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Revenue (Tables) | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of Revenue Disaggregated by Major Product | 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.
Summary of Deferred Revenue Activity | 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 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
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