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Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
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:
Three Months Ended September 30,
20242023
(in millions)
Petroleum Segment (1)
Nitrogen Fertilizer Segment
Other / EliminationConsolidated
Petroleum Segment (1)
Nitrogen Fertilizer Segment
Other / EliminationConsolidated
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 sales1,622 125 60 1,807 2,290 131 93 2,514 
Crude oil sales26 — — 26 8 — — 8 
Total revenue$1,648 $125 $60 $1,833 $2,298 $131 $93 $2,522 
Nine Months Ended September 30,
20242023
(in millions)
Petroleum Segment (1)
Nitrogen Fertilizer Segment
Other / EliminationConsolidated
Petroleum Segment (1)
Nitrogen Fertilizer Segment
Other / EliminationConsolidated
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 sales5,053 386 112 5,551 6,229 540 215 6,984 
Crude oil sales111 — — 111 60 — — 60 
Other revenue1 — — 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.
Schedule of Deferred Revenue from Contracts with Customers
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 LocationSeptember 30, 2024December 31, 2023
Deferred revenueOther current liabilities$39 $16 
Long-term deferred revenueOther long-term liabilities29 33