v3.26.1
Segment Disclosures and Related Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Disclosures and Related Information Segment Disclosures and Related Information
Our operating segments are:

1)Midstream—Provides crude oil and refined petroleum product transportation, terminaling and storage services, as well as natural gas and NGL gathering, processing, transportation, fractionation, storage and marketing services in the United States and Europe. In addition, this segment exports liquefied petroleum gas to global markets.

2)Chemicals—Consists of our 50% equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis.

3)Refining—Refines crude oil and other feedstocks into petroleum products, such as gasoline and distillates, including aviation fuels. This segment includes 10 refineries in the United States and Europe.

4)Marketing and Specialties—Purchases for resale and markets refined products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of base oils and lubricants.

5)Renewable Fuels—Processes renewable feedstocks into renewable products at the Rodeo Complex and at our Humber Refinery. In addition, this segment includes the global activities to procure renewable feedstocks, manage certain regulatory credits and market renewable fuels.

Corporate and Other includes general corporate overhead, interest income, interest expense, our investment in research of new technologies, business transformation restructuring costs, our investment in NOVONIX, and various other corporate activities. Corporate assets include all cash, cash equivalents, income tax-related assets and enterprise information technology assets. Effective in the first quarter of 2026, activities associated with the decommissioning and redevelopment of our idled Los Angeles Refinery site are included in Corporate and Other.

Intersegment sales are at prices that we believe approximate market.

Our chief operating decision maker (CODM) is our Chief Executive Officer. The measure of segment profit or loss reviewed by our CODM is “Income before income taxes” reported on our consolidated statement of income. The CODM uses segment income (loss) before income taxes to allocate resources to each segment predominantly in the annual budgeting and forecasting process. The CODM compares budget-to-actual segment income (loss) before income taxes on a monthly and quarterly basis and considers trend analyses as well as other market factors when making decisions about allocating capital and personnel to the segments. The significant expenses regularly provided to our CODM are provided below. The measure of segment assets reported on our consolidated balance sheet reviewed by our CODM is “Total Assets.”
Analysis of Results by Operating Segment

