v3.26.3
Business Segments (Tables)
 9 Months Ended
Sep. 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 September 30,
20262025
(in millions)PetroleumNitrogen FertilizerTotalPetroleumNitrogen FertilizerTotal
Third-party sales$3,135 $146 $3,281 $1,736 $164 $1,900 
Inter-segment sales3 — 3 3 — 3 
3,138 146 3,284 1,739 164 1,903 
Other sales (1)
— 44 
Elimination of inter-segment sales(3)(3)
Total consolidated net sales$3,281 $1,944 
Less:
Cost of materials and other2,184 25 1,031 25 
Direct operating expenses (exclusive of depreciation and amortization)129 90 113 58 
Selling, general and administrative expenses (exclusive of depreciation and amortization)39 11 24 9 
Depreciation and amortization48 23 52 20 
Loss on asset disposals— 1 1 1 
Operating income (loss) by segment$738 $(4)$734 $518 $51 $569 
Reconciliation of Operating income (loss) by segment to Net income:
Other loss (1)
$(5)$(51)
Elimination of inter-segment loss4 2 
Corporate and other expenses(9)(8)
Interest expense, net(21)(25)
Other income, net1 2 
Income tax expense(141)(88)
Net income$563 $401 
Other segment disclosures:
Interest income (expense), net$7 $(8)$(21)$— $(8)$(25)
Capital expenditures (2)
22 35 58 25 14 40 
Nine Months Ended September 30,
20262025
(in millions)PetroleumNitrogen FertilizerTotalPetroleumNitrogen FertilizerTotal
Third-party sales$7,472 $528 $8,000 $4,769 $474 $5,243 
Inter-segment sales10 — 10 8 1 9 
7,482 528 8,010 4,777 475 5,252 
Other sales (1)
— 109 
Elimination of inter-segment sales(10)(9)
Total consolidated net sales$8,000 $5,352 
Less:
Cost of materials and other6,333 82 4,039 86 
Direct operating expenses (exclusive of depreciation and amortization)361 211 306 173 
Selling, general and administrative expenses (exclusive of depreciation and amortization)87 29 65 24 
Depreciation and amortization150 65 142 59 
Loss on asset disposals1 2 1 1 
Operating income by segment$550 $139 $689 $224 $132 $356 
Reconciliation of Operating income by segment to Net income:
Other loss (1)
$(14)$(63)
Elimination of inter-segment loss7 7 
Corporate and other expenses(25)(23)
Interest expense, net(105)(79)
Other income, net19 5 
Income tax (expense) benefit(122)3 
Net income$449 $206 
Other segment disclosures:
Interest income (expense), net$9 $(23)$(105)$(5)$(23)$(79)
Capital expenditures (2)
79 66 147 98 30 132 
(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)September 30, 2026December 31, 2025
Petroleum$3,960 $2,987 
Nitrogen Fertilizer1,057 969 
Other, including inter-segment eliminations(237)(250)
Total assets$4,780 $3,706