Revenues and Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue

Revenues from Contracts with Customers. The following tables present our revenues from contracts with customers disaggregated by segment and type of activity (in millions):

	Year Ended December 31,
	2021		2020		2019
Crude Oil segment revenues from contracts with customers
Sales	$	39,635	$	21,250	$	30,156
Transportation	484		570		722
Terminalling, Storage and Other	431		507		505
Total Crude Oil segment revenues from contracts with customers	$	40,550	$	22,327	$	31,383

	Year Ended December 31,
	2021		2020		2019
NGL segment revenues from contracts with customers
Sales	$	2,292	$	1,350	$	2,211
Transportation	25		29		32
Terminalling, Storage and Other	82		96		80
Total NGL segment revenues from contracts with customers	$	2,399	$	1,475	$	2,323

The following tables present the reconciliation of our revenues from contracts with customers (as described above for each segment) to segment revenues and total revenues as disclosed in our Consolidated Statements of Operations (in millions):

Year Ended December 31, 2021	Crude Oil		NGL		Total
Revenues from contracts with customers	$	40,550	$	2,399	$	42,949
Other items in revenues	(80)		(431)		(511)
Total revenues of reportable segments	$	40,470	$	1,968	$	42,438
Intersegment revenues elimination					(360)
Total revenues					$	42,078

Year Ended December 31, 2020	Crude Oil		NGL		Total
Revenues from contracts with customers	$	22,327	$	1,475	$	23,802
Other items in revenues	(128)		(115)		(243)
Total revenues of reportable segments	$	22,199	$	1,360	$	23,559
Intersegment revenues elimination					(269)
Total revenues					$	23,290

Year Ended December 31, 2019	Crude Oil		NGL		Total
Revenues from contracts with customers	$	31,383	$	2,323	$	33,706
Other items in revenues	272		116		388
Total revenues of reportable segments	$	31,655	$	2,439	$	34,094
Intersegment revenues elimination					(425)
Total revenues					$	33,669

Contracts with customers, change in contract asset and liability balance

The following table presents amounts in Other current assets and deferred revenue associated with these agreements (in millions):

	December 31,
	2021		2020
Other current assets	$	—	$	229
Deferred revenue (1)	$	—	$	361

(1)Included in “Other current liabilities” on our Consolidated Balance Sheet.

The following table presents the changes in the liability balance associated with contracts with customers (in millions):

	Contract Liabilities
Balance at December 31, 2019	$	354
Amounts recognized as revenue (1)	(246)
Additions (2)	393
Balance at December 31, 2020	$	501
Amounts recognized as revenue (2)	(393)
Additions	33
Balance at December 31, 2021	$	141

(1)Includes approximately $155 million associated with crude oil sales agreements that were entered into in conjunction with storage arrangements and future inventory exchanges. Such agreements were entered into in 2019 and recognized as revenue in the first quarter of 2020.

(2)Includes approximately $361 million associated with crude oil sales agreements that were entered into in conjunction with storage arrangements and future inventory exchanges. Such amount was recognized as revenue in the first quarter of 2021.

The following is a reconciliation of trade accounts receivable from revenues from contracts with customers to total Trade accounts receivable and other receivables, net as presented on our Consolidated Balance Sheets (in millions):

	December 31,
	2021		2020
Trade accounts receivable arising from revenues from contracts with customers	$	4,031	$	2,317
Other trade accounts receivables and other receivables (1)	5,126		2,818
Impact due to contractual rights of offset with counterparties	(4,452)		(2,582)
Trade accounts receivable and other receivables, net	$	4,705	$	2,553

(1)The balance is comprised primarily of accounts receivable associated with buy/sell arrangements that are not within the scope of ASC 606.

Contract with customer, counterparty deficiencies

The following table presents counterparty deficiencies associated with contracts with customers and buy/sell arrangements that include minimum volume commitments for which we had remaining performance obligations and the customers still had the ability to meet their obligations (in millions):

		December 31,
Counterparty Deficiencies	Financial Statement Classification	2021		2020
Billed and collected	Liability	$	63	$	73
Unbilled (1)	N/A	16		4
Total		$	79	$	77

(1)Amounts were related to deficiencies for which the counterparties had not met their contractual minimum commitments and are not reflected in our Consolidated Financial Statements as we had not yet billed or collected such amounts.

Remaining performance obligations

The following table presents the amount of consideration associated with remaining performance obligations for the population of contracts with external customers meeting the presentation requirements as of December 31, 2021 (in millions):

	2022		2023		2024		2025		2026		2027 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1)	$	179	$	174	$	158	$	131	$	86	$	379
Terminalling, storage and other agreement revenues	237		170		130		63		45		197
Total	$	416	$	344	$	288	$	194	$	131	$	576

(1)Calculated as volumes committed under contracts multiplied by the current applicable tariff rate.