2024 Q1 Form 10-K Financial Statement

#000103500224000007 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $31.76B $35.41B $144.8B
YoY Change -12.84% -15.17% -17.93%
Cost Of Revenue $29.78B $33.54B $131.8B
YoY Change -7.33% -9.52% -17.39%
Gross Profit $1.983B $1.874B $12.93B
YoY Change -53.96% -59.91% -23.01%
Gross Profit Margin 6.24% 5.29% 8.93%
Selling, General & Admin $258.0M $295.0M $998.0M
YoY Change 5.74% 4.61% 9.19%
% of Gross Profit 13.01% 15.74% 7.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $695.0M $690.0M $1.900B
YoY Change 5.3% 9.0% 11.76%
% of Gross Profit 35.05% 36.82% 14.69%
Operating Expenses $304.0M $321.0M $1.074B
YoY Change 15.15% 0.63% 4.78%
Operating Profit $1.679B $1.553B $11.86B
YoY Change -58.47% -64.35% -24.42%
Interest Expense -$140.0M -$4.000M $592.0M
YoY Change -195.89% -97.08% 5.34%
% of Operating Profit -8.34% -0.26% 4.99%
Other Income/Expense, Net $144.0M $502.0M
YoY Change 11.63% 180.45%
Pretax Income $1.683B $1.549B $11.77B
YoY Change -58.2% -63.55% -23.12%
Income Tax $353.0M $331.0M $2.619B
% Of Pretax Income 20.97% 21.37% 22.26%
Net Earnings $1.242B $1.199B $8.835B
YoY Change -59.5% -61.34% -23.36%
Net Earnings / Revenue 3.91% 3.39% 6.1%
Basic Earnings Per Share $3.75 $24.93
Diluted Earnings Per Share $3.75 $3.58 $24.92
COMMON SHARES
Basic Shares Outstanding 332.5M shares 340.5M shares 353.0M shares
Diluted Shares Outstanding 331.0M shares 353.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.917B $5.424B $5.424B
YoY Change -10.94% 11.56% 11.56%
Cash & Equivalents $4.917B $5.424B $5.424B
Short-Term Investments
Other Short-Term Assets $695.0M $689.0M $689.0M
YoY Change 3.58% 14.83% 14.83%
Inventory $7.912B $7.583B $7.583B
Prepaid Expenses
Receivables $12.15B $11.04B $11.04B
Other Receivables $0.00 $1.078B $1.487B
Total Short-Term Assets $25.67B $26.22B $26.22B
YoY Change 10.02% 8.65% 8.65%
LONG-TERM ASSETS
Property, Plant & Equipment $30.07B $30.21B $31.35B
YoY Change -2.3% -5.87% -2.33%
Goodwill $260.0M
YoY Change 0.0%
Intangibles $183.0M
YoY Change -9.41%
Long-Term Investments $713.0M $713.0M
YoY Change -1.52% -1.52%
Other Assets $6.828B $6.626B $4.278B
YoY Change 12.64% 12.86% 14.17%
Total Long-Term Assets $36.90B $36.84B $36.84B
YoY Change 0.16% -0.04% -0.04%
TOTAL ASSETS
Total Short-Term Assets $25.67B $26.22B $26.22B
Total Long-Term Assets $36.90B $36.84B $36.84B
Total Assets $62.57B $63.06B $63.06B
YoY Change 3.98% 3.4% 3.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.46B $12.57B $12.57B
YoY Change 18.67% -1.26% -1.26%
Accrued Expenses $2.416B $1.240B $2.612B
YoY Change 106.85% 2.06% 3.45%
Deferred Revenue $40.00M
YoY Change -68.99%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $853.0M $1.406B $1.406B
YoY Change -32.19% 26.78% 26.78%
Total Short-Term Liabilities $16.15B $16.80B $16.80B
YoY Change 5.1% -3.77% -3.77%
LONG-TERM LIABILITIES
Long-Term Debt $10.04B $10.12B $10.12B
YoY Change -1.27% -3.88% -3.88%
Other Long-Term Liabilities $2.297B $2.263B $2.263B
YoY Change 0.22% -2.03% -2.03%
Total Long-Term Liabilities $12.34B $2.263B $12.38B
YoY Change 438.44% -2.03% -3.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.15B $16.80B $16.80B
Total Long-Term Liabilities $12.34B $2.263B $12.38B
Total Liabilities $36.52B $19.07B $36.71B
YoY Change 106.81% -3.57% -1.9%
SHAREHOLDERS EQUITY
Retained Earnings $46.52B $45.63B
YoY Change 13.64% 19.3%
Common Stock $6.923B $6.908B
YoY Change 0.57% 0.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.06B $26.35B $26.35B
YoY Change
Total Liabilities & Shareholders Equity $62.57B $63.06B $63.06B
YoY Change 3.98% 3.4% 3.4%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $1.242B $1.199B $8.835B
YoY Change -59.5% -61.34% -23.36%
Depreciation, Depletion And Amortization $695.0M $690.0M $1.900B
YoY Change 5.3% 9.0% 11.76%
Cash From Operating Activities $1.846B $1.239B $9.229B
YoY Change -41.77% -69.75% -26.6%
INVESTING ACTIVITIES
Capital Expenditures $200.0M $256.0M $911.0M
YoY Change -24.53% -38.61% -45.81%
Acquisitions
YoY Change
Other Investing Activities -$437.0M -$227.0M -$13.00M
YoY Change 10825.0% -28.62% -113.13%
Cash From Investing Activities -$637.0M -$483.0M -$1.865B
YoY Change 16.03% -34.29% -33.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.136B
YoY Change 12.21%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.644B -1.296B -$6.941B
YoY Change -17.72% -49.77% -21.56%
NET CHANGE
Cash From Operating Activities 1.846B 1.239B $9.229B
Cash From Investing Activities -637.0M -483.0M -$1.865B
Cash From Financing Activities -1.644B -1.296B -$6.941B
Net Change In Cash -435.0M -540.0M $562.0M
YoY Change -166.01% -169.14% -24.05%
FREE CASH FLOW
Cash From Operating Activities $1.846B $1.239B $9.229B
Capital Expenditures $200.0M $256.0M $911.0M
Free Cash Flow $1.646B $983.0M $8.318B
YoY Change -43.34% -73.28% -23.64%

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<div style="padding-left:18pt;text-align:justify"><span style="color:#0070ab;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Certain prior year amounts in our statements of cash flows have been reclassified to conform to the 2023 presentation. Prior year amounts for activities related to investments in AFS debt securities have been reclassified from “other investing activities, net” to purchases of AFS debt securities and proceeds from sales and maturities of AFS debt securities.</span></div>
