The company said its total operating income rose by $2.6 billion in Q1 2026, while adjusted operating income increased by $1.5 billion, from $235 million in Q1 2025 to $1.8 billion in Q1 2026.

1. 01

   The company said its total operating income rose by $2.6 billion in Q1 2026, while adjusted operating income increased by $1.5 billion, from $235 million in Q1 2025 to $1.8 billion in Q1 2026.

2. 02

   The company said its Refining segment margin increased by $1.4 billion in Q1 2026. It said the increase was driven by a favorable impact of approximately $1.1 billion from distillate (primarily diesel) margins and a favorable impact of approximately $390 million from crude oil differentials, while gasoline margins had an unfavorable impact of approximately $340 million.

3. 03

   The company said it approved a plan in March 2025 to idle the processing units and cease refining operations at its Benicia Refinery by the end of April 2026. It said it recognized a combined asset impairment loss of $1.1 billion for the Benicia and Wilmington refineries in Q1 2025.

4. 04

   The company said its operations generated $1.4 billion of cash in Q1 2026. It said it used cash to make $400 million of investments in its business and to repay $2.2 billion of debt and finance lease obligations, and returned $932 million to stockholders through share purchases and dividends.

Key figures

Quarter ended March 31, 2026

Revenue

$32.4B

Operating income

$1.7B

Net income

$1.3B

EPS

$4.22

Operating cash flow

$1.4B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.