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Revenue
 3 Months Ended
Mar. 31, 2024
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:
Three Months Ended March 31, 2024
(in millions)
Petroleum Segment (1)
Nitrogen Fertilizer Segment
Other / EliminationConsolidated
Gasoline$888 $— $— $888 
Distillates (2)
767 — 10 777 
Ammonia— 37 — 37 
UAN— 76 — 76 
Urea products— 5 — 5 
Freight revenue (3)
5 6 — 11 
Other products (4)
49 4 3 56 
Revenue from product sales1,709 128 13 1,850 
Crude oil sales13 — — 13 
Total revenue$1,722 $128 $13 $1,863 

Three Months Ended March 31, 2023
(in millions)
Petroleum Segment (1)
Nitrogen Fertilizer Segment
Other / EliminationConsolidated
Gasoline$1,010 $— $— $1,010 
Distillates (2)
919 — 48 967 
Ammonia— 38 — 38 
UAN— 164 — 164 
Urea products— 8 — 8 
Freight revenue (3)
3 11 — 14 
Other products (4)
33 5 19 57 
 Revenue from product sales1,965 226 67 2,258 
Crude oil sales28 — — 28 
Total revenue$1,993 $226 $67 $2,286 
(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.
(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 March 31, 2024, these contracts have a remaining duration of less than three years.

As of March 31, 2024, the Nitrogen Fertilizer Segment had approximately $14 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize $4 million of these performance obligations as revenue by the end of 2024, an additional $5 million during 2025, and the remaining balance in 2026.

Contract Balances

The following table provides the balance sheet location and amounts of deferred revenue from contracts with customers for the Nitrogen Fertilizer Segment:
Contract Balance TypeBalance Sheet LocationMarch 31, 2024December 31, 2023
Deferred revenueOther current liabilities$20 $16 
Long-term deferred revenueOther long-term liabilities32 33 

During the three months ended March 31, 2024 and 2023, the Company recognized revenue of $5 million and $12 million, respectively, that was included in the deferred revenue balances as of December 31, 2023 and December 31, 2022, respectively.