Revenues and Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Contract balances were as follows (in millions):


	June 30, 2022		December 31, 2021
Receivables from contracts with customers, included in receivables, net	$	9,399	$	6,228
Contract liabilities, included in accrued expenses	109		78

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 June 30, 2022
Revenues:
Revenues from external customers	$	49,495	$	855	$	1,291	$	—	$	51,641
Intersegment revenues	11		596		201		(808)		—
Total revenues	49,506		1,451		1,492		(808)		51,641
Cost of sales:
Cost of materials and other (a)	41,313		1,213		1,226		(806)		42,946

Operating expenses (excluding depreciation and amortization expense reflected below)	1,402		58		167		(1)		1,626
Depreciation and amortization expense	565		28		(3)		—		590
Total cost of sales	43,280		1,299		1,390		(807)		45,162
Other operating expenses	14		—		1		—		15
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		233		233
Depreciation and amortization expense	—		—		—		12		12

Operating income by segment	$	6,212	$	152	$	101	$	(246)	$	6,219

Three months ended June 30, 2021
Revenues:
Revenues from external customers	$	25,968	$	496	$	1,284	$	—	$	27,748
Intersegment revenues	1		76		84		(161)		—
Total revenues	25,969		572		1,368		(161)		27,748
Cost of sales:
Cost of materials and other (a)	24,000		281		1,130		(162)		25,249

Operating expenses (excluding depreciation and amortization expense reflected below)	1,064		31		119		—		1,214
Depreciation and amortization expense	544		12		20		—		576
Total cost of sales	25,608		324		1,269		(162)		27,039
Other operating expenses	12		—		—		—		12
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		176		176
Depreciation and amortization expense	—		—		—		12		12

Operating income by segment	$	349	$	248	$	99	$	(187)	$	509

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See note (a) on page 20.


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Six months ended June 30, 2022
Revenues:
Revenues from external customers	$	86,308	$	1,450	$	2,425	$	—	$	90,183
Intersegment revenues	15		982		328		(1,325)		—
Total revenues	86,323		2,432		2,753		(1,325)		90,183
Cost of sales:
Cost of materials and other (a)	74,919		1,968		2,330		(1,322)		77,895

Operating expenses (excluding depreciation and amortization expense reflected below)	2,595		109		302		(1)		3,005
Depreciation and amortization expense	1,114		54		17		—		1,185
Total cost of sales	78,628		2,131		2,649		(1,323)		82,085
Other operating expenses	32		—		2		—		34
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		438		438
Depreciation and amortization expense	—		—		—		23		23


Operating income by segment	$	7,663	$	301	$	102	$	(463)	$	7,603




Six months ended June 30, 2021
Revenues:
Revenues from external customers	$	45,437	$	848	$	2,269	$	—	$	48,554
Intersegment revenues	4		155		144		(303)		—
Total revenues	45,441		1,003		2,413		(303)		48,554
Cost of sales:
Cost of materials and other (a)	42,022		468		2,054		(303)		44,241

Operating expenses (excluding depreciation and amortization expense reflected below)	2,535		60		275		—		2,870
Depreciation and amortization expense	1,077		24		41		—		1,142
Total cost of sales	45,634		552		2,370		(303)		48,253
Other operating expenses	50		—		—		—		50
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		384		384
Depreciation and amortization expense	—		—		—		24		24

Operating income (loss) by segment	$	(243)	$	451	$	43	$	(408)	$	(157)

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(a)Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $198 million and $84 million for the three months ended June 30, 2022 and 2021, respectively, and $354 million and $163 million for the six months ended June 30, 2022 and 2021, respectively.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Refining:
Gasolines and blendstocks	$	20,604	$	12,432	$	36,164	$	21,161
Distillates	24,427		10,875		41,871		19,456
Other product revenues	4,464		2,661		8,273		4,820
Total refining revenues	49,495		25,968		86,308		45,437
Renewable Diesel:
Renewable diesel	855		496		1,450		848
Ethanol:
Ethanol	979		983		1,854		1,735
Distillers grains	312		301		571		534
Total ethanol revenues	1,291		1,284		2,425		2,269

Revenues	$	51,641	$	27,748	$	90,183	$	48,554

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


	June 30, 2022		December 31, 2021
Refining	$	52,088	$	47,365
Renewable Diesel	4,237		3,437
Ethanol	1,716		1,812
Corporate and eliminations	6,304		5,274
Total assets	$	64,345	$	57,888