Revenues (Tables)

9 Months Ended

Sep. 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 September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
NGL Pipelines & Services:
Sales of NGLs and related products	$	2,736	$	4,134	$	10,110	$	12,115
Segment midstream services:
Natural gas processing and fractionation	341		315		989		1,009
Transportation	314		293		934		835
Storage and terminals	74		89		238		277
Total segment midstream services	729		697		2,161		2,121
Total NGL Pipelines & Services	3,465		4,831		12,271		14,236
Crude Oil Pipelines & Services:
Sales of crude oil	5,087		4,952		14,391		15,672
Segment midstream services:
Transportation	202		194		586		577
Storage and terminals	107		105		323		305
Total segment midstream services	309		299		909		882
Total Crude Oil Pipelines & Services	5,396		5,251		15,300		16,554
Natural Gas Pipelines & Services:
Sales of natural gas	476		243		1,893		987
Segment midstream services:
Transportation	456		406		1,331		1,128
Total segment midstream services	456		406		1,331		1,128
Total Natural Gas Pipelines & Services	932		649		3,224		2,115
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products	1,919		2,751		7,020		8,105
Segment midstream services:
Fractionation and isomerization	70		65		257		276
Transportation, including marine logistics	156		157		488		498
Storage and terminals	85		71		243		234
Total segment midstream services	311		293		988		1,008
Total Petrochemical & Refined Products Services	2,230		3,044		8,008		9,113
Total consolidated revenues	$	12,023	$	13,775	$	38,803	$	42,018

Schedule of Unbilled Revenue and Deferred Revenue

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

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	7
Total		$	7

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	158
Deferred revenue (noncurrent)	Other long-term liabilities	253
Total		$	411

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 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)		(164)
Amount recorded during period (2)	65		585
Amounts recorded during period transferred to other accounts (1)	(58)		(463)
Other changes	–		1
Balance at September 30, 2025	$	7	$	411

(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 September 30, 2025.

Period	Fixed Consideration
Three months ended December 31, 2025	$	1,103
One year ended December 31, 2026	4,407
One year ended December 31, 2027	4,076
One year ended December 31, 2028	3,607
One year ended December 31, 2029	2,752
Thereafter	11,061
Total	$	27,006