Segment Information (Tables)

3 Months Ended

Mar. 31, 2017

The following table reflects activity related to our reportable segments (in millions):



	Refining			Ethanol			VLP		Corporate and Eliminations			Total
Three months ended March 31, 2017:
Operating revenues:
Operating revenues from external customers	$	20,887		$	885		$	—	$	—		$	21,772
Intersegment revenues	—			60			106		(166		)	—
Total operating revenues	20,887			945			106		(166		)	21,772
Costs and expenses:
Cost of sales:
Cost of sales from external customers	18,641			787			—		—			19,428
Intersegment cost of sales	166			—			—		(166		)	—
Total cost of sales	18,807			787			—		(166		)	19,428
Operating expenses	984			109			24		—			1,117
General and administrative expenses	—			—			—		190			190
Depreciation and amortization expense	449			27			12		12			500
Total costs and expenses	20,240			923			36		36			21,235
Operating income (loss)	$	647		$	22		$	70	$	(202	)	$	537

Three months ended March 31, 2016:
Operating revenues:
Operating revenues from external customers	$	14,920		$	794		$	—	$	—		$	15,714
Intersegment revenues	—			34			79		(113		)	—
Total operating revenues	14,920			828			79		(113		)	15,714
Costs and expenses:
Cost of sales (excluding the lower of cost or market inventory valuation adjustment):
Cost of sales from external customers	12,799			708			—		—			13,507
Intersegment cost of sales	113			—			—		(113		)	—
Total cost of sales (excluding the lower of cost or market inventory valuation adjustment)	12,912			708			—		(113		)	13,507
Lower of cost or market inventory valuation adjustment	(263		)	(30		)	—		—			(293		)
Operating expenses (a)	907			99			24		—			1,030
General and administrative expenses	—			—			—		156			156
Depreciation and amortization expense (a)	449			12			12		12			485
Total costs and expenses	14,005			789			36		55			14,885
Operating income (loss)	$	915		$	39		$	43	$	(168	)	$	829

^{___________________________}


(a)	The VLP segment information for the three months ended March 31, 2016 has been retrospectively adjusted for VLP’s acquisitions that occurred subsequent to March 31, 2016.

Total assets by reportable segment were as follows (in millions):