We have two reportable segments, refining and ethanol, as of December 31, 2013. Prior to May 1, 2013, we also had a retail segment. As discussed in Note 3, we completed the separation of our retail business on May 1, 2013. Segment information related to our retail business prior to the separation is reflected in the retail segment results below. Motor fuel sales to CST (our former retail business), which were eliminated in consolidation prior to the separation, are reported as refining segment operating revenues from external customers after May 1, 2013.
Our refining segment includes refining operations, wholesale marketing, product supply and distribution, and transportation operations in the U.S., Canada, the U.K., Aruba, and Ireland. Our ethanol segment primarily includes sales of internally produced ethanol and distillers grains. The retail segment included company-operated convenience stores in the U.S. and Canada; filling stations, truckstop facilities, cardlock facilities, and home heating oil operations in Canada; and credit card operations in the U.S. Operations that are not included in any of the reportable segments are included in the corporate category.
The reportable segments are strategic business units that offer different products and services. They are managed separately as each business requires unique technology and marketing strategies. Performance is evaluated based on operating income. Intersegment sales are generally derived from transactions made at prevailing market rates.
The following table reflects activity related to continuing operations (in millions):
|
| | | | | | | | | | | | | | | | | | | |
| Refining | | Retail | | Ethanol | | Corporate | | Total |
Year ended December 31, 2013: | | | | | | | | | |
Operating revenues from external customers | $ | 129,064 |
| | $ | 3,896 |
| | $ | 5,114 |
| | $ | — |
| | $ | 138,074 |
|
Intersegment revenues | 2,876 |
| | — |
| | 128 |
| | — |
| | 3,004 |
|
Depreciation and amortization expense | 1,566 |
| | 41 |
| | 45 |
| | 68 |
| | 1,720 |
|
Operating income (loss) | 4,217 |
| | 81 |
| | 491 |
| | (826 | ) | | 3,963 |
|
Total expenditures for long-lived assets | 2,597 |
| | 62 |
| | 33 |
| | 65 |
| | 2,757 |
|
| | | | | | | | | |
Year ended December 31, 2012: | | | | | | | | | |
Operating revenues from external customers | 122,925 |
| | 12,008 |
| | 4,317 |
| | — |
| | 139,250 |
|
Intersegment revenues | 8,946 |
| | — |
| | 115 |
| | — |
| | 9,061 |
|
Depreciation and amortization expense | 1,370 |
| | 119 |
| | 42 |
| | 43 |
| | 1,574 |
|
Operating income (loss) | 4,450 |
| | 348 |
| | (47 | ) | | (741 | ) | | 4,010 |
|
Total expenditures for long-lived assets | 3,147 |
| | 164 |
| | 36 |
| | 66 |
| | 3,413 |
|
| | | | | | | | | |
Year ended December 31, 2011: | | | | | | | | | |
Operating revenues from external customers | 109,138 |
| | 11,699 |
| | 5,150 |
| | — |
| | 125,987 |
|
Intersegment revenues | 8,665 |
| | — |
| | 145 |
| | — |
| | 8,810 |
|
Depreciation and amortization expense | 1,338 |
| | 115 |
| | 39 |
| | 42 |
| | 1,534 |
|
Operating income (loss) | 3,516 |
| | 381 |
| | 396 |
| | (613 | ) | | 3,680 |
|
Total expenditures for long-lived assets | 2,708 |
| | 134 |
| | 32 |
| | 113 |
| | 2,987 |
|
Our principal products include conventional and CARB gasolines, RBOB (reformulated gasoline blendstock for oxygenate blending), ultra-low-sulfur diesel, and gasoline blendstocks. We also produce a substantial slate of middle distillates, jet fuel, and petrochemicals, in addition to lube oils and asphalt. Other product revenues include such products as gas oils, No. 6 fuel oil, and petroleum coke. Operating revenues from external customers for our principal products were as follows (in millions):
|
| | | | | | | | | | | |
| Year Ended December 31, |
| 2013 | | 2012 | | 2011 |
Refining: | | | | | |
Gasolines and blendstocks | $ | 57,806 |
| | $ | 55,647 |
| | $ | 49,019 |
|
Distillates | 56,921 |
| | 51,504 |
| | 43,713 |
|
Petrochemicals | 4,281 |
| | 3,908 |
| | 4,253 |
|
Lubes and asphalts | 1,643 |
| | 2,033 |
| | 1,948 |
|
Other product revenues | 8,413 |
| | 9,833 |
| | 10,205 |
|
Total refining operating revenues | 129,064 |
| | 122,925 |
| | 109,138 |
|
Retail: | | | | | |
Fuel sales (gasoline and diesel) | 3,226 |
| | 10,045 |
| | 9,730 |
|
Merchandise sales and other | 524 |
| | 1,649 |
| | 1,635 |
|
Home heating oil | 146 |
| | 314 |
| | 334 |
|
Total retail operating revenues | 3,896 |
| | 12,008 |
| | 11,699 |
|
Ethanol: | | | | | |
Ethanol | 4,245 |
| | 3,545 |
| | 4,436 |
|
Distillers grains | 869 |
| | 772 |
| | 714 |
|
Total ethanol operating revenues | 5,114 |
| | 4,317 |
| | 5,150 |
|
Total operating revenues | $ | 138,074 |
| | $ | 139,250 |
| | $ | 125,987 |
|
Operating revenues by geographic area are shown in the table below (in millions). The geographic area is based on location of customer and no customer accounted for more than 10 percent of our operating revenues.
|
| | | | | | | | | | | |
| Year Ended December 31, |
| 2013 | | 2012 | | 2011 |
U.S. | $ | 100,418 |
| | $ | 100,733 |
| | $ | 98,806 |
|
Canada | 9,974 |
| | 10,376 |
| | 10,110 |
|
U.K. | 11,358 |
| | 10,779 |
| | 4,297 |
|
Other countries | 16,324 |
| | 17,362 |
| | 12,774 |
|
Total operating revenues | $ | 138,074 |
| | $ | 139,250 |
| | $ | 125,987 |
|
Long-lived assets include property, plant, and equipment, intangible assets, and certain long-lived assets included in “deferred charges and other assets, net.” Geographic information by country for long-lived assets consisted of the following (in millions):
|
| | | | | | | |
| December 31, |
| 2013 | | 2012 |
U.S. | $ | 23,572 |
| | $ | 23,760 |
|
Canada | 2,260 |
| | 2,639 |
|
U.K. | 1,148 |
| | 1,110 |
|
Aruba | 53 |
| | 41 |
|
Ireland | 26 |
| | 37 |
|
Total long-lived assets | $ | 27,059 |
| | $ | 27,587 |
|
Total assets by reportable segment were as follows (in millions):
|
| | | | | | | |
| December 31, |
| 2013 | | 2012 |
Refining | $ | 40,834 |
| | $ | 38,858 |
|
Retail | — |
| | 2,043 |
|
Ethanol | 889 |
| | 929 |
|
Corporate | 5,537 |
| | 2,647 |
|
Total assets | $ | 47,260 |
| | $ | 44,477 |
|
