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Revenues and Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Contract balances were as follows (in millions):


	December 31,
	2022		2021
Receivables from contracts with customers (see Note 2)	$	7,189	$	6,228
Contract liabilities, included in accrued expenses (see Note 7)	129		78

Operating revenues from external customers by product

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


	Year Ended December 31,
	2022		2021		2020
Refining:
Gasolines and blendstocks	$	70,496	$	49,534	$	26,278
Distillates	82,521		45,939		28,234
Other product revenues	15,137		11,474		6,328
Total Refining revenues	168,154		106,947		60,840
Renewable Diesel:
Renewable diesel	3,333		1,874		1,055
Renewable naphtha	150		—		—
Total Renewable Diesel revenues	3,483		1,874		1,055
Ethanol:
Ethanol	3,653		4,122		2,353
Distillers grains	1,093		1,034		664
Total Ethanol revenues	4,746		5,156		3,017


Revenues	$	176,383	$	113,977	$	64,912

Operating revenues by geographic area of customer

Revenues by geographic area are shown in the following table (in millions). The geographic area is based on location of customer and no customer accounted for 10 percent or more of our revenues.


	Year Ended December 31,
	2022		2021		2020
U.S.	$	126,722	$	82,940	$	45,174
Canada	11,743		6,597		4,294
U.K. and Ireland	17,822		13,307		9,268
Other countries	20,096		11,133		6,176
Revenues	$	176,383	$	113,977	$	64,912

Geographic information by country for long-lived assets

Long-lived assets by geographic area consisted of the following (in millions):


	December 31,
	2022		2021
U.S.	$	29,378	$	28,518
Canada	1,634		1,855
U.K. and Ireland	1,301		1,528
Mexico and Peru	860		859
Total long-lived assets	$	33,173	$	32,760

Segment activity, including total assets by reportable segment

The following tables reflect information about our operating income (loss) and total expenditures for long-lived assets by reportable segment (in millions):


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Year ended December 31, 2022
Revenues:
Revenues from external customers	$	168,154	$	3,483	$	4,746	$	—	$	176,383
Intersegment revenues	56		2,018		740		(2,814)		—
Total revenues	168,210		5,501		5,486		(2,814)		176,383
Cost of sales:
Cost of materials and other (a)	144,588		4,350		4,628		(2,796)		150,770

Operating expenses (excluding depreciation and amortization expense reflected below)	5,509		255		625		—		6,389
Depreciation and amortization expense	2,247		122		59		—		2,428
Total cost of sales	152,344		4,727		5,312		(2,796)		159,587
Asset impairment loss	—		—		61		—		61
Other operating expenses	63		—		3		—		66
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		934		934
Depreciation and amortization expense	—		—		—		45		45
Operating income by segment	$	15,803	$	774	$	110	$	(997)	$	15,690

Total expenditures for long-lived assets (b)	$	1,763	$	879	$	22	$	73	$	2,737

________________________

See notes on page 127.


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Year ended December 31, 2021
Revenues:
Revenues from external customers	$	106,947	$	1,874	$	5,156	$	—	$	113,977
Intersegment revenues	14		468		433		(915)		—
Total revenues	106,961		2,342		5,589		(915)		113,977
Cost of sales:
Cost of materials and other (a)	97,759		1,438		4,428		(911)		102,714

Operating expenses (excluding depreciation and amortization expense reflected below)	5,088		134		556		(2)		5,776
Depreciation and amortization expense	2,169		58		131		—		2,358
Total cost of sales	105,016		1,630		5,115		(913)		110,848
Other operating expenses	83		3		1		—		87
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		865		865
Depreciation and amortization expense	—		—		—		47		47

Operating income by segment	$	1,862	$	709	$	473	$	(914)	$	2,130

Total expenditures for long-lived assets (b)	$	1,374	$	1,049	$	18	$	17	$	2,458



Year ended December 31, 2020
Revenues:
Revenues from external customers	$	60,840	$	1,055	$	3,017	$	—	$	64,912
Intersegment revenues	8		212		226		(446)		—
Total revenues	60,848		1,267		3,243		(446)		64,912
Cost of sales:
Cost of materials and other (a)	56,093		500		2,784		(444)		58,933
LCM inventory valuation adjustment	(19)		—		—		—		(19)
Operating expenses (excluding depreciation and amortization expense reflected below)	3,944		85		406		—		4,435
Depreciation and amortization expense	2,138		44		121		—		2,303
Total cost of sales	62,156		629		3,311		(444)		65,652
Other operating expenses	34		—		1		—		35
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		756		756
Depreciation and amortization expense	—		—		—		48		48

Operating income (loss) by segment	$	(1,342)	$	638	$	(69)	$	(806)	$	(1,579)

Total expenditures for long-lived assets (b)	$	1,838	$	548	$	23	$	27	$	2,436

______________________________________________________

(a)Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $761 million, $371 million, and $288 million for the years ended December 31, 2022, 2021, and 2020, respectively.

(b)Total expenditures for long-lived assets includes amounts related to capital expenditures; deferred turnaround and catalyst costs; and property, plant, and equipment for acquisitions.

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


	December 31,
	2022		2021
Refining	$	48,484	$	47,365
Renewable Diesel	5,217		3,437
Ethanol	1,551		1,812
Corporate and eliminations	5,730		5,274
Total assets	$	60,982	$	57,888