Revenues and Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment information for our reportable segments

The following table reflects the components of operating income by reportable segment (in millions):

	Refining		Ethanol		VLP		Corporate and Eliminations			Total
Three months ended March 31, 2018:
Revenues:
Revenues from external customers	$	25,561	$	877	$	—	$	1		$	26,439
Intersegment revenues	4		46		132		(182		)	—
Total revenues	25,565		923		132		(181		)	26,439
Cost of sales:
Cost of materials and other	23,188		749		—		(181		)	23,756
Operating expenses (excluding depreciation and amortization expense reflected below)	997		111		29		(1		)	1,136
Depreciation and amortization expense	448		18		19		—			485
Total cost of sales	24,633		878		48		(182		)	25,377
Other operating expenses	10		—		—		—			10
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		238			238
Depreciation and amortization expense	—		—		—		13			13
Operating income by segment	$	922	$	45	$	84	$	(250	)	$	801
Three months ended March 31, 2017:
Revenues:
Revenues from external customers	$	20,887	$	885	$	—	$	—		$	21,772
Intersegment revenues	—		60		106		(166		)	—
Total revenues	20,887		945		106		(166		)	21,772
Cost of sales:
Cost of materials and other	18,807		787		—		(166		)	19,428
Operating expenses (excluding depreciation and amortization expense reflected below)	991		109		24		—			1,124
Depreciation and amortization expense	449		27		12		—			488
Total cost of sales	20,247		923		36		(166		)	21,040
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		192			192
Depreciation and amortization expense	—		—		—		12			12
Operating income by segment	$	640	$	22	$	70	$	(204	)	$	528

The following table provides a disaggregation of revenues by reportable segment (in millions). Refining and ethanol segment revenues are disaggregated for our principal products, and VLP segment revenues are disaggregated by activity type.

	Three Months Ended March 31,
	2018			2017
Refining:
Gasolines and blendstocks	$	10,629		$	9,335
Distillates	12,658			9,696
Other product revenues	2,274			1,856
Total refining revenues	25,561			20,887
Ethanol:
Ethanol	701			750
Distillers grains	176			135
Total ethanol revenues	877			885
VLP:
Pipeline transportation	31			23
Terminaling	99			83
Storage and other	2			—
Total VLP revenues	132			106
Corporate – other revenues	1			—
Elimination of intersegment revenues	(132		)	(106		)
Revenues	$	26,439		$	21,772

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

	March 31, 2018		December 31, 2017
Refining	$	40,699	$	40,382
Ethanol	1,355		1,344
VLP	1,545		1,517
Corporate and eliminations	5,777		6,915
Total assets	$	49,376	$	50,158