XML 86 R35.htm IDEA: XBRL DOCUMENT
v3.25.3

Business Segments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Operating Results and Capital Expenditures Information by Segment | The following tables present the operating results and capital expenditures information by segment, the reconciliations to the consolidated net profit (loss), and other required disclosures:
| Three Months Ended September 30, 2025
(in millions) | Petroleum Segment |  | Renewables Segment |  | Nitrogen Fertilizer Segment |  | Other / Eliminations |  | Consolidated
Third-party sales | $ | 1,736 |  |  | $ | 44 |  |  | $ | 164 |  |  | $ | — |  |  | $ | 1,944 |
Inter-segment fees and sales | 3 |  |  | 55 |  |  | — |  |  | (58) |  |  | — |
Net sales | 1,739 |  |  | 99 |  |  | 164 |  |  | (58) |  |  | 1,944 |
Less: |  |  |  |  |  |  |  |  |
Cost of materials and other | 1,031 |  |  | 99 |  |  | 25 |  |  | (59) |  |  | 1,096 |
Direct operating expenses (exclusive of depreciation and amortization) | 113 |  |  | 9 |  |  | 58 |  |  | (1) |  |  | 179 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 24 |  |  | 4 |  |  | 9 |  |  | 5 |  |  | 42 |
Depreciation and amortization | 52 |  |  | 36 |  |  | 20 |  |  | 3 |  |  | 111 |
Loss on asset disposals | 1 |  |  | 2 |  |  | 1 |  |  | — |  |  | 4 |
Operating income (loss) | $ | 518 |  |  | $ | (51) |  |  | $ | 51 |  |  | $ | (6) |  |  | $ | 512 |
Reconciliation of Operating income (loss) to Net income: |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  | $ | (25) |
Other income, net |  |  |  |  |  |  |  |  | 2 |
Income tax expense |  |  |  |  |  |  |  |  | (88) |
Net income |  |  |  |  |  |  |  |  | $ | 401 |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Interest income | $ | 4 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 7 |
Interest expense | (4) |  |  | — |  |  | (9) |  |  | (19) |  |  | (32) |
Capital expenditures (1) | 25 |  |  | 1 |  |  | 14 |  |  | — |  |  | 40 |
| Three Months Ended September 30, 2024
(in millions) | Petroleum Segment |  | Renewables Segment |  | Nitrogen Fertilizer Segment |  | Other / Eliminations |  | Consolidated
Third-party sales | $ | 1,645 |  |  | $ | 64 |  |  | $ | 124 |  |  | $ | — |  |  | $ | 1,833 |
Inter-segment fees and sales | 3 |  |  | 35 |  |  | 1 |  |  | (39) |  |  | — |
Net sales | 1,648 |  |  | 99 |  |  | 125 |  |  | (39) |  |  | 1,833 |
Less: |  |  |  |  |  |  |  |  |
Cost of materials and other | 1,604 |  |  | 78 |  |  | 26 |  |  | (42) |  |  | 1,666 |
Direct operating expenses (exclusive of depreciation and amortization) | 100 |  |  | 9 |  |  | 56 |  |  | — |  |  | 165 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 23 |  |  | 3 |  |  | 7 |  |  | 7 |  |  | 40 |
Depreciation and amortization | 40 |  |  | 6 |  |  | 25 |  |  | 4 |  |  | 75 |
Operating (loss) income | $ | (119) |  |  | $ | 3 |  |  | $ | 11 |  |  | $ | (8) |  |  | $ | (113) |
Reconciliation of Operating (loss) income to Net loss: |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  | $ | (18) |
Other income, net |  |  |  |  |  |  |  |  | 3 |
Income tax benefit |  |  |  |  |  |  |  |  | 6 |
Net loss |  |  |  |  |  |  |  |  | $ | (122) |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Interest income | $ | 5 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 9 |
Interest expense | — |  |  | — |  |  | (8) |  |  | (19) |  |  | (27) |
Capital expenditures (1) | 28 |  |  | — |  |  | 10 |  |  | 1 |  |  | 39 |
| Nine Months Ended September 30, 2025
