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Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information

The following is a summary of the financial information of our reportable segments reconciled to the amounts reported in our consolidated financial statements.

						Refining						Renewables						Marketing						Lubricants & Specialties						Midstream						Corporate, Other and Eliminations						Consolidated Total
						(In millions)
Three Months Ended June 30, 2025
Sales and other revenues:
Revenues from external customers						$	5,158					$	131					$	826					$	641					$	28					$	—					$	6,784
Intersegment revenues and other (1)						861						127						—						4						129						(1,121)						—
						6,019						258						826						645						157						(1,121)						6,784
Cost of sales: (2)
Cost of materials and other (3)						5,045						238						792						486						—						(1,121)						5,440
Lower of cost or market inventory valuation adjustments						172						(24)						—						—						—						—						148
Operating expenses						441						22						—						63						45						1						572
						5,658						236						792						549						45						(1,120)						6,160
Selling, general and administrative expenses (2)						52						—						9						43						2						8						114
Depreciation and amortization						134						26						7						22						19						18						226
Other operating expenses, net						9						—						—						—						—						—						9
Income (loss) from operations						166						(4)						18						31						91						(27)						275
Earnings of equity method investments						—						—						—						—						9						1						10
Interest income						—						1						—						—						2						4						7
Interest expense						—						(2)						—						—						(1)						(50)						(53)
Other income (expense), net						—						—						—						2						(2)						7						7
Income (loss) before income taxes						$	166					$	(5)					$	18					$	33					$	99					$	(65)					$	246
Capital expenditures						$	71					$	—					$	11					$	11					$	12					$	6					$	111
Three Months Ended June 30, 2024
Sales and other revenues:
Revenues from external customers						$	5,970					$	180					$	943					$	726					$	27					$	—					$	7,846
Intersegment revenues and other (1)						1,008						68						—						5						131						(1,212)						—
						6,978						248						943						731						158						(1,212)						7,846
Cost of sales: (2)
Cost of materials and other (3)						6,291						220						920						531						—						(1,211)						6,751
Lower of cost or market inventory valuation adjustments						—						(3)						—						—						—						—						(3)
Operating expenses						449						25						—						64						51						2						591
						6,740						242						920						595						51						(1,209)						7,339
Selling, general and administrative expenses (2)						51						1						8						39						2						3						104
Depreciation and amortization						122						20						6						23						15						20						206
Income (loss) from operations						65						(15)						9						74						90						(26)						197
Earnings of equity method investments						—						—						—						—						7						1						8
Interest income						—						—						—						2						3						14						19
Interest expense						—						(2)						—						(1)						(9)						(33)						(45)
Other expense, net						—						—						—						—						—						(1)						(1)
Income (loss) before income taxes						$	65					$	(17)					$	9					$	75					$	91					$	(45)					$	178
Capital expenditures						$	36					$	3					$	13					$	7					$	11					$	14					$	84

						Refining						Renewables						Marketing						Lubricants & Specialties						Midstream						Corporate, Other and Eliminations						Consolidated Total
						(In millions)
Six Months Ended June 30, 2025
Sales and other revenues:
Revenues from external customers						$	10,081					$	225					$	1,512					$	1,278					$	58					$	—					$	13,154
Intersegment revenues and other (1)						1,589						223						—						5						255						(2,072)						—
						11,670						448						1,512						1,283						313						(2,072)						13,154
Cost of sales: (2)
Cost of materials and other (3)						10,185						421						1,444						939						—						(2,073)						10,916
Lower of cost or market inventory valuation adjustments						56						(25)						—						—						—						—						31
Operating expenses						902						45						—						127						91						3						1,168
						11,143						441						1,444						1,066						91						(2,070)						12,115
Selling, general and administrative expenses (2)						106						1						16						79						4						12						218
Depreciation and amortization						271						49						14						44						37						36						451
Other operating expenses, net						14						—						—						—						—						—						14
Income (loss) from operations						136						(43)						38						94						181						(50)						356
Earnings of equity method investments						—						—						—						—						21						—						21
Interest income						—						1						—						2						5						8						16
Interest expense						—						(4)						—						—						(4)						(94)						(102)
Other income (expense), net						—						—						—						2						(41)						(7)						(46)
Income (loss) before income taxes						$	136					$	(46)					$	38					$	98					$	162					$	(143)					$	245
Capital expenditures						$	130					$	1					$	16					$	20					$	21					$	9					$	197
Six Months Ended June 30, 2024
Sales and other revenues:
Revenues from external customers						$	11,343					$	360					$	1,718					$	1,402					$	50					$	—					$	14,873
Intersegment revenues and other (1)						1,839						128						—						8						263						(2,238)						—
						13,182						488						1,718						1,410						313						(2,238)						14,873
Cost of sales: (2)
Cost of materials and other (3)						11,766						450						1,672						1,024						—						(2,235)						12,677
Lower of cost or market inventory valuation adjustments						(221)						(2)						—						—						—						—						(223)
Operating expenses						921						51						—						128						97						2						1,199
						12,466						499						1,672						1,152						97						(2,233)						13,653
Selling, general and administrative expenses (2)						99						3						15						74						6						11						208
Depreciation and amortization						240						40						13						45						35						30						403
Income (loss) from operations						377						(54)						18						139						175						(46)						609
Earnings of equity method investments						—						—						—						—						15						—						15
Interest income						—						1						—						4						5						31						41
Interest expense						—						(3)						—						(1)						(18)						(65)						(87)
Other income, net						—						—						—						—						—						2						2
Income (loss) before income taxes						$	377					$	(56)					$	18					$	142					$	177					$	(78)					$	580
Capital expenditures						$	92					$	6					$	20					$	12					$	19					$	24					$	173

(1)Refining segment intersegment revenues relate to transportation fuels sold to the Marketing segment. Midstream segment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.

(2)Exclusive of Depreciation and amortization.

(3)Exclusive of Lower of cost or market inventory valuation adjustments.

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

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- References

No definition available.

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