Revenues and Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Contract balances were as follows (in millions):


	June 30, 2026		December 31, 2025
Receivables from contracts with customers, included in receivables, net	$	8,112	$	6,233
Contract liabilities, included in accrued expenses	102		60

Segment Activity, Including Total Assets by Reportable Segment

The following tables reflect information about our reportable segments and include the reconciliation to our consolidated income before income tax expense (in millions):


	Refining		Renewable Diesel		Ethanol		Total
Three months ended June 30, 2026
Revenues:
Revenues from external customers	$	42,300	$	1,176	$	1,000	$	44,476
Intersegment revenues	2		1,506		311		1,819
	42,302		2,682		1,311		46,295

Reconciliation of revenues by segment to consolidated revenues

Elimination of intersegment revenues							(1,819)
Total consolidated revenues							$	44,476
Less:
Cost of sales:
Cost of materials and other (a)	34,268		1,803		822

Taxes other than income taxes	1,648		—		—
Operating expenses (excluding depreciation and amortization expense reflected below)	1,263		91		152
Depreciation and amortization expense	635		71		19
Total cost of sales	37,814		1,965		993

Other operating expenses	18		—		—
Operating income by segment	$	4,470	$	717	$	318	$	5,505

Reconciliation of operating income by segment to income before income tax expense

Elimination of intersegment profits							(54)
Unallocated amounts:
Other corporate expenses (b)							(255)
Other income, net							116
Interest and debt expense, net of capitalized interest							(145)
Income before income tax expense							$	5,167

Other segment disclosures

Expenditures for long-lived assets (c)	$	320	$	7	$	11	$	338

________________________

See notes on page 24.


	Refining		Renewable Diesel		Ethanol		Total
Three months ended June 30, 2025
Revenues:
Revenues from external customers	$	28,324	$	565	$	1,000	$	29,889
Intersegment revenues	2		533		205		740
	28,326		1,098		1,205		30,629

Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues							(740)
Total consolidated revenues							$	29,889
Less:
Cost of sales:
Cost of materials and other (a)	23,388		1,044		988

Taxes other than income taxes	1,654		—		—
Operating expenses (excluding depreciation and amortization expense reflected below)	1,307		72		144
Depreciation and amortization expense	707		61		19
Total cost of sales	27,056		1,177		1,151

Other operating expenses	4		—		—
Operating income (loss) by segment	$	1,266	$	(79)	$	54	$	1,241

Reconciliation of operating income (loss) by segment to income before income tax expense
Elimination of intersegment losses							4
Unallocated amounts:
Other corporate expenses (b)							(248)
Other income, net							86
Interest and debt expense, net of capitalized interest							(141)
Income before income tax expense							$	942

Other segment disclosures

Expenditures for long-lived assets (c)	$	374	$	14	$	10	$	398

________________________

See notes on page 24.


	Refining		Renewable Diesel		Ethanol		Total
Six months ended June 30, 2026
Revenues:
Revenues from external customers	$	73,105	$	1,887	$	1,865	$	76,857
Intersegment revenues	4		2,209		613		2,826
	73,109		4,096		2,478		79,683

Reconciliation of revenues by segment to consolidated revenues

Elimination of intersegment revenues							(2,826)
Total consolidated revenues							$	76,857
Less:
Cost of sales:
Cost of materials and other (a)	59,446		2,915		1,716

Taxes other than income taxes	3,369		—		—
Operating expenses (excluding depreciation and amortization expense reflected below)	2,609		176		316
Depreciation and amortization expense	1,367		149		38
Total cost of sales	66,791		3,240		2,070

Other operating expenses	42		—		—
Operating income by segment	$	6,276	$	856	$	408	$	7,540

Reconciliation of operating income by segment to income before income tax expense

Elimination of intersegment profits							(61)
Unallocated amounts:
Other corporate expenses (b)							(552)
Other income, net							248
Interest and debt expense, net of capitalized interest							(285)
Income before income tax expense							$	6,890

Other segment disclosures
Segment assets	$	47,772	$	6,270	$	1,480	$	55,522
Expenditures for long-lived assets (c)	722		40		18		780

________________________

See notes on page 24.


	Refining		Renewable Diesel		Ethanol		Total
Six months ended June 30, 2025
Revenues:
Revenues from external customers	$	57,081	$	1,058	$	2,008	$	60,147
Intersegment revenues	4		940		422		1,366
	57,085		1,998		2,430		61,513

Reconciliation of revenues by segment to consolidated revenues
Elimination of intersegment revenues							(1,366)
Total consolidated revenues							$	60,147
Less:
Cost of sales:
Cost of materials and other (a)	48,157		1,939		2,020

Taxes other than income taxes	3,154		—		—
Operating expenses (excluding depreciation and amortization expense reflected below)	2,598		150		298
Depreciation and amortization expense	1,301		129		38
Total cost of sales	55,210		2,218		2,356
Asset impairment loss	1,131		—		—
Other operating expenses	8		—		—
Operating income (loss) by segment	$	736	$	(220)	$	74	$	590

Reconciliation of operating income (loss) by segment to income before income tax expense
Elimination of intersegment losses							27
Unallocated amounts:
Other corporate expenses (b)							(520)
Other income, net							206
Interest and debt expense, net of capitalized interest							(278)
Income before income tax expense							$	25

Other segment disclosures
Segment assets	$	46,223	$	5,402	$	1,496	$	53,121
Expenditures for long-lived assets (c)	907		109		18		1,034

________________________

(a)Cost of materials and other is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $177 million and $140 million for the three months ended June 30, 2026 and 2025, respectively, and $355 million and $191 million for the six months ended June 30, 2026 and 2025, respectively, for our Renewable Diesel segment and $99 million and $119 million for the three and six months ended June 30, 2026, respectively, for our Ethanol segment.

(b)Other corporate expenses include general and administrative expenses and depreciation and amortization expense, as reflected in our consolidated statements of income on page 2. Effective in the second quarter of 2026, other corporate expenses also include expenses associated with the decommissioning and redevelopment of our Benicia Refinery.

(c)Total expenditures for long-lived assets include amounts related to capital expenditures and deferred turnaround and catalyst costs.

Reconciliation of Assets from Segment to Consolidated

Total assets for reportable segments reconciled to our consolidated assets were as follows (in millions):


	June 30, 2026		December 31, 2025
Total assets for reportable segments	$	55,522	$	51,316
Corporate assets	9,828		6,938
Elimination of intercompany receivables and other assets	(687)		(266)
Total consolidated assets	$	64,663	$	57,988

Segment, Reconciliation of Other Items from Segments to Consolidated

Expenditures for long-lived assets for reportable segments reconciled to our consolidated expenditures for long-lived assets were as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Expenditures for long-lived assets for reportable segments	$	338	$	398	$	780	$	1,034
Corporate expenditures for long-lived assets	12		9		18		32
Total consolidated expenditures for long-lived assets	$	350	$	407	$	798	$	1,066

Revenues from External Customers by Product

The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Refining:
Gasolines and blendstocks	$	17,417	$	12,721	$	29,848	$	25,095
Distillates	20,688		12,778		36,149		26,154
Other product revenues	4,195		2,825		7,108		5,832
Total Refining revenues	42,300		28,324		73,105		57,081
Renewable Diesel:
Renewable diesel	1,057		470		1,623		861
Renewable naphtha	39		46		76		85
Neat SAF	80		49		188		112
Total Renewable Diesel revenues	1,176		565		1,887		1,058
Ethanol:
Ethanol	789		780		1,465		1,567
Distillers grains	211		220		400		441
Total Ethanol revenues	1,000		1,000		1,865		2,008

Revenues	$	44,476	$	29,889	$	76,857	$	60,147