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Revenue | 9 Months Ended
--- | ---
Sep. 30, 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 September 30,
| 2024 |  | 2023
(in millions) | Petroleum Segment (1) |  | Nitrogen Fertilizer Segment |  | Other / Elimination |  | Consolidated |  | Petroleum Segment (1) |  | Nitrogen Fertilizer Segment |  | Other / Elimination |  | Consolidated
Gasoline | $ | 882 |  |  | $ | — |  |  | $ | — |  |  | $ | 882 |  |  | $ | 1,186 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,186 |
Distillates (2) | 699 |  |  | — |  |  | 37 |  |  | 736 |  |  | 1,057 |  |  | — |  |  | 67 |  |  | 1,124 |
Ammonia | — |  |  | 25 |  |  | — |  |  | 25 |  |  | — |  |  | 22 |  |  | — |  |  | 22 |
UAN | — |  |  | 77 |  |  | — |  |  | 77 |  |  | — |  |  | 86 |  |  | — |  |  | 86 |
Urea products | — |  |  | 8 |  |  | — |  |  | 8 |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Freight revenue (3) | 4 |  |  | 11 |  |  | — |  |  | 15 |  |  | 5 |  |  | 10 |  |  | — |  |  | 15 |
Other products (4) | 37 |  |  | 4 |  |  | 23 |  |  | 64 |  |  | 42 |  |  | 5 |  |  | 26 |  |  | 73 |
Revenue from product sales | 1,622 |  |  | 125 |  |  | 60 |  |  | 1,807 |  |  | 2,290 |  |  | 131 |  |  | 93 |  |  | 2,514 |
Crude oil sales | 26 |  |  | — |  |  | — |  |  | 26 |  |  | 8 |  |  | — |  |  | — |  |  | 8 |
Total revenue | $ | 1,648 |  |  | $ | 125 |  |  | $ | 60 |  |  | $ | 1,833 |  |  | $ | 2,298 |  |  | $ | 131 |  |  | $ | 93 |  |  | $ | 2,522 |
| Nine Months Ended September 30,
| 2024 |  | 2023
(in millions) | Petroleum Segment (1) |  | Nitrogen Fertilizer Segment |  | Other / Elimination |  | Consolidated |  | Petroleum Segment (1) |  | Nitrogen Fertilizer Segment |  | Other / Elimination |  | Consolidated
Gasoline | $ | 2,713 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,713 |  |  | $ | 3,287 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,287 |
Distillates (2) | 2,201 |  |  | — |  |  | 72 |  |  | 2,273 |  |  | 2,806 |  |  | — |  |  | 150 |  |  | 2,956 |
Ammonia | — |  |  | 84 |  |  | — |  |  | 84 |  |  | — |  |  | 116 |  |  | — |  |  | 116 |
UAN | — |  |  | 241 |  |  | — |  |  | 241 |  |  | — |  |  | 354 |  |  | — |  |  | 354 |
Urea products | — |  |  | 22 |  |  | — |  |  | 22 |  |  | — |  |  | 23 |  |  | — |  |  | 23 |
Freight revenue (3) | 14 |  |  | 27 |  |  | — |  |  | 41 |  |  | 13 |  |  | 32 |  |  | — |  |  | 45 |
Other products (4) | 125 |  |  | 12 |  |  | 40 |  |  | 177 |  |  | 123 |  |  | 15 |  |  | 65 |  |  | 203 |
Revenue from product sales | 5,053 |  |  | 386 |  |  | 112 |  |  | 5,551 |  |  | 6,229 |  |  | 540 |  |  | 215 |  |  | 6,984 |
Crude oil sales | 111 |  |  | — |  |  | — |  |  | 111 |  |  | 60 |  |  | — |  |  | — |  |  | 60 |
Other revenue | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Total revenue | $ | 5,165 |  |  | $ | 386 |  |  | $ | 112 |  |  | $ | 5,663 |  |  | $ | 6,290 |  |  | $ | 540 |  |  | $ | 215 |  |  | $ | 7,045 |
(1)The Petroleum Segment may incur broker commissions or transportation costs in connection with 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, if any, 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 September 30, 2024, these contracts have a remaining duration of less than one year. As of September 30, 2024, the Nitrogen Fertilizer Segment had approximately $9 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize $1 million of these performance obligations as revenue by the end of 2024, $4 million during 2025, an additional $3 million in 2026, and the remaining balance in 2027. 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 Type |  | Balance Sheet Location |  | September 30, 2024 |  | December 31, 2023
Deferred revenue |  | Other current liabilities |  | $ | 39 |  |  | $ | 16 |
Long-term deferred revenue |  | Other long-term liabilities |  | 29 |  |  | 33 |
During the nine months ended September 30, 2024 and 2023, the Company recognized revenue of $14 million and $46 million, respectively, that was included in the deferred revenue balances as of December 31, 2023 and December 31, 2022, respectively.

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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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