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<div style="padding-left:18pt"><span style="color:#0070ab;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.</span></div>
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<div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#0070ab;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">2.    UNCERTAINTY</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In September 2022, California adopted Senate Bill No. 1322 (SB 1322), which requires refineries in California to report monthly on the volume and cost of the crude oil they buy, the quantity and price of the wholesale gasoline they sell, and the gross gasoline margin per barrel, among other information. The provisions of SB 1322 were effective January 2023.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In March 2023, California adopted Senate Bill No. 2 (such statute, together with any regulations contemplated or issued thereunder, SBx 1-2), which, among other things, (i) authorized the establishment of a maximum gross gasoline refining margin (max margin) and the imposition of a financial penalty for profits above a max margin, (ii) significantly expanded the reporting obligations under SB 1322 and the Petroleum Industry Information Reporting Act of 1980, which include reporting requirements to the California Energy Commission (CEC) for all participants in the petroleum industry supply chain in California (e.g., refiners, marketers, importers, transporters, terminals, producers, renewables producers, pipelines, and ports), (iii) created the Division of Petroleum Market Oversight within the CEC to analyze the data provided under SBx 1-2, and (iv) authorized the CEC to regulate the timing and other aspects of refinery turnaround and maintenance activities in certain instances. SBx 1-2 imposes increased and substantial reporting requirements, which include daily, weekly, monthly, and annual reporting of detailed </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">operational and financial data on all aspects of our operations in California, much of it at the transaction level. The operational data includes our plans for turnaround and maintenance activities at our two California refineries and the manner in which we expect to address the potential impacts on feedstock and product inventories in California as a result of such turnaround and maintenance activities. The provisions of SBx 1-2 became effective June 26, 2023.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In September 2023, Governor Newsom directed the CEC to immediately begin the regulatory processes concerning the potential imposition of a penalty for exceeding a max margin and the timing of refinery turnarounds and maintenance. Consequently, in October 2023, the CEC adopted an order instituting an informational proceeding on a max margin and penalty under SBx 1-2, as well as an order initiating rulemaking activity under SBx 1-2. The CEC indicated in a November 2023 workshop that the latter rulemaking process will be focused on rules relating to the timing of refinery maintenance and turnarounds, as well as the standardization of data collection and reporting; final regulations are expected by July 2024. It remains uncertain as to what extent any regulations will address the remaining reporting requirements under SBx 1-2. In a separate November 2023 workshop, the CEC indicated a formal staff recommendation on establishing a max margin and penalty is expected in late 2024.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">We continue to review and analyze the provisions of SBx 1-2 and the possible impacts to our refining and marketing operations in California. While the CEC has not yet established a max margin, imposed a financial penalty for profits above a max margin, or imposed restrictions on turnaround and maintenance activities, the potential implementation of a financial penalty or of any restrictions or delays on our ability to undertake turnaround or maintenance activities creates uncertainty due to the potential adverse effects on us. Any adverse effects on our operations or financial performance in California could indicate that the carrying value of our assets in California is not recoverable, which would result in an impairment loss that could be material. In addition, if the circumstances that trigger an impairment loss result in a reduction in the estimated useful lives of the assets, we may be required to recognize an asset retirement obligation that could be material. Other jurisdictions are contemplating similarly focused legislation or actions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The ultimate timing and impacts of SBx 1-2 and any other similarly focused legislation or actions are subject to considerable uncertainty due to a number of factors, including technological and economic feasibility, legal challenges, and potential changes in law, regulation, or policy, and it is not currently possible to predict the ultimate effects of these matters and developments on our financial condition, results of operations, and liquidity.</span></div>
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