Revenues

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenues

Note 9. Revenues

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 June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
NGL Pipelines & Services:
Sales of NGLs and related products	$	4,475	$	2,723	$	7,744	$	7,374
Segment midstream services:
Natural gas processing and fractionation	393		296		735		648
Transportation	286		308		612		620
Storage and terminals	80		79		175		164
Total segment midstream services	759		683		1,522		1,432
Total NGL Pipelines & Services	5,234		3,406		9,266		8,806
Crude Oil Pipelines & Services:
Sales of crude oil	8,052		4,479		14,057		9,304
Segment midstream services:
Transportation	178		195		356		384
Storage and terminals	109		109		225		216
Total segment midstream services	287		304		581		600
Total Crude Oil Pipelines & Services	8,339		4,783		14,638		9,904
Natural Gas Pipelines & Services:
Sales of natural gas	165		632		797		1,417
Segment midstream services:
Transportation	494		439		969		875
Total segment midstream services	494		439		969		875
Total Natural Gas Pipelines & Services	659		1,071		1,766		2,292
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products	3,694		1,775		6,293		5,101
Segment midstream services:
Fractionation and isomerization	86		84		173		187
Transportation, including marine logistics	166		157		345		332
Storage and terminals	91		87		174		158
Total segment midstream services	343		328		692		677
Total Petrochemical & Refined Products Services	4,037		2,103		6,985		5,778
Total consolidated revenues	$	18,269	$	11,363	$	32,655	$	26,780

Substantially all of our revenues are derived from contracts with customers as defined within Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.

Unbilled Revenue and Deferred Revenue

The following tables provide information regarding our contract assets and contract liabilities at June 30, 2026:

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	$	161
Deferred revenue (noncurrent)	Other long-term liabilities	279
Total		$	440

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the six months ended June 30, 2026:

	Unbilled Revenue		Deferred Revenue
Balance at December 31, 2025	$	6	$	418
Amount included in opening balance transferred to other accounts during period (1)	(6)		(122)
Amount recorded during period (2)	48		437
Amounts recorded during period transferred to other accounts (1)	(41)		(294)
Other changes	–		1
Balance at June 30, 2026	$	7	$	440

(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 June 30, 2026.

Period	Fixed Consideration
Six months ended December 31, 2026	$	2,344
One year ended December 31, 2027	4,538
One year ended December 31, 2028	4,009
One year ended December 31, 2029	3,139
One year ended December 31, 2030	2,360
Thereafter	9,545
Total	$	25,935