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Revenue | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
Revenue | (9) Revenue The following tables present the Company’s revenue disaggregated by major product, which include a reconciliation of the disaggregated revenue by the Company’s reportable segments:
| Year Ended December 31, 2023
(in millions) | Petroleum Segment (1) |  | Nitrogen Fertilizer Segment |  | Other / Eliminations |  | Consolidated
Gasoline | $ | 4,289 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,289 |
Distillates (2) | 3,748 |  |  | — |  |  | 193 |  |  | 3,941 |
Ammonia | — |  |  | 161 |  |  | — |  |  | 161 |
UAN | — |  |  | 431 |  |  | — |  |  | 431 |
Urea products | — |  |  | 29 |  |  | — |  |  | 29 |
Freight revenue (3) | 19 |  |  | 42 |  |  | — |  |  | 61 |
Other products (4) | 164 |  |  | 18 |  |  | 86 |  |  | 268 |
Revenue from product sales | 8,220 |  |  | 681 |  |  | 279 |  |  | 9,180 |
Crude oil sales | 66 |  |  | — |  |  | — |  |  | 66 |
Other revenue | 1 |  |  | — |  |  | — |  |  | 1 |
Total revenue | $ | 8,287 |  |  | $ | 681 |  |  | $ | 279 |  |  | $ | 9,247 |
| Year Ended December 31, 2022
(in millions) | Petroleum Segment (1) |  | Nitrogen Fertilizer Segment |  | Other / Eliminations |  | Consolidated
Gasoline | $ | 4,830 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,830 |
Distillates (2) | 4,789 |  |  | — |  |  | 111 |  |  | 4,900 |
Ammonia | — |  |  | 200 |  |  | — |  |  | 200 |
UAN | — |  |  | 557 |  |  | — |  |  | 557 |
Urea products | — |  |  | 33 |  |  | — |  |  | 33 |
Freight revenue (3) | 17 |  |  | 35 |  |  | — |  |  | 52 |
Other products (4) | 244 |  |  | 11 |  |  | 30 |  |  | 285 |
Revenue from product sales | 9,880 |  |  | 836 |  |  | 141 |  |  | 10,857 |
Crude oil sales | 37 |  |  | — |  |  | — |  |  | 37 |
Other revenue | 2 |  |  | — |  |  | — |  |  | 2 |
Total revenue | $ | 9,919 |  |  | $ | 836 |  |  | $ | 141 |  |  | $ | 10,896 |
| Year Ended December 31, 2021
(in millions) | Petroleum Segment (1) |  | Nitrogen Fertilizer Segment |  | Other / Eliminations |  | Consolidated
Gasoline | $ | 3,679 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,679 |
Distillates (2) | 2,809 |  |  | — |  |  | — |  |  | 2,809 |
Ammonia | — |  |  | 146 |  |  | — |  |  | 146 |
UAN | — |  |  | 316 |  |  | — |  |  | 316 |
Urea products | — |  |  | 29 |  |  | — |  |  | 29 |
Freight revenue (3) | 21 |  |  | 31 |  |  | — |  |  | 52 |
Other products (4) | 163 |  |  | 11 |  |  | (12) |  |  | 162 |
Revenue from product sales | 6,672 |  |  | 533 |  |  | (12) |  |  | 7,193 |
Crude oil sales | 47 |  |  | — |  |  | — |  |  | 47 |
Other revenue | 2 |  |  | — |  |  | — |  |  | 2 |
Total revenue | $ | 6,721 |  |  | $ | 533 |  |  | $ | (12) |  |  | $ | 7,242 |
(1)The Petroleum Segment may incur broker commissions or transportation costs prior to the transfer on certain sales. The broker costs are expensed since the contract durations are less than one year. Transportation costs are accounted for as fulfillment costs and are expensed as incurred. (2)Distillates consist primarily of diesel fuel, kerosene, jet fuel and renewable fuels activity. (3)Freight revenue recognized by the Petroleum Segment is primarily tariff and line loss charges rebilled to customers to reimburse the Petroleum Segment for expenses incurred from a pipeline operator. Freight revenue recognized by the Nitrogen Fertilizer Segment represents the pass-through finished goods delivery costs incurred prior to customer acceptance and are reimbursed by customers. An offsetting expense for freight is included in Cost of materials and other. (4)Other products for the Petroleum Segment consists primarily of (i) feedstock, heavy oils, and liquified petroleum gas sales, (ii) sulfur credits, and (iii) pipeline and processing fees. For the Nitrogen Fertilizer Segment, other products consists of sales of (i) nitric acid and (ii) carbon oxide, including sales made in connection with the 45Q Transaction and the noncash consideration received, which is recognized as the performance obligation associated with the CO Contract is satisfied over its term through April 2030. Revenue from the CO Contract is recognized over time based on carbon oxide volumes measured at delivery. The Other/Elimination columns include certain credits related to renewable fuel activity and eliminations of intercompany transactions. Remaining Performance Obligations We have spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). We do not disclose remaining performance obligations for contracts that have terms of one year or less and for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation. As of December 31, 2023, these contracts have a remaining duration of less than three years. As of December 31, 2023, the Nitrogen Fertilizer Segment had approximately $10 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize $3 million of these performance obligations as revenue by the end of 2024, an additional $3 million in 2025, and the remaining balance thereafter. Contract Balances A summary of the Nitrogen Fertilizer Segment’s deferred revenue activity during the year ended December 31, 2023 is presented below:
(in millions) |
Balance at December 31, 2022 | $ | 48 |
Add: |
New prepay contracts entered into during the period | 51 |
Noncash consideration received as part of the 45Q Transaction | 46 |
Less: |
Revenue recognized that was included in the contract liability balance at the beginning of the period | (47) |
Revenue recognized related to contracts entered into during the period | (41) |
Revenue recognized related to noncash consideration | (6) |
Other changes | (2) |
Total deferred revenue at December 31, 2023 | 49 |
Less: Current portion of deferred revenue | $ | (16) |
Total long-term deferred revenue | $ | 33 |
Major Customers Petroleum Segment - The Petroleum Segment had two customers that accounted for 10% or more of the petroleum net sales at approximately 15% and 12% for the year ended December 31, 2023, and 15% and 10% for the year ended December 31, 2022. The Petroleum Segment had one customer who comprised 16% of petroleum net sales for the year ended December 31, 2021. Nitrogen Fertilizer Segment - The Nitrogen Fertilizer Segment had two customers that accounted for 10% or more of the nitrogen fertilizer net sales at approximately 13% and 12% for the year ended December 31, 2023, and 16% and 14% for the year ended December 31, 2022. The Nitrogen Fertilizer Segment had one customer who comprised 13% of nitrogen fertilizer net sales for the year ended December 31, 2021.

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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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