Revenue Recognition
As of December 31, 2025 and 2024, receivables from contracts with customers were $265.0 million and $312.7 million, respectively. Our refining segment recognizes deferred revenues when cash payments are received in advance of delivery of products to the customer. Deferred revenue was $6.7 million and $16.2 million as of December 31, 2025, and 2024, respectively. We have elected to apply a practical expedient not to disclose the value of unsatisfied performance obligations for (i) contracts with an original expected duration of less than one year and (ii) contracts where the variable consideration has been allocated entirely to our unsatisfied performance obligation.
The following table provides information about disaggregated revenue by major product line and includes a reconciliation of the disaggregated revenues to total segment revenues (in thousands):
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| Year Ended December 31, 2025 | | Refining | | Logistics | | Retail | | | | | | | | |
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| Product or service: | | | | | | | | | | | | | | |
| Gasoline | | $ | 2,587,011 | | | $ | — | | | $ | 418,492 | | | | | | | | | |
| Distillates (1) | | 2,936,142 | | | — | | | 50,004 | | | | | | | | | |
| Other refined products (2) | | 1,494,935 | | | — | | | — | | | | | | | | | |
| Merchandise | | — | | | — | | | 104,748 | | | | | | | | | |
| Transportation and terminalling services | | — | | | 298,442 | | | — | | | | | | | | | |
| Other revenue | | 188,057 | | | — | | | 3,485 | | | | | | | | | |
| Total segment revenues (3) | | $ | 7,206,145 | | | $ | 298,442 | | | $ | 576,729 | | | | | | | | | |
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| Year Ended December 31, 2024 | | Refining | | Logistics | | Retail | | |
| Product or service: | | | | | | | | |
| Gasoline | | $ | 2,744,498 | | | $ | — | | | $ | 426,061 | | | |
| Distillates (1) | | 3,214,809 | | | — | | | 48,269 | | | |
| Other refined products (2) | | 1,550,466 | | | — | | | — | | | |
| Merchandise | | — | | | — | | | 106,939 | | | |
| Transportation and terminalling services | | — | | | 299,532 | | | — | | | |
| Other revenue | | 224,093 | | | — | | | 3,491 | | | |
| Total segment revenues (3) | | $ | 7,733,866 | | | $ | 299,532 | | | $ | 584,760 | | | |
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| Year Ended December 31, 2023 | | Refining | | Logistics | | Retail | | |
| Product or service: | | | | | | | | |
| Gasoline | | $ | 2,689,350 | | | $ | — | | | $ | 438,058 | | | |
| Distillates (1) | | 3,412,819 | | | — | | | 49,651 | | | |
| Other refined products (2) | | 1,718,961 | | | — | | | — | | | |
| Merchandise | | — | | | — | | | 101,529 | | | |
| Transportation and terminalling services | | — | | | 260,779 | | | — | | | |
| Other revenue | | 148,350 | | | — | | | 3,242 | | | |
| Total segment revenues (3) | | $ | 7,969,480 | | | $ | 260,779 | | | $ | 592,480 | | | |
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(1)Distillates primarily include diesel and jet fuel.
(2)Other refined products include fuel oil, gas oil, and asphalt.
(3)Refer to “Note 24—Segment Information” for the reconciliation of segment revenues to total consolidated revenues.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.