Millions of Dollars
Three Months Ended June 30, 2026
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$5,231 — 13,618 31,297 849 9 — 51,004 
Intercompany revenues1,069 — 22,314 789 1,714 1 (25,887)— 
Total sales and other operating revenues6,300 — 35,932 32,086 2,563 10 (25,887)51,004 
Equity in earnings (loss) of affiliates99 403 (1)135 (1)— — 635 
Net gain on dispositions— — — 110 — 7 — 117 
Other income(6)— 81 (13)136 90 — 288 
Total Revenues and Other Income6,393 403 36,012 32,318 2,698 107 (25,887)52,044 
Costs and Expenses
Purchased crude oil and products4,639 — 31,453 31,354 2,074 — (25,856)43,664 
Operating expenses*568 1 1,144 22 79 27 (31)1,810 
Selling, general and administrative expenses*54 (2)25 332 19 110 — 538 
Depreciation and amortization284 — 221 26 24 30 — 585 
Impairments— — 1 — — 8 — 9 
Taxes other than income taxes60 — 88 2 (41)18 — 127 
Interest and debt expense— — — — — 314 — 314 
Other segment items**3 — 18 (1)(1)7 — 26 
Total Costs and Expenses5,608 (1)32,950 31,735 2,154 514 (25,887)47,073 
Income (loss) before income taxes$785 404 3,062 583 544 (407)— 4,971 
  * These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
Millions of Dollars
Three Months Ended June 30, 2025
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$4,528 — 7,105 20,899 781 10 — 33,323 
Intercompany revenues528 — 11,589 518 834 2 (13,471)— 
Total sales and other operating revenues5,056 — 18,694 21,417 1,615 12 (13,471)33,323 
Equity in earnings (losses) of affiliates98 20 (2)38 (1)— — 153 
Net loss on dispositions(4)— — (89)— — — (93)
Other income3 — 34 15 44 43 — 139 
Total Revenues and Other Income5,153 20 18,726 21,381 1,658 55 (13,471)33,522 
Costs and Expenses
Purchased crude oil and products3,514 — 16,960 20,420 1,633 — (13,450)29,077 
Operating expenses*512 1 848 17 90 (7)(21)1,440 
Selling, general and administrative expenses*52 (1)32 334 14 151 — 582 
Depreciation and amortization260 — 443 33 23 57 — 816 
Impairments— — 3 1 — — — 4 
Taxes other than income taxes83 — 94 6 23 12 — 218 
Interest and debt expense— — — — — 264 — 264 
Other segment items**1 — (13)(1)8 6 — 1 
Total Costs and Expenses4,422 — 18,367 20,810 1,791 483 (13,471)32,402 
Income (loss) before income taxes$731 20 359 571 (133)(428)— 1,120 
  * These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
Millions of Dollars
Six Months Ended June 30, 2026
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$9,949 21,390 50,841 1,345 19 — 83,544 
Intercompany revenues1,875 — 37,076 1,445 2,765 3 (43,164)— 
Total sales and other operating revenues11,824 — 58,466 52,286 4,110 22 (43,164)83,544 
Equity in earnings (losses) of affiliates202 517 (1)170 (1)— — 887 
Net gain on dispositions6 — — 110 — 7 — 123 
Other income13 — 107 49 210 115 (2)492 
Total Revenues and Other Income12,045 517 58,572 52,615 4,319 144 (43,166)85,046 
Costs and Expenses
Purchased crude oil and products8,748 — 52,186 51,472 3,572 1 (43,099)72,880 
Operating expenses*1,109 3 2,373 41 168 64 (67)3,691 
Selling, general and administrative expenses*110 (4)77 629 40 223 — 1,075 
Depreciation and amortization558 — 436 46 47 56 — 1,143 
Impairments4 — 3 — 2 8 — 17 
Taxes other than income taxes135 — 194 4 (10)38 — 361 
Interest and debt expense— — — — — 600 — 600 
Other segment items**5 — 33 1 (3)12 — 48 
Total Costs and Expenses10,669 (1)55,302 52,193 3,816 1,002 (43,166)79,815 
Income (loss) before income taxes$1,376 518 3,270 422 503 (858)— 5,231 
  * These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
Millions of Dollars
Six Months Ended June 30, 2025
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$9,355 — 12,807 40,062 1,509 20 — 63,753 
Intercompany revenues1,159 — 21,762 996 1,615 4 (25,536)— 
Total sales and other operating revenues10,514 — 34,569 41,058 3,124 24 (25,536)63,753 
Equity in earnings (losses) of affiliates208 133 (107)74 (2)— — 306 
Net gain on dispositions65 — — 929 — — — 994 
Other income13 — 37 21 63 61 — 195 
Total Revenues and Other Income10,800 133 34,499 42,082 3,185 85 (25,536)65,248 
Costs and Expenses
Purchased crude oil and products7,603 — 31,985 39,465 3,169 — (25,485)56,737 
Operating expenses*970 3 1,922 35 186 (3)(51)3,062 
Selling, general and administrative expenses*105 (3)78 662 32 227 — 1,101 
Depreciation and amortization493 — 899 53 46 116 — 1,607 
Impairments— — 4 1 — 25 — 30 
Taxes other than income taxes144 — 204 15 58 30 — 451 
Interest and debt expense— — — — — 485 — 485 
Other segment items**3 — (15)(2)12 9 — 7 
Total Costs and Expenses9,318 — 35,077 40,229 3,503 889 (25,536)63,480 
Income (loss) before income taxes$1,482 133 (578)1,853 (318)(804)— 1,768 
  * These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
Other Segment Disclosures
Millions of Dollars
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherTotal Consolidated
Three Months Ended June 30, 2026
Interest Income$— — — — — 81 81 
Capital Expenditures and Investments*428 — 255 20 6 17 726 
Three Months Ended June 30, 2025
Interest Income$— — — — — 34 34 
Capital Expenditures and Investments*384 — 148 34 9 12 587 
Six Months Ended June 30, 2026
Interest Income$— — — — — 112 112 
Capital Expenditures and Investments*771 — 465 29 16 27 1,308 
Six Months Ended June 30, 2025
Interest Income$— — — — — 68 68 
Capital Expenditures and Investments*600 — 324 49 18 19 1,010 
* Excludes Acquisitions, net of cash acquired.


Millions of Dollars
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherTotal Consolidated
As of June 30, 2026
Investments In and Advances to Affiliates$2,082 8,390 56 1,402 14 4 11,948 
Total Assets31,130 8,417 21,229 12,025 3,001 6,008 81,810 
As of December 31, 2025
Investments In and Advances to Affiliates$2,117 7,899 65 1,330 15 2 11,428 
Total Assets30,172 7,899 19,435 10,059 3,197 2,918 73,680