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Revenues | 6 Months Ended
--- | ---
Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenues | Revenues Substantially all revenue-generating activities relate to sales of refined products and excess crude oil inventories that are 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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In millions)
Revenues by type: (1) |  |  |  |  |  |  |  |
Refined product revenues: |  |  |  |  |  |  |  |
Transportation fuels (2) |  | $ | 5,344 |  |  | $ | 6,102 |  |  | $ | 10,305 |  |  | $ | 11,657 |
Lubricants and specialty products (3) |  | 583 |  |  | 644 |  |  | 1,180 |  |  | 1,258 |
Asphalt, fuel oil and other products (4) |  | 393 |  |  | 569 |  |  | 712 |  |  | 1,052 |
Total refined product revenues |  | 6,320 |  |  | 7,315 |  |  | 12,197 |  |  | 13,967 |
Excess crude oil revenues (5) |  | 345 |  |  | 437 |  |  | 728 |  |  | 704 |
Transportation and logistics services |  | 29 |  |  | 27 |  |  | 58 |  |  | 50 |
Other revenues (6) |  | 90 |  |  | 67 |  |  | 171 |  |  | 152 |
Total sales and other revenues |  | $ | 6,784 |  |  | $ | 7,846 |  |  | $ | 13,154 |  |  | $ | 14,873 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In millions)
Refined product revenues by market: (1) |  |  |  |  |  |  |  |
United States: |  |  |  |  |  |  |  |
Mid-Continent |  | $ | 2,221 |  |  | $ | 2,662 |  |  | $ | 4,346 |  |  | $ | 5,085 |
Rocky Mountains |  | 1,370 |  |  | 1,558 |  |  | 2,597 |  |  | 2,958 |
Northwest |  | 1,290 |  |  | 1,332 |  |  | 2,441 |  |  | 2,550 |
Southwest |  | 919 |  |  | 1,193 |  |  | 1,773 |  |  | 2,258 |
Northeast |  | 200 |  |  | 213 |  |  | 432 |  |  | 432 |
Canada |  | 251 |  |  | 288 |  |  | 468 |  |  | 544 |
Europe, Asia and Latin America |  | 69 |  |  | 69 |  |  | 140 |  |  | 140 |
Total refined product revenues |  | $ | 6,320 |  |  | $ | 7,315 |  |  | $ | 12,197 |  |  | $ | 13,967 |
(1)Prior period amounts have been reclassified to conform with the current period presentation, where applicable. (2)Transportation fuels revenues are attributable to our: (i) Refining segment wholesale gasoline, diesel and jet fuel, (ii) Marketing segment branded gasoline and diesel fuel, and (iii) Renewables segment renewable diesel fuel. (3)Lubricant and specialty products consist of base oil, waxes, finished lubricants and other specialty fluids. (4)Asphalt, fuel oil and other products revenue are attributable to the Refining and Lubricants & Specialties segments. (5)Excess crude oil revenues represent sales of purchased crude oil inventory that at times exceeds the supply needs of our refineries. (6)Other revenues are principally attributable to our Refining segment. As of June 30, 2025, we have long-term contracts with customers that specify minimum volumes of gasoline, diesel and lubricants and specialty products to be sold ratably at market prices through 2035. F uture prices are subject to market fluctuations and therefore, we have elected the exemption to exclude variable consideration under these contracts under Accounting Standards Codification (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 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
|  | (In millions)
Refined product sales volumes (barrels) |  | 17 |  |  | 25 |  |  | 18 |  |  | 24 |  |  | 84 |
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, 2025 are presented below:
Contractual Minimum |  | Remainder of 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
|  | (In millions)
Midstream operations revenues |  | $ | 6 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 37 |  |  | $ | 59 |

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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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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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