v3.25.2
Segment Disclosures and Related Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Disclosures and Related Information Segment Disclosures and Related Information
Our operating segments are:

1)Midstream—Provides crude oil and refined petroleum product transportation, terminaling and processing services, as well as natural gas and NGL transportation, storage, fractionation, gathering, processing and marketing services in the United States. In addition, this segment exports liquefied petroleum gas to global markets.

2)Chemicals—Consists of our 50% equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis.

3)Refining—Refines crude oil and other feedstocks into petroleum products, such as gasoline and distillates, including aviation fuels. This segment includes 11 refineries in the United States and Europe.

4)Marketing and Specialties—Purchases for resale and markets refined products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of base oils and lubricants.

5)Renewable Fuels—Processes renewable feedstocks into renewable products at the Rodeo Complex and at our Humber Refinery. In addition, this segment includes the global activities to procure renewable feedstocks, manage certain regulatory credits, and market renewable fuels.

Corporate and Other includes general corporate overhead, interest income, interest expense, our investment in research of new technologies, our investment in NOVONIX, and various other corporate activities. Corporate assets include all cash, cash equivalents, income tax-related assets and enterprise information technology assets.

Intersegment sales are at prices that we believe approximate market.

Through our implementation of ASU No. 2023-07, “Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures,” we are including additional disclosures regarding significant segment expenses regularly provided to our chief operating decision maker (CODM), who is our Chief Executive Officer. The measure of segment profit or loss reviewed by our CODM is “income (loss) before income taxes.” The CODM uses segment income (loss) before income taxes to allocate resources to each segment predominantly in the annual budgeting and forecasting process. The CODM compares budget-to-actual segment income (loss) before income taxes on a monthly and quarterly basis and considers trend analyses as well as other market factors when making decisions about allocating capital and personnel to the segments. The measure of segment assets reported on our consolidated balance sheet reviewed by our CODM is “Total Assets.”
Analysis of Results by Operating Segment

