants and other specialty fluids. (3)Revenues from asphalt, fuel oil and other products include amounts attributable to our Refining and Lubricants & Specialties segments of $488.1 million and $80.9 million, respectively, for the three months ended June 30, 2024, $910.1 million and $142.1 million, respectively, for the six months ended June 30, 2024, $522.2 million and $50.3 million, respectively, for the three months ended June 30, 2023, and $909.0 million and $103.8 million, respectively, for the six months ended June 30, 2023. (4)Excess crude oil revenues represent sales of purchased crude oil inventory that at times exceeds the supply needs of our refineries. (5)Renewable diesel revenues are principally attributable to our Renewables segment. (6)Marketing revenues consist primarily of branded gasoline and diesel fuel. (7)Other revenues are principally attributable to our Refining segment.
Schedule of Changes to Contract Liabilities | The following table presents changes to our contract liabilities:
|  |  |  | Six Months Ended June 30,
|  |  |  |  |  | 2024 |  | 2023
|  |  |  |  |  | (In thousands)
Balance at January 1 |  |  |  |  |  | $ | 7,533 |  |  | $ | 10,722 |
Increase |  |  |  |  |  | 10,936 |  |  | 9,547 |
Recognized as revenue |  |  |  |  |  | (11,666) |  |  | (10,986) |
Balance at June 30 |  |  |  |  |  | $ | 6,803 |  |  | $ | 9,283 |
Schedules of Aggregate Minimum Volumes Expected to Be Sold Under Long-term Sales Contracts | Aggregate minimum volumes expected to be sold (future performance obligations) under our long-term product sales contracts with customers are as follows:
Contractual Minimum |  | Remainder of 2024 |  | 2025 |  | 2026 |  | Thereafter |  | Total
|  | (In thousands)
Refined product sales volumes (barrels) |  | 16,254 |  |  | 26,553 |  |  | 18,852 |  |  | 46,690 |  |  | 108,349 |
Annual minimum revenues attributable to our third-party contracts as of June 30, 2024, are presented below:
Contractual Minimum |  | Remainder of 2024 |  | 2025 |  | 2026 |  | Thereafter |  | Total
|  | (In thousands)
Midstream operations revenues |  | $ | 10,426 |  |  | $ | 11,242 |  |  | $ | 7,782 |  |  | $ | 43,308 |  |  | $ | 72,758 |

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