v3.26.1
Sales and Other Operating Revenues
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Sales and Other Operating Revenues Sales and Other Operating Revenues
Disaggregated Revenues
The following tables present our disaggregated sales and other operating revenues:

Millions of Dollars
Three Months Ended
June 30		Six Months Ended
June 30
2026 2025 2026 2025 
Product Line and Services
Refined petroleum products and renewable fuels$36,976 24,211 61,854 46,460 
Crude oil resales8,262 4,151 12,586 7,253 
Natural gas liquids and natural gas4,650 4,076 9,191 8,582 
Services and other*
1,116 885 (87)1,458 
Consolidated sales and other operating revenues$51,004 33,323 83,544 63,753 
Geographic Location**
United States$41,216 26,022 67,006 50,181 
United Kingdom5,842 3,389 9,616 6,351 
Germany806 1,309 1,515 2,527 
Other countries3,140 2,603 5,407 4,694 
Consolidated sales and other operating revenues$51,004 33,323 83,544 63,753 
  * Includes economic hedging losses associated with derivatives-related activities. See Note 13—Derivatives and Financial Instruments, for additional information.
** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.


Contract-Related Assets and Liabilities
At June 30, 2026, and December 31, 2025, receivables from contracts with customers were $9.7 billion and $7.8 billion, respectively. Significant noncustomer balances, such as buy/sell receivables and excise tax receivables, were excluded from these amounts.

Our contract-related assets also include payments we make to our marketing customers related to incentive programs. An incentive payment is initially recognized as an asset and subsequently amortized as a reduction to revenue over the contract term, which generally ranges from 5 to 15 years. At June 30, 2026, and December 31, 2025, our asset balances related to such payments were $899 million and $820 million, respectively.

Our contract liabilities primarily represent advances from our customers prior to product or service delivery. At June 30, 2026, and December 31, 2025, contract liabilities were $174 million and $198 million, respectively.

Remaining Performance Obligations
Most of our contracts with customers are spot contracts or term contracts with only variable consideration. We do not disclose remaining performance obligations for these contracts as the expected duration is one year or less or because the variable consideration has been allocated entirely to an unsatisfied performance obligation. We also have certain contracts in our Midstream segment that include minimum volume commitments with fixed pricing. At June 30, 2026, the remaining performance obligations related to these minimum volume commitment contracts amounted to $761 million. This amount excludes variable consideration and estimates of variable rate escalation clauses in our contracts with customers and is expected to be recognized through 2036, with a weighted average remaining life of four years as of June 30, 2026.