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Revenue (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Disaggregated by Major Product
The following tables present the Company’s revenue disaggregated by major product, which include a reconciliation of the disaggregated revenue by the Company’s reportable segments:
Year Ended December 31, 2023
(in millions)
Petroleum Segment (1)
Nitrogen Fertilizer SegmentOther / EliminationsConsolidated
Gasoline$4,289 $— $— $4,289 
Distillates (2)
3,748 — 193 3,941 
Ammonia— 161 — 161 
UAN— 431 — 431 
Urea products— 29 — 29 
Freight revenue (3)
19 42 — 61 
Other products (4)
164 18 86 268 
Revenue from product sales8,220 681 279 9,180 
Crude oil sales66 — — 66 
 Other revenue
1 — — 1 
Total revenue$8,287 $681 $279 $9,247 
Year Ended December 31, 2022
(in millions)
Petroleum Segment (1)
Nitrogen Fertilizer SegmentOther / EliminationsConsolidated
Gasoline$4,830 $— $— $4,830 
Distillates (2)
4,789 — 111 4,900 
Ammonia— 200 — 200 
UAN— 557 — 557 
Urea products— 33 — 33 
Freight revenue (3)
17 35 — 52 
Other products (4)
244 11 30 285 
Revenue from product sales9,880 836 141 10,857 
Crude oil sales37 — — 37 
 Other revenue
2 — — 2 
Total revenue$9,919 $836 $141 $10,896 

Year Ended December 31, 2021
(in millions)
Petroleum Segment (1)
Nitrogen Fertilizer SegmentOther / EliminationsConsolidated
Gasoline$3,679 $— $— $3,679 
Distillates (2)
2,809 — — 2,809 
Ammonia— 146 — 146 
UAN— 316 — 316 
Urea products— 29 — 29 
Freight revenue (3)
21 31 — 52 
Other products (4)
163 11 (12)162 
Revenue from product sales6,672 533 (12)7,193 
Crude oil sales47 — — 47 
 Other revenue
2 — — 2 
Total revenue$6,721 $533 $(12)$7,242 
(1)The Petroleum Segment may incur broker commissions or transportation costs prior to the transfer on certain sales. The broker costs are expensed since the contract durations are less than one year. Transportation costs are accounted for as fulfillment costs and are expensed as incurred.
(2)Distillates consist primarily of diesel fuel, kerosene, jet fuel and renewable fuels activity.
(3)Freight revenue recognized by the Petroleum Segment is primarily tariff and line loss charges rebilled to customers to reimburse the Petroleum Segment for expenses incurred from a pipeline operator. Freight revenue recognized by the Nitrogen Fertilizer Segment represents the pass-through finished goods delivery costs incurred prior to customer acceptance and are reimbursed by customers. An offsetting expense for freight is included in Cost of materials and other.
(4)Other products for the Petroleum Segment consists primarily of (i) feedstock, heavy oils, and liquified petroleum gas sales, (ii) sulfur credits, and (iii) pipeline and processing fees. For the Nitrogen Fertilizer Segment, other products consists of sales of (i) nitric acid and (ii) carbon oxide, including sales made in connection with the 45Q Transaction and the noncash consideration received, which is recognized as the performance obligation associated with the CO Contract is satisfied over its term through April 2030. Revenue from the CO Contract is recognized over time based on carbon oxide volumes measured at delivery. The Other/Elimination columns include certain credits related to renewable fuel activity and eliminations of intercompany transactions.
Summary of Deferred Revenue Activity
A summary of the Nitrogen Fertilizer Segment’s deferred revenue activity during the year ended December 31, 2023 is presented below:
(in millions)
Balance at December 31, 2022$48 
Add:
New prepay contracts entered into during the period51 
Noncash consideration received as part of the 45Q Transaction46 
Less:
Revenue recognized that was included in the contract liability balance at the beginning of the period(47)
Revenue recognized related to contracts entered into during the period(41)
Revenue recognized related to noncash consideration(6)
Other changes(2)
Total deferred revenue at December 31, 2023
49 
Less: Current portion of deferred revenue
$(16)
Total long-term deferred revenue$33