v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information
The following is a summary of the financial information of our reportable segments reconciled to the amounts reported in the consolidated financial statements.
RefiningRenewablesMarketingLubricants & SpecialtiesMidstream
Corporate, Other and Eliminations
Consolidated
Total
(In millions)
Three Months Ended June 30, 2026
Sales and other revenues:
Revenues from external customers$7,747 $243 $1,370 $998 $32 $— $10,390 
Intersegment revenues and other (1)
1,481 243 — 1 135 (1,860)— 
9,228 486 1,370 999 167 (1,860)10,390 
Cost of sales: (2)
Cost of materials and other (3)
7,649 339 1,332 674 — (1,861)8,133 
Lower of cost or market inventory valuation adjustments— 30 — — — — 30 
Operating expenses491 23 — 78 60 2 654 
8,140 392 1,332 752 60 (1,859)8,817 
Selling, general and administrative expenses (2)
65 1 10 41 2 11 130 
Depreciation and amortization146 16 8 25 18 15 228 
Other operating expenses, net
— 47 — — — — 47 
Income (loss) from operations$877 $30 $20 $181 $87 $(27)$1,168 
Earnings of equity method investments6 
Interest income15 
Interest expense(20)
Other income, net
3 
Income before income taxes
$1,172 
Capital expenditures$69 $1 $25 $7 $11 $5 $118 
Three Months Ended June 30, 2025
Sales and other revenues:
Revenues from external customers$5,158 $131 $826 $641 $28 $— $6,784 
Intersegment revenues and other (1)
861 127 — 4 129 (1,121)— 
6,019 258 826 645 157 (1,121)6,784 
Cost of sales: (2)
Cost of materials and other (3)
5,045 238 792 486 — (1,121)5,440 
Lower of cost or market inventory valuation adjustments172 (24)— — — — 148 
Operating expenses441 22 — 63 45 1 572 
5,658 236 792 549 45 (1,120)6,160 
Selling, general and administrative expenses (2)
52 — 9 43 2 8 114 
Depreciation and amortization134 26 7 22 19 18 226 
Other operating expenses, net
9 — — — — — 9 
Income (loss) from operations$166 $(4)$18 $31 $91 $(27)$275 
Earnings of equity method investments10 
Interest income7 
Interest expense(53)
Other income, net
7 
Income before income taxes
$246 
Capital expenditures$71 $— $11 $11 $12 $6 $111 
RefiningRenewablesMarketingLubricants & SpecialtiesMidstream
Corporate, Other and Eliminations
Consolidated
Total
(In millions)
Six Months Ended June 30, 2026
Sales and other revenues:
Revenues from external customers$13,186 $451 $2,162 $1,651 $63 $— $17,513 
Intersegment revenues and other (1)
2,313 369 — 2 270 (2,954)— 
15,499 820 2,162 1,653 333 (2,954)17,513 
Cost of sales: (2)
Cost of materials and other (3)
13,340 517 2,088 1,124 — (2,956)14,113 
Lower of cost or market inventory valuation adjustments(604)(38)— — — — (642)
Operating expenses959 45 — 152 119 3 1,278 
13,695 524 2,088 1,276 119 (2,953)14,749 
Selling, general and administrative expenses (2)
122 2 18 83 4 16 245 
Depreciation and amortization291 35 16 49 37 29 457 
Other operating expenses, net— 47 — — — — 47 
Income (loss) from operations$1,391 $212 $40 $245 $173 $(46)$2,015 
Earnings of equity method investments14 
Interest income25 
Interest expense(61)
Other income, net
18 
Income before income taxes
$2,011 
Capital expenditures$133 $2 $43 $13 $23 $6 $220 
Six Months Ended June 30, 2025
Sales and other revenues:
Revenues from external customers$10,081 $225 $1,512 $1,278 $58 $— $13,154 
Intersegment revenues and other (1)
1,589 223 — 5 255 (2,072)— 
11,670 448 1,512 1,283 313 (2,072)13,154 
Cost of sales: (2)
Cost of materials and other (3)
10,185 421 1,444 939 — (2,073)10,916 
Lower of cost or market inventory valuation adjustments56 (25)— — — — 31 
Operating expenses902 45 — 127 91 3 1,168 
11,143 441 1,444 1,066 91 (2,070)12,115 
Selling, general and administrative expenses (2)
106 1 16 79 4 12 218 
Depreciation and amortization271 49 14 44 37 36 451 
Other operating expenses, net14 — — — — — 14 
Income (loss) from operations$136 $(43)$38 $94 $181 $(50)$356 
Earnings of equity method investments21 
Interest income16 
Interest expense(102)
Other expense, net
(46)
Income before income taxes
$245 
Capital expenditures$130 $1 $16 $20 $21 $9 $197 
(1)Refining intersegment revenues relate to transportation fuels sold to the Marketing segment. Renewables intersegment revenues relate to the sale of transportation fuels and RINs sold to the Refining segment. Midstream intersegment revenues relate to pipeline and terminalling services provided primarily to the Refining segment, including leases. These transactions eliminate in consolidation.
(2)Exclusive of Depreciation and amortization.
(3)Exclusive of Lower of cost or market inventory valuation adjustments.