Revenues (Tables)

3 Months Ended

Mar. 31, 2025

Revenues [Abstract]

Revenues by Business Segment and Revenue Type

We classify our revenues into sales of products and midstream services.  Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling).  The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:

	For the Three Months Ended March 31,
	2025		2024
NGL Pipelines & Services:
Sales of NGLs and related products	$	4,651	$	4,400
Segment midstream services:
Natural gas processing and fractionation		352		358
Transportation		312		279
Storage and terminals		85		103
Total segment midstream services		749		740
Total NGL Pipelines & Services		5,400		5,140
Crude Oil Pipelines & Services:
Sales of crude oil		4,825		5,122
Segment midstream services:
Transportation		189		193
Storage and terminals		107		100
Total segment midstream services		296		293
Total Crude Oil Pipelines & Services		5,121		5,415
Natural Gas Pipelines & Services:
Sales of natural gas		785		503
Segment midstream services:
Transportation		436		351
Total segment midstream services		436		351
Total Natural Gas Pipelines & Services		1,221		854
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		3,326		2,965
Segment midstream services:
Fractionation and isomerization		103		126
Transportation, including marine logistics		175		178
Storage and terminals		71		82
Total segment midstream services		349		386
Total Petrochemical & Refined Products Services		3,675		3,351
Total consolidated revenues	$	15,417	$	14,760

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at March 31, 2025:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	9
Total		$	9

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	198
Deferred revenue (noncurrent)	Other long-term liabilities		267
Total		$	465

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the three months ended March 31, 2025:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2024	$	9		$	452
Amount included in opening balance transferred to other accounts during period (1)		(8	)		(111	)
Amount recorded during period (2)		22			243
Amounts recorded during period transferred to other accounts (1)		(14	)		(118	)
Other changes		–			(1	)
Balance at March 31, 2025	$	9		$	465

(1)	Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer.  Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
(2)	Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period.  Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.

Remaining Performance Obligations

The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year.  These amounts represent the revenues we expect to recognize in future periods from these contracts as of March 31, 2025.

Period	Fixed Consideration
Nine Months Ended December 31, 2025	$	3,083
One Year Ended December 31, 2026		3,950
One Year Ended December 31, 2027		3,613
One Year Ended December 31, 2028		3,155
One Year Ended December 31, 2029		2,328
Thereafter –		9,603
Total	$	25,732