v3.26.1
Revenues
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Substantially all revenue-generating activities relate to sales of refined products and excess crude oil inventories at market prices (variable consideration) under contracts with customers. Additionally, we have revenues attributable to our logistics services provided under petroleum product and crude oil pipeline transportation, processing, storage and terminalling agreements with third parties.

Disaggregated revenues were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions)
Revenues by type:
Refined product revenues:
Transportation fuels (1)
$8,318 $5,344 $13,823 $10,305 
Lubricants and specialty products (2)
879 583 1,465 1,180 
Asphalt, fuel oil and other products (3)
587 393 980 712 
Total refined product revenues9,784 6,320 16,268 12,197 
Excess crude oil revenues (4)
310 345 739 728 
Transportation and logistics services32 29 63 58 
Other revenues (5)
264 90 443 171 
Total sales and other revenues$10,390 $6,784 $17,513 $13,154 

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In millions)
Refined product revenues by market: (6)
United States:
Mid-Continent$3,364 $2,221 $5,654 $4,346 
Rocky Mountains2,324 1,370 3,729 2,597 
Northwest1,893 1,290 3,177 2,441 
Southwest1,416 919 2,402 1,773 
Northeast309 200 509 432 
Canada391 251 638 468 
Other
87 69 159 140 
Total refined product revenues$9,784 $6,320 $16,268 $12,197 

(1)Transportation fuels revenues are attributable to our: (i) Refining segment wholesale gasoline, diesel and jet fuel, (ii) Marketing segment branded gasoline and diesel fuel and (iii) Renewables segment renewable diesel fuel.
(2)Lubricant and specialty products consist of finished lubricants, specialty fluids, waxes and base oils.
(3)Asphalt, fuel oil and other products revenues are attributable to the Refining and Lubricants & Specialties segments.
(4)Excess crude oil revenues represent sales of purchased crude oil inventory that exceed our refineries’ current supply needs.
(5)Other revenues are principally attributable to our Refining, Renewables, Marketing and Lubricants & Specialties segments. During the three months ended June 30, 2026, other revenues included Refining RINs sales of $163 million. During the six months ended June 30, 2026, other revenues included Refining and Renewables RINs sales of $239 million.
(6)Revenues are allocated to markets based on the location where the sale originated.
As of June 30, 2026, we have long-term contracts with customers that specify minimum volumes of gasoline, diesel and lubricants and specialty products to be sold ratably at market prices through 2035. Future prices are subject to market fluctuations and therefore, we have elected the exemption to exclude variable consideration under these contracts. Aggregate minimum volumes expected to be sold (future performance obligations) under our long-term product sales contracts with customers are as follows:

Contractual Minimum
Remainder of 2026
20272028ThereafterTotal
(In millions)
Refined product sales volumes (barrels)20 34 25 14 93 

Additionally, we have long-term contracts with third-party customers that specify minimum volumes of product to be transported through our pipelines and terminals, resulting in fixed-minimum annual revenues through 2033. Annual minimum revenues attributable to our third-party contracts as of June 30, 2026 are as follows:

Contractual Minimum
Remainder of 2026
20272028ThereafterTotal
(In millions)
Midstream operations revenues$11 $22 $22 $45 $100