Sales and Other Operating Revenues

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Sales and Other Operating Revenues

Sales and Other Operating Revenues

Disaggregated Revenues

The following tables present our disaggregated sales and other operating revenues:

	Millions of Dollars
	2022		2021	2020
Product Line and Services
Refined petroleum products	$	131,798	89,020	49,768
Crude oil resales	20,574		12,801	9,114
NGL and natural gas	16,174		9,074	4,084
Services and other*	1,444		581	1,163
Consolidated sales and other operating revenues	$	169,990	111,476	64,129
Geographic Location**
United States	$	136,995	87,973	48,711
United Kingdom	16,741		11,132	7,031
Germany	6,392		4,290	3,034
Other foreign countries	9,862		8,081	5,353
Consolidated sales and other operating revenues	$	169,990	111,476	64,129

* Includes derivatives-related activities. See Note 17—Derivatives and Financial Instruments, for additional information.

** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.

Contract-Related Assets and Liabilities

At December 31, 2022 and 2021, receivables from contracts with customers were $8,749 million and $6,140 million, respectively. Significant noncustomer balances, such as buy/sell receivables and excise tax receivables, were excluded from these amounts.

Our contract-related assets also include payments we make to our marketing customers related to incentive programs. An incentive payment is initially recognized as an asset and subsequently amortized as a reduction to revenue over the contract term, which generally ranges from 5 to 15 years. At December 31, 2022 and 2021, our asset balances related to such payments were $505 million and $466 million, respectively.

Our contract liabilities primarily represent advances from our customers prior to product or service delivery. At December 31, 2022 and 2021, contract liabilities were $156 million and $90 million, respectively.

Remaining Performance Obligations

Most of our contracts with customers are spot contracts or term contracts with only variable consideration. We do not disclose remaining performance obligations for these contracts as the expected duration is one year or less or because the variable consideration has been allocated entirely to an unsatisfied performance obligation. We also have certain contracts in our Midstream segment that include minimum volume commitments with fixed pricing. At December 31, 2022, the remaining performance obligations related to these minimum volume commitment contracts amounted to $445 million. This amount excludes variable consideration and estimates of variable rate escalation clauses in our contracts with customers, and is expected to be recognized through 2031 with a weighted average remaining life of three years as of December 31, 2022.