Total Revenue

Substantial decline compared to previous periods

Q1 2025 total revenue fell to $31,726 million versus higher historical levels, largely reflecting the same challenges seen in Sales and Other Operating Revenues, showing that lower product prices and decreased volumes have significantly affected overall revenue. "

Sales and Other Operating Revenues

15% drop: from $35,811 million in Q1 2024 to $30,430 million in Q1 2025

The decline is attributable to reduced realized margins and lower selling prices relative to Q1 2024, signaling market pressures on refined product pricing and diminished sales volumes when compared with the previous period. " "

Net Income

31% decrease: from $761 million in Q1 2024 to $526 million in Q1 2025

A drop in net income reflects intensified margin pressures and rising operational costs, resulting in a significant reduction in profitability compared to Q1 2024. "

Depreciation and Amortization

56% increase: from $504 million in Q1 2024 to $791 million in Q1 2025

The significant uptick is likely due to accelerated depreciation linked to asset utilization adjustments—possibly from the startup of additional production capacity or revised depreciation schedules—relative to the previous period. " "

Operating Cash Flow

Turnaround of approximately $423 million: from –$236 million in Q1 2024 to $187 million in Q1 2025

A marked recovery in operating cash flow is observed, driven by improved working capital management and adjustments in operational performance that helped offset lower earnings, contrasting with the negative cash flow seen in Q1 2024. "

Proceeds from Asset Dispositions

Dramatic increase to $2,034 million in Q1 2025 from minimal proceeds in Q1 2024

The remarkable surge is due to strategic asset rationalization and sales transactions in Q1 2025, which provided significant non-operating cash inflows unlike the minimal asset disposition activity in the previous period. "

Total Equity

Declined from $31,650 million in Q4 2023 to $28,353 million in Q1 2025

The reduction in total equity reflects a combination of factors, including lower net income, dividend distributions, and share repurchase activities, all contributing to a reduced net asset base compared to the ending balances of the prior period. "