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Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue
(8) Revenue

The following table presents 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,
(in millions)20252024
Petroleum Segment:
Gasoline$654 $888 
Distillates (1)
541 767 
Crude oil sales245 13 
Other revenue35 50 
Total Petroleum Segment revenue
1,475 1,718 
Renewables Segment:
Renewable diesel24 10 
Renewable fuel credits4 7 
Total Renewables Segment revenue
28 17 
Nitrogen Fertilizer Segment:
Ammonia33 37 
UAN86 76 
Urea Products9 5 
Other revenue (2)
15 10 
Total Nitrogen Fertilizer Segment revenue
143 128 
Total revenue$1,646 $1,863 
(1)Distillates consist primarily of diesel fuel, kerosene, and jet fuel.
(2)Consists mainly of freight revenue and includes sales of carbon oxide (“CO”) made in connection with the joint venture created to monetize certain tax credits under Section 45Q of the Internal Revenue Code of 1986 (“45Q Transaction”) and the noncash consideration received, which is recognized as the performance obligation associated with the carbon oxide contract (“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.

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, 2025, these contracts have a remaining duration of less than one year.

As of March 31, 2025, the Nitrogen Fertilizer Segment had approximately $7 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 2025, $3 million during 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 TypeBalance Sheet LocationMarch 31, 2025December 31, 2024
Deferred revenueOther current liabilities$37 $51 
Long-term deferred revenueOther long-term liabilities25 27 
During the three months ended March 31, 2025 and 2024, the Company recognized revenue of $23 million and $5 million, respectively, that was included in the deferred revenue balances as of December 31, 2024 and December 31, 2023, respectively.