v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
(7) Revenue
The following table presents the Company’s revenue disaggregated by major product, which include a reconciliation of the disaggregated revenue by the Company’s reportable segments:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Petroleum Segment:
Gasoline$1,187 $774 $2,040 $1,427 
Distillates (1)
1,277 649 2,163 1,190 
Crude oil sales13 86 23 332 
Other revenue59 49 110 84 
Total Petroleum Segment revenue
2,536 1,558 4,336 3,033 
Nitrogen Fertilizer Segment:
Ammonia43 34 93 67 
UAN131 110 237 196 
Urea products13 10 23 19 
Other revenue15 14 29 28 
Total Nitrogen Fertilizer Segment revenue
202 168 382 310 
Other (2)
— 35 — 64 
Total revenue$2,738 $1,761 $4,718 $3,407 
(1)Distillates consist primarily of diesel fuel, kerosene, and jet fuel.
(2)Includes certain credits related to renewable fuels activity.
Remaining Performance Obligations
The Company has spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). The Company does not disclose remaining performance obligations for contracts that had original terms of one year or less or for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation.
As of June 30, 2026, the Nitrogen Fertilizer Segment had approximately $2 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize $1 million of these performance obligations as revenue by the end of 2026 and less than $1 million during both 2027 and 2028.
Contract Balances
The following table provides the amounts of deferred revenue and accounts receivable from contracts with customers and respective balance sheet location (in millions):
Contract Balance TypeBalance Sheet LocationJune 30, 2026December 31, 2025
Accounts receivable (1)
Accounts receivable, net$326 $233 
Deferred revenueOther current liabilities32 23 
Long-term deferred revenueOther long-term liabilities17 21 
(1)Includes amounts billed to customers for which the related revenue is currently deferred.
During the six months ended June 30, 2026 and 2025, the Company recognized revenue of $19 million and $47 million, respectively, that was included in the deferred revenue balances as of December 31, 2025 and December 31, 2024, respectively.