(in millions) | Petroleum Segment |  | Renewables Segment |  | Nitrogen Fertilizer Segment |  | Other / Eliminations |  | Consolidated
Third-party sales | $ | 4,769 |  |  | $ | 109 |  |  | $ | 474 |  |  | $ | — |  |  | $ | 5,352 |
Inter-segment fees and sales | 8 |  |  | 131 |  |  | 1 |  |  | (140) |  |  | — |
Net sales | 4,777 |  |  | 240 |  |  | 475 |  |  | (140) |  |  | 5,352 |
Less: |  |  |  |  |  |  |  |  |
Cost of materials and other | 4,039 |  |  | 219 |  |  | 86 |  |  | (149) |  |  | 4,195 |
Direct operating expenses (exclusive of depreciation and amortization) | 306 |  |  | 23 |  |  | 173 |  |  | 1 |  |  | 503 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 65 |  |  | 9 |  |  | 24 |  |  | 17 |  |  | 115 |
Depreciation and amortization | 142 |  |  | 50 |  |  | 59 |  |  | 7 |  |  | 258 |
Loss on asset disposals | 1 |  |  | 2 |  |  | 1 |  |  | — |  |  | 4 |
Operating income (loss) | $ | 224 |  |  | $ | (63) |  |  | $ | 132 |  |  | $ | (16) |  |  | $ | 277 |
Reconciliation of Operating income (loss) to Net income: |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  | $ | (79) |
Other income, net |  |  |  |  |  |  |  |  | 5 |
Income tax benefit |  |  |  |  |  |  |  |  | 3 |
Net income |  |  |  |  |  |  |  |  | $ | 206 |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Interest income | $ | 14 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | 24 |
Interest expense | (19) |  |  | — |  |  | (27) |  |  | (57) |  |  | (103) |
Capital expenditures (1) | 98 |  |  | 3 |  |  | 30 |  |  | 1 |  |  | 132 |
| Nine Months Ended September 30, 2024
(in millions) | Petroleum Segment |  | Renewables Segment |  | Nitrogen Fertilizer Segment |  | Other / Eliminations |  | Consolidated
Third-party sales | $ | 5,155 |  |  | $ | 123 |  |  | $ | 385 |  |  | $ | — |  |  | $ | 5,663 |
Inter-segment fees and sales | 10 |  |  | 73 |  |  | 1 |  |  | (84) |  |  | — |
Net sales | 5,165 |  |  | 196 |  |  | 386 |  |  | (84) |  |  | 5,663 |
Less: |  |  |  |  |  |  |  |  |
Cost of materials and other | 4,645 |  |  | 165 |  |  | 78 |  |  | (92) |  |  | 4,796 |
Direct operating expenses (exclusive of depreciation and amortization) | 320 |  |  | 24 |  |  | 158 |  |  | — |  |  | 502 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 57 |  |  | 7 |  |  | 21 |  |  | 18 |  |  | 103 |
Depreciation and amortization | 133 |  |  | 18 |  |  | 64 |  |  | 9 |  |  | 224 |
Loss on asset disposals | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Operating income (loss) | $ | 9 |  |  | $ | (18) |  |  | $ | 65 |  |  | $ | (19) |  |  | $ | 37 |
Reconciliation of Operating income (loss) to Net income: |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  | $ | (56) |
Other income, net |  |  |  |  |  |  |  |  | 10 |
Income tax benefit |  |  |  |  |  |  |  |  | 14 |
Net income |  |  |  |  |  |  |  |  | $ | 5 |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Interest income | $ | 17 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 10 |  |  | $ | 30 |
Interest expense | (1) |  |  | — |  |  | (25) |  |  | (60) |  |  | (86) |
Capital expenditures (1) | 97 |  |  | 10 |  |  | 19 |  |  | 4 |  |  | 130 |
The following table summarizes the reconciliation of total assets by segment to consolidated total assets:
(in millions) | September 30, 2025 |  | December 31, 2024
Petroleum | $ | 3,001 |  |  | $ | 3,288 |
Renewables | 393 |  |  | 420 |
Nitrogen Fertilizer | 1,037 |  |  | 1,019 |
Other, including inter-segment eliminations | (439) |  |  | (464) |
Total assets | $ | 3,992 |  |  | $ | 4,263 |
(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration