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Sales and Other Operating Revenues
 3 Months Ended
Mar. 31, 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 March 31
 2026 2025 
Product Line and Services
Refined petroleum products and renewable fuels$24,878 22,249 
Crude oil resales4,324 3,102 
Natural gas liquids and natural gas4,541 4,506 
Services and other*
(1,203)573 
Consolidated sales and other operating revenues$32,540 30,430 
Geographic Location**
United States$25,790 24,159 
United Kingdom3,774 2,962 
Germany709 1,218 
Other countries2,267 2,091 
Consolidated sales and other operating revenues$32,540 30,430 
* 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 March 31, 2026, and December 31, 2025, receivables from contracts with customers were $9,250 million and $7,781 million, 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 March 31, 2026, and December 31, 2025, our asset balances related to such payments were $852 million and $820 million, respectively.

Our contract liabilities primarily represent advances from our customers prior to product or service delivery. At March 31, 2026, and December 31, 2025, contract liabilities were $210 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 March 31, 2026, the remaining performance obligations related to these minimum volume commitment contracts amounted to $819 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 March 31, 2026.