Revenues (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Business Segment

The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
NGL Pipelines & Services:
Sales of NGLs and related products	$	2,723	$	3,581	$	7,374	$	7,981
Segment midstream services:
Natural gas processing and fractionation	296		336		648		694
Transportation	308		263		620		542
Storage and terminals	79		85		164		188
Total segment midstream services	683		684		1,432		1,424
Total NGL Pipelines & Services	3,406		4,265		8,806		9,405
Crude Oil Pipelines & Services:
Sales of crude oil	4,479		5,598		9,304		10,720
Segment midstream services:
Transportation	195		190		384		383
Storage and terminals	109		100		216		200
Total segment midstream services	304		290		600		583
Total Crude Oil Pipelines & Services	4,783		5,888		9,904		11,303
Natural Gas Pipelines & Services:
Sales of natural gas	632		241		1,417		744
Segment midstream services:
Transportation	439		371		875		722
Total segment midstream services	439		371		875		722
Total Natural Gas Pipelines & Services	1,071		612		2,292		1,466
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products	1,775		2,389		5,101		5,354
Segment midstream services:
Fractionation and isomerization	84		85		187		211
Transportation, including marine logistics	157		163		332		341
Storage and terminals	87		81		158		163
Total segment midstream services	328		329		677		715
Total Petrochemical & Refined Products Services	2,103		2,718		5,778		6,069
Total consolidated revenues	$	11,363	$	13,483	$	26,780	$	28,243

Schedule of Unbilled Revenue and Deferred Revenue

The following tables provide information regarding our contract assets and contract liabilities at June 30, 2025:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	8
Total		$	8

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	184
Deferred revenue (noncurrent)	Other long-term liabilities	260
Total		$	444

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the six months ended June 30, 2025:

	Unbilled Revenue		Deferred Revenue
Balance at December 31, 2024	$	9	$	452
Amount included in opening balance transferred to other accounts during period (1)	(9)		(148)
Amount recorded during period (2)	45		439
Amounts recorded during period transferred to other accounts (1)	(37)		(297)
Other changes	–		(2)
Balance at June 30, 2025	$	8	$	444

(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.

Schedule of 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 June 30, 2025.

Period	Fixed Consideration
Six months ended December 31, 2025	$	2,174
One year ended December 31, 2026	4,288
One year ended December 31, 2027	3,952
One year ended December 31, 2028	3,518
One year ended December 31, 2029	2,703
Thereafter	10,856
Total	$	27,491