Revenues and Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of contract balances

Contract balances were as follows (in millions):

	March 31, 2021		December 31, 2020		Increase
Receivables from contracts with customers, included in receivables, net	$	4,701	$	3,642	$	1,059
Contract liabilities, included in accrued expenses	104		55		49

Segment information for our reportable segments

The following tables reflect information about our operating income (loss) by reportable segment (in millions):

	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Three months ended March 31, 2021
Revenues:
Revenues from external customers	$	19,469	$	352	$	985	$	—	$	20,806
Intersegment revenues	3		79		60		(142)		—
Total revenues	19,472		431		1,045		(142)		20,806
Cost of sales:
Cost of materials and other	18,022		187		924		(141)		18,992
Operating expenses (excluding depreciation and amortization expense reflected below)	1,471		29		156		—		1,656
Depreciation and amortization expense	533		12		21		—		566
Total cost of sales	20,026		228		1,101		(141)		21,214
Other operating expenses	38		—		—		—		38
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		208		208
Depreciation and amortization expense	—		—		—		12		12
Operating income (loss) by segment	$	(592)	$	203	$	(56)	$	(221)	$	(666)

	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Three months ended March 31, 2020
Revenues:
Revenues from external customers	$	20,985	$	306	$	811	$	—	$	22,102
Intersegment revenues	2		53		64		(119)		—
Total revenues	20,987		359		875		(119)		22,102
Cost of sales:
Cost of materials and other	19,127		130		813		(118)		19,952
LCM inventory valuation adjustment	2,414		—		128		—		2,542
Operating expenses (excluding depreciation and amortization expense reflected below)	995		20		109		—		1,124
Depreciation and amortization expense	536		11		22		—		569
Total cost of sales	23,072		161		1,072		(118)		24,187
Other operating expenses	2		—		—		—		2
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		177		177
Depreciation and amortization expense	—		—		—		13		13
Operating income (loss) by segment	$	(2,087)	$	198	$	(197)	$	(191)	$	(2,277)

The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):

	Three Months Ended March 31,
	2021		2020
Refining:
Gasolines and blendstocks	$	8,729	$	8,244
Distillates	8,581		10,663
Other product revenues	2,159		2,078
Total refining revenues	19,469		20,985
Renewable diesel:
Renewable diesel	352		306
Ethanol:
Ethanol	752		629
Distillers grains	233		182
Total ethanol revenues	985		811
Revenues	$	20,806	$	22,102

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

	March 31, 2021		December 31, 2020
Refining	$	45,649	$	42,939
Renewable diesel	1,948		1,659
Ethanol	1,736		1,728
Corporate and eliminations	4,281		5,448
Total assets	$	53,614	$	51,774