v3.25.4
Segment Disclosures and Related Information
 12 Months Ended
Dec. 31, 2025
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. 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. At December 31, 2025, this segment included 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 decommissioning and redeveloping at our idled Los Angeles Refinery will be included in Corporate and Other. See Note 4—Restructuring for additional information.

Intersegment sales are at prices that we believe approximate market.

Through our implementation of ASU No. 2023-07, “Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures,” we are including additional disclosures regarding significant segment expenses regularly provided to our chief operating decision maker (CODM), who is our Chief Executive Officer. The measure of segment profit or loss reviewed by our CODM is “income (loss) before income taxes.” 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 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
 Year Ended December 31, 2025
Operating Segments
MidstreamChemicalsRefining†M&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$18,577 — 26,872 83,740 3,150 37 — 132,376 
Intercompany revenues2,598 — 48,027 2,157 3,028 10 (55,820)— 
Total sales and other operating revenues21,175 — 74,899 85,897 6,178 47 (55,820)132,376 
Equity in earnings of affiliates399 297 (79)146 (1)— — 762 
Net gain on dispositions58 — 3 2,923 — — — 2,984 
Other income24 — 40 16 204 154 — 438 
Total Revenues and Other Income21,656 297 74,863 88,982 6,381 201 (55,820)136,560 
Costs and Expenses
Purchased crude oil and products15,224 — 67,766 82,714 6,097 1 (55,709)116,093 
Operating expenses*2,021 7 4,060 73 365 8 (111)6,423 
Selling, general and administrative expenses*217 (7)170 1,592 66 399 — 2,437 
Depreciation and amortization1,030 — 1,820 97 95 209 — 3,251 
Impairments79 — 955 1 — 25 — 1,060 
Taxes other than income taxes261 — 357 (1)132 42 — 791 
Interest and debt expense— — — — — 1,039 — 1,039 
Other segment items**7 — 9 6 6 18 — 46 
Total Costs and Expenses18,839 — 75,137 84,482 6,761 1,741 (55,820)131,140 
Income (loss) before income taxes$2,817 297 (274)4,500 (380)(1,540)— 5,420 
* 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 income statement: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
† Includes our proportional share of our equity method investment in WRB through September 30, 2025. Beginning on October 1, 2025, 100% of Borger Refinery and Wood River Refinery are included in consolidated results. Refer to Note 5—Business Combinations, in the Notes to Consolidated Financial Statements for additional information.

 Millions of Dollars
 As of and for the Year Ended December 31, 2025
Operating Segments
MidstreamChemicalsRefining†M&SRenewable FuelsCorporate and OtherTotal Consolidated
Interest Income$— — — — — 141 141 
Investments In and Advances to Affiliates2,117 7,899 65 1,330 15 2 11,428 
Total Assets30,172 7,899 19,435 10,059 3,197 2,918 73,680 
Capital Expenditures and Investments1,231 — 776 118 56 52 2,233 
† Includes our proportional share of our equity method investment in WRB through September 30, 2025. Beginning on October 1, 2025, 100% of Borger Refinery and Wood River Refinery are included in consolidated results. Refer to Note 5—Business Combinations, in the Notes to Consolidated Financial Statements for additional information.
 Millions of Dollars
 Year Ended December 31, 2024
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$16,012 — 34,793 90,318 1,995 35 — 143,153 
Intercompany revenues2,775 — 50,171 2,129 3,567 15 (58,657)— 
Total sales and other operating revenues18,787 — 84,964 92,447 5,562 50 (58,657)143,153 
Equity in earnings of affiliates591 863 50 276 (1)— — 1,779 
Net gain on dispositions263 — (8)66 — — — 321 
Other income11 — 3 42 10 186 (9)243 
Total Revenues and Other Income19,652 863 85,009 92,831 5,571 236 (58,666)145,496 
Costs and Expenses
Purchased crude oil and products13,429 — 79,850 89,572 5,664 — (58,553)129,962 
Operating expenses*1,876 (3)3,727 70 370 12 (113)5,939 
Selling, general and administrative expenses*213 (10)209 1,932 51 419 — 2,814 
Depreciation and amortization920 — 1,077 179 64 123 — 2,363 
Impairments346 — 106 3 — 1 — 456 
Taxes other than income taxes216 — 387 59 (382)49 — 329 
Interest and debt expense— — — — — 907 — 907 
Other segment items**14 — 18 5 2 12 — 51 
Total Costs and Expenses17,014 (13)85,374 91,820 5,769 1,523 (58,666)142,821 
Income (loss) before income taxes$2,638 876 (365)1,011 (198)(1,287)— 2,675 
* 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 income statement: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”


 Millions of Dollars
 As of and for the Year Ended December 31, 2024
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherTotal Consolidated
Interest Income$— — — — — 158 158 
Investments In and Advances to Affiliates3,080 7,819 2,381 719 16 2 14,017 
Total Assets28,334 7,842 19,599 9,799 3,142 3,866 72,582 
Capital Expenditures and Investments751 — 582 85 375 66 1,859 
 Millions of Dollars
 Year Ended December 31, 2023
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$15,780 — 34,241 95,931 1,412 35 — 147,399 
Intercompany revenues2,824 — 57,985 3,000 3,534 13 (67,356)— 
Total sales and other operating revenues18,604 — 92,226 98,931 4,946 48 (67,356)147,399 
Equity in earnings of affiliates648 586 439 345 (1)— — 2,017 
Net gain on dispositions130 — (13)3 (3)(2)— 115 
Other income5 — 86 (11)8 259 12 359 
Total Revenues and Other Income19,387 586 92,738 99,268 4,950 305 (67,344)149,890 
Costs and Expenses
Purchased crude oil and products13,126 — 81,726 95,808 4,667 — (67,241)128,086 
Operating expenses*1,844 (3)4,245 57 98 16 (103)6,154 
Selling, general and administrative expenses*441 (11)169 1,336 8 582 — 2,525 
Depreciation and amortization923 — 831 122 8 93 — 1,977 
Impairments3 — 10 3 — 8 — 24 
Taxes other than income taxes229 — 382 40 12 44 — 707 
Interest and debt expense— — — — — 897 — 897 
Other segment items**2 — 35 5 4 5 — 51 
Total Costs and Expenses16,568 (14)87,398 97,371 4,797 1,645 (67,344)140,421 
Income (loss) before income taxes$2,819 600 5,340 1,897 153 (1,340)— 9,469 
* 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 income statement: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”


 Millions of Dollars
 As of and for the Year Ended December 31, 2023
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherTotal Consolidated
Interest Income$— — — — — 269 269 
Investments In and Advances to Affiliates3,749 7,341 2,802 824 18 2 14,736 
Total Assets29,052 7,357 21,013 10,834 2,012 5,233 75,501 
Capital Expenditures and Investments625 — 586 101 753 90 2,155 
Geographic Information

Long-lived assets, defined as net PP&E plus investments and long-term receivables, by geographic location at December 31 were: 

 Millions of Dollars
 202520242023
United States$48,872 47,889 49,124 
United Kingdom1,333 1,341 1,406 
Germany794 325 394 
Other countries3 87 90 
Worldwide consolidated$51,002 49,642 51,014