Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

As of December 31, 2023, our outstanding related party note receivable and related party note payable balances were as follows (in millions):

	December 31, 2023
Related party note receivable (1)	$	379
Related party note payable (1)	$	379

(1)We have elected to present our related party notes with the same counterparty on a net basis on our Consolidated Balance Sheet because there is a legal right to offset and we intend to offset with the counterparty.

During the three years ended December 31, 2023, we recognized sales and transportation revenues, purchased petroleum products and utilized transportation and storage services from our related parties. These transactions were conducted at posted tariff rates or prices that we believe approximate market.

The impact to our Consolidated Statements of Operations from these transactions is included below (in millions):

	Year Ended December 31,
	2023		2022		2021
Revenues from related parties	$	48	$	45	$	33
Purchases and related costs from related parties	$	404	$	365	$	385

Our receivable and payable amounts with these related parties as reflected on our Consolidated Balance Sheets were as follows (in millions):

	December 31,
	2023		2022
Trade accounts receivable and other receivables, net from related parties (1)	$	63	$	45
Trade accounts payable to related parties (1) (2)	$	72	$	79

(1)Includes amounts related to transportation and storage services and amounts owed to us or advanced to us related to investment capital projects of equity method investees where we serve as construction manager.

(2)We have agreements to store crude oil at facilities and transport crude oil or utilize capacity on pipelines that are owned by equity method investees. A portion of our commitment to transport is supported by crude oil buy/sell or other agreements with third parties with commensurate quantities.