v3.26.1
Segment Disclosures and Related Information
 3 Months Ended
Mar. 31, 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. 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 (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 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 March 31, 2026
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$4,718 7,772 19,544 496 10 — 32,540 
Intercompany revenues806 — 14,762 656 1,051 2 (17,277)— 
Total sales and other operating revenues5,524 — 22,534 20,200 1,547 12 (17,277)32,540 
Equity in earnings of affiliates103 114 — 35 — — — 252 
Net gain on dispositions6 — — — — — — 6 
Other income19 — 26 62 74 25 (2)204 
Total Revenues and Other Income5,652 114 22,560 20,297 1,621 37 (17,279)33,002 
Costs and Expenses
Purchased crude oil and products4,109 — 20,733 20,118 1,498 1 (17,243)29,216 
Operating expenses*541 2 1,229 19 89 37 (36)1,881 
Selling, general and administrative expenses*56 (2)52 297 21 113 — 537 
Depreciation and amortization274 — 215 20 23 26 — 558 
Impairments4 — 2 — 2 — — 8 
Taxes other than income taxes75 — 106 2 31 20 — 234 
Interest and debt expense— — — — — 286 — 286 
Other segment items**2 — 15 2 (2)5 — 22 
Total Costs and Expenses5,061 — 22,352 20,458 1,662 488 (17,279)32,742 
Income (loss) before income taxes$591 114 208 (161)(41)(451)— 260 
* 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 March 31, 2025
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherConsolidating AdjustmentsTotal Consolidated
Revenues and Other Income
Third-party sales and other operating revenues$4,827 — 5,702 19,163 728 10 — 30,430 
Intercompany revenues631 — 10,173 478 781 2 (12,065)— 
Total sales and other operating revenues5,458 — 15,875 19,641 1,509 12 (12,065)30,430 
Equity in earnings (losses) of affiliates110 113 (105)36 (1)— — 153 
Net gain on dispositions69 — — 1,018 — — — 1,087 
Other income10 — 3 6 19 18 — 56 
Total Revenues and Other Income5,647 113 15,773 20,701 1,527 30 (12,065)31,726 
Costs and Expenses
Purchased crude oil and products4,089 — 15,025 19,045 1,536 — (12,035)27,660 
Operating expenses*458 2 1,074 18 96 4 (30)1,622 
Selling, general and administrative expenses*53 (2)46 328 18 76 — 519 
Depreciation and amortization233 — 456 20 23 59 — 791 
Impairments— — 1 — — 25 — 26 
Taxes other than income taxes61 — 110 9 35 18 — 233 
Interest and debt expense— — — — — 221 — 221 
Other segment items**2 — (2)(1)4 3 — 6 
Total Costs and Expenses4,896 — 16,710 19,419 1,712 406 (12,065)31,078 
Income (loss) before income taxes$751 113 (937)1,282 (185)(376)— 648 
* 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 March 31, 2026
Interest Income$— — — — — 31 31 
Capital Expenditures and Investments343 — 210 9 10 10 582 
Three Months Ended March 31, 2025
Interest Income$— — — — — 34 34 
Capital Expenditures and Investments216 — 176 15 9 7 423 


Millions of Dollars
Operating Segments
MidstreamChemicalsRefiningM&SRenewable FuelsCorporate and OtherTotal Consolidated
As of March 31, 2026
Investments In and Advances to Affiliates$2,097 8,018 70 1,293 15 3 11,496 
Total Assets30,348 8,018 22,632 12,637 3,182 7,267 84,084 
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