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Revenues | 6 Months Ended
--- | ---
Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenues | Revenues Substantially all revenue-generating activities relate to sales of refined products, branded fuel, renewable diesel and excess crude oil inventories sold at market prices (variable consideration) under contracts with customers. Additionally, we have revenues attributable to our logistics services provided under petroleum product and crude oil pipeline transportation, processing, storage and terminalling agreements with third parties. 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. Our consolidated balance sheets reflect contract liabilities related to unearned revenues attributable to future service obligations under our third-party transportation agreements and production agreements from our Sonneborn operation s. The following table present s 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 |
As of June 30, 2024, we have long-term contracts with customers that specify minimum volumes of gasoline, diesel, lubricants and specialties to be sold ratably at market prices through 2034. F uture prices are subject to market fluctuations and therefore, we have elected the exemption to exclude variable consideration under these contracts under ASC 606-10-50-14A. 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 |
Additionally, we have long-term contracts with third-party customers that specify minimum volumes of product to be transported through our pipelines and terminals that result in fixed-minimum annual revenues throug h 2033. 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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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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