Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

As of September 30, 2024 and December 31, 2023, our outstanding related party notes receivable and related party notes payable balances were as follows (in millions):


	September 30, 2024		December 31, 2023
Related party notes receivable (1)	$	1,011	$	379
Related party notes payable (1)	$	1,011	$	379

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues from related parties	$	12	$	13	$	34	$	37

Purchases and related costs from related parties	$	103	$	103	$	296	$	302

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


	September 30, 2024		December 31, 2023
Trade accounts receivable and other receivables, net from related parties (1)	$	46	$	63

Trade accounts payable to related parties (1) (2)	$	70	$	72

(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.