 Millions of Dollars
 Three Months Ended June 30, 2025
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$4,528 — 7,105 20,899 781 10 — 33,323 
Intercompany revenues528 — 11,589 518 834 2 (13,471)— 
Total sales and other operating revenues5,056 — 18,694 21,417 1,615 12 (13,471)33,323 
Equity in earnings (losses) of affiliates98 20 (2)38 (1)— — 153 
Net loss on dispositions(4)— — (89)— — — (93)
Other income3 — 34 15 44 43 — 139 
Total Revenues and Other Income5,153 20 18,726 21,381 1,658 55 (13,471)33,522 
Costs and Expenses
Purchased crude oil and products3,514 — 16,960 20,420 1,633 — (13,450)29,077 
Operating expenses*512 1 848 17 90 (7)(21)1,440 
Selling, general and administrative expenses*52 (1)32 334 14 151 — 582 
Depreciation and amortization260 — 443 33 23 57 — 816 
Impairments— — 3 1 — — — 4 
Taxes other than income taxes83 — 94 6 23 12 — 218 
Interest and debt expense— — — — — 264 — 264 
Other segment items**
1 — (13)(1)8 6 — 1 
Total Costs and Expenses4,422 — 18,367 20,810 1,791 483 (13,471)32,402 
Income (loss) before income taxes$731 20 359 571 (133)(428)— 1,120 
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
 Millions of Dollars
 Three Months Ended June 30, 2024
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$3,626 — 9,200 24,945 350 8 — 38,129 
Intercompany revenues720 — 13,899 580 1,151 4 (16,354)— 
Total sales and other operating revenues4,346 — 23,099 25,525 1,501 12 (16,354)38,129 
Equity in earnings (losses) of affiliates170 219 33 66 (1)— — 487 
Net gain (loss) on dispositions238 — — (1)— — — 237 
Other income1 — 7 13 8 26 3 58 
Total Revenues and Other Income4,755 219 23,139 25,603 1,508 38 (16,351)38,911 
Costs and Expenses
Purchased crude oil and products3,002 — 21,618 24,786 1,545 — (16,323)34,628 
Operating expenses*433 — 884 16 99 3 (28)1,407 
Selling, general and administrative expenses*42 (3)51 342 11 109 — 552 
Depreciation and amortization224 — 204 32 12 25 — 497 
Impairments225 — — — — — — 225 
Taxes other than income taxes59 — 74 9 (104)11 — 49 
Interest and debt expense— — — — — 231 — 231 
Other segment items**
3 — 6 3 — (1)— 11 
Total Costs and Expenses3,988 (3)22,837 25,188 1,563 378 (16,351)37,600 
Income (loss) before income taxes$767 222 302 415 (55)(340)— 1,311 
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
 Millions of Dollars
 Six Months Ended June 30, 2025
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$9,355 — 12,807 40,062 1,509 20 — 63,753 
Intercompany revenues1,159 — 21,762 996 1,615 4 (25,536)— 
Total sales and other operating revenues10,514 — 34,569 41,058 3,124 24 (25,536)63,753 
Equity in earnings (losses) of affiliates208 133 (107)74 (2)— — 306 
Net gain on dispositions65 — — 929 — — — 994 
Other income13 — 37 21 63 61 — 195 
Total Revenues and Other Income10,800 133 34,499 42,082 3,185 85 (25,536)65,248 
Costs and Expenses
Purchased crude oil and products7,603 — 31,985 39,465 3,169 — (25,485)56,737 
Operating expenses*970 3 1,922 35 186 (3)(51)3,062 
Selling, general and administrative expenses*105 (3)78 662 32 227 — 1,101 
Depreciation and amortization493 — 899 53 46 116 — 1,607 
Impairments— — 4 1 — 25 — 30 
Taxes other than income taxes144 — 204 15 58 30 — 451 
Interest and debt expense— — — — — 485 — 485 
Other segment items**
3 — (15)(2)12 9 — 7 
Total Costs and Expenses9,318 — 35,077 40,229 3,503 889 (25,536)63,480 
Income (loss) before income taxes$1,482 133 (578)1,853 (318)(804)— 1,768 
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
 Millions of Dollars
 Six Months Ended June 30, 2024
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$7,750 — 18,425 47,029 718 18 — 73,940 
Intercompany revenues1,437 — 26,583 1,098 1,926 7 (31,051)— 
Total sales and other operating revenues9,187 — 45,008 48,127 2,644 25 (31,051)73,940 
Equity in earnings (losses) of affiliates325 420 141 130 (1)— — 1,015 
Net gain (loss) on dispositions238 — — (1)— — — 237 
Other income5 — 40 22 13 82 (7)155 
Total Revenues and Other Income9,755 420 45,189 48,278 2,656 107 (31,058)75,347 
Costs and Expenses
Purchased crude oil and products6,602 — 42,023 46,701 2,694 — (31,006)67,014 
Operating expenses*867 (2)1,837 32 171 6 (52)2,859 
Selling, general and administrative expenses*118 (5)89 661 22 224 — 1,109 
Depreciation and amortization453 — 412 68 18 50 — 1,001 
Impairments284 — 105 — — 1 — 390 
Taxes other than income taxes103 — 195 24 (138)30 — 214 
Interest and debt expense— — — — — 458 — 458 
Other segment items**
7 — 10 11 (1)— — 27 
Total Costs and Expenses8,434 (7)44,671 47,497 2,766 769 (31,058)73,072 
Income (loss) before income taxes$1,321 427 518 781 (110)(662)— 2,275 
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
Other Segment Disclosures
 Millions of Dollars
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherTotal Consolidated
Three Months Ended June 30, 2025
Interest Income$— — — — — 34 34 
Capital Expenditures and Investments*384 — 148 34 9 12 587 
Three Months Ended June 30, 2024
Interest Income$— — — — — 30 30 
Capital Expenditures and Investments*96 — 105 20 128 18 367 
Six Months Ended June 30, 2025
Interest Income$— — — — — 68 68 
Capital Expenditures and Investments*600 — 324 49 18 19 1,010 
Six Months Ended June 30, 2024
Interest Income$— — — — — 72 72 
Capital Expenditures and Investments*351 — 240 35 345 24 995 
* Excludes Acquisitions, net of cash acquired.


Millions of Dollars
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherTotal Consolidated
As of June 30, 2025
Investments In and Advances to Affiliates$2,228 7,890 2,279 553 14 2 12,966 
Total Assets30,187 7,890 21,443 10,665 3,008 2,749 75,942 
As of December 31, 2024
Investments In and Advances to Affiliates$3,080 7,819 2,381 719 16 2 14,017 
Total Assets28,334 7,842 19,599 9,799 3,142 3,866 72,582