v3.26.1
Business Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Operating Results and the Reconciliation of total Assets by Segment
The following tables present the operating results and capital expenditures information by segment, the reconciliations to the consolidated net profit (loss), and other required disclosures. The other amounts reflect intercompany transactions, corporate cash and cash equivalents, income tax activities, and other corporate activities that are not allocated or aggregated to the reportable segments.
Three Months Ended June 30,
20262025
(in millions)PetroleumNitrogen FertilizerTotalPetroleumNitrogen FertilizerTotal
Third-party sales$2,536 $202 $2,738 $1,558 $168 $1,726 
Inter-segment sales4 — 4 3 1 4 
2,540 202 2,742 1,561 169 1,730 
Other sales (1)
— 35 
Elimination of inter-segment sales(4)(4)
Total consolidated net sales$2,738 $1,761 
Less:
Cost of materials and other2,347 28 1,526 33 
Direct operating expenses (exclusive of depreciation and amortization)116 59 102 60 
Selling, general and administrative expenses (exclusive of depreciation and amortization)22 7 20 8 
Depreciation and amortization49 22 48 21 
Loss (gain) on asset disposals1 1 (2)1 
Operating income (loss) by segment$5 $85 $90 $(133)$46 $(87)
Reconciliation of Operating income (loss) by segment to Net income (loss):
Other loss (1)
$(5)$(11)
Elimination of inter-segment loss1 3 
Corporate and other expenses(8)(8)
Interest expense, net(25)(30)
Other income, net3 1 
Income tax (expense) benefit(10)42 
Net income (loss)$46 $(90)
Other segment disclosures:
Interest income (expense), net$3 $(7)$(25)$(5)$(7)$(30)
Capital expenditures (2)
29 17 46 23 10 36 
Six Months Ended June 30,
20262025
(in millions)PetroleumNitrogen FertilizerTotalPetroleumNitrogen FertilizerTotal
Third-party sales$4,336 $382 $4,718 $3,033 $310 $3,343 
Inter-segment sales8 — 8 5 1 6 
4,344 382 4,726 3,038 311 3,349 
Other sales (1)
— 64 
Elimination of inter-segment sales(8)(6)
Total consolidated net sales$4,718 $3,407 
Less:
Cost of materials and other4,149 58 3,008 60 
Direct operating expenses (exclusive of depreciation and amortization)233 122 193 115 
Selling, general and administrative expenses (exclusive of depreciation and amortization)47 16 42 16 
Depreciation and amortization102 42 90 39 
Loss on asset disposals1 2 — — 
Operating (loss) income by segment$(188)$142 $(46)$(295)$81 $(214)
Reconciliation of Operating (loss) income by segment to Net loss:
Other loss (1)
$(9)$(11)
Elimination of inter-segment loss4 5 
Corporate and other expenses(16)(15)
Interest expense, net(83)(55)
Other income, net17 4 
Income tax benefit19 91 
Net loss$(114)$(195)
Other segment disclosures:
Interest income (expense), net$1 $16 $(83)$(5)$15 $(55)
Capital expenditures (2)
58 31 90 72 16 92 
(1)Consists of renewable fuel activity.
(2)Capital expenditures are shown exclusive of capitalized turnaround expenditures.
The following table summarizes the reconciliation of total assets by segment to consolidated total assets:
(in millions)June 30, 2026December 31, 2025
Petroleum$3,260 $2,987 
Nitrogen Fertilizer1,057 969 
Other, including inter-segment eliminations(238)(250)
Total assets$4,079 $3,706