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Revenue Recognition
 6 Months Ended
Jun. 30, 2023
Revenue Recognition [Abstract]  
Revenue Recognition [Text Block]
Note 4 – Revenue Recognition
Revenue by Category
The following table presents our revenue disaggregated by major service line:
Regulated Interstate Transportation & StorageGulf of Mexico Midstream & StorageNortheast MidstreamWest MidstreamGas & NGL Marketing ServicesOtherEliminationsTotal
(Millions)
Three Months Ended June 30, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$826 $— $— $— $— $— $(12)$814 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration— 109 462 351 — — (45)877 
Commodity consideration— 6 (3)24 — — — 27 
Other5 6 20 4 — — (4)31 
Total service revenues831 121 479 379 — — (61)1,749 
Product sales57 24 28 85 957 83 (188)1,046 
Total revenues from contracts with customers888 145 507 464 957 83 (249)2,795 
Other revenues (1)8 3 7 36 627 8 — 689 
Other adjustments (2)— — — — (1,079)— 78 (1,001)
Total revenues$896 $148 $514 $500 $505 $91 $(171)$2,483 
Three Months Ended June 30, 2022
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$771 $— $— $— $— $— $(18)$753 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration (3)— 88 383 376 — — (34)813 
Commodity consideration— 22 3 61 — — — 86 
Other (3)3 2 21 3 — — (5)24 
Total service revenues774 112 407 440 — — (57)1,676 
Product sales43 77 34 252 2,843 180 (526)2,903 
Total revenues from contracts with customers817 189 441 692 2,843 180 (583)4,579 
Other revenues (1)1 2 7 (5)1,616 16 (6)1,631 
Other adjustments (2)— — — — (3,900)— 180 (3,720)
Total revenues$818 $191 $448 $687 $559 $196 $(409)$2,490 
Regulated Interstate Transportation & StorageGulf of Mexico Midstream & StorageNortheast MidstreamWest MidstreamGas & NGL Marketing ServicesOtherEliminationsTotal
(Millions)
Six Months Ended June 30, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$1,639 $— $— $— $— $— $(23)$1,616 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration— 213 884 702 — — (89)1,710 
Commodity consideration— 18 3 42 — — — 63 
Other9 8 45 6 1 — (8)61 
Total service revenues1,648 239 932 750 1 — (120)3,450 
Product sales79 60 77 175 2,330 185 (442)2,464 
Total revenues from contracts with customers1,727 299 1,009 925 2,331 185 (562)5,914 
Other revenues (1)21 7 14 78 2,543 23 — 2,686 
Other adjustments (2)— — — — (3,238)— 202 (3,036)
Total revenues$1,748 $306 $1,023 $1,003 $1,636 $208 $(360)$5,564 
Six Months Ended June 30, 2022
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$1,549 $— $— $— $— $— $(36)$1,513 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration (3)— 173 736 702 — — (66)1,545 
Commodity consideration— 43 10 110 — — — 163 
Other (3)5 5 42 6 1 — (9)50 
Total service revenues1,554 221 788 818 1 — (111)3,271 
Product sales59 164 70 439 5,313 284 (919)5,410 
Total revenues from contracts with customers1,613 385 858 1,257 5,314 284 (1,030)8,681 
Other revenues (1)5 4 13 (8)3,231 (49)(9)3,187 
Other adjustments (2)— — — — (7,132)— 278 (6,854)
Total revenues$1,618 $389 $871 $1,249 $1,413 $235 $(761)$5,014 
______________________________
(1)Revenues not derived from contracts with customers primarily consist of physical product sales related to derivative contracts, realized and unrealized gains and losses associated with our derivative contracts, which are reported in Net gain (loss) on commodity derivatives in the Consolidated Statement of Income, management fees that we receive for certain services we provide to operated equity-method investments, and leasing revenues associated with our headquarters building.
(2)Other adjustments reflect certain costs of Gas & NGL Marketing Services’ risk management activities. As we are acting as agent for natural gas marketing customers or engage in energy trading activities, the resulting revenues are presented net of the related costs of those activities in our Consolidated Statement of Income.
(3)Certain contractual reimbursements of operating and maintenance costs previously included in Other are now presented in Monetary consideration as they were received in exchange for providing gas gathering and processing services.
Contract Assets
The following table presents a reconciliation of our contract assets:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2023202220232022
(Millions)
Balance at beginning of period$42 $36 $29 $22 
Revenue recognized in excess of amounts invoiced
45 49 88 104 
Minimum volume commitments invoiced
(31)(37)(61)(78)
Balance at end of period$56 $48 $56 $48 
Contract Liabilities
The following table presents a reconciliation of our contract liabilities:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2023202220232022
(Millions)
Balance at beginning of period$1,010 $1,093 $1,043 $1,126 
Payments received and deferred
95 81 124 110 
Significant financing component
2 3 4 5 
Contract liability acquired— — 5 — 
Recognized in revenue
(68)(62)(137)(126)
Balance at end of period$1,039 $1,115 $1,039 $1,115 
Remaining Performance Obligations
Remaining performance obligations primarily include reservation charges on contracted capacity for our gas pipeline firm transportation contracts with customers, storage capacity contracts, long-term contracts containing minimum volume commitments (MVC) associated with our midstream businesses, and fixed payments associated with offshore production handling. For our interstate natural gas pipeline businesses, remaining performance obligations reflect the rates for such services in our current FERC tariffs for the life of the related contracts; however, these rates may change based on future tariffs approved by the FERC and the amount and timing of these changes are not currently known.
Our remaining performance obligations exclude variable consideration, including contracts with variable consideration for which we have elected the practical expedient for consideration recognized in revenue as billed. Certain of our contracts contain evergreen and other renewal provisions for periods beyond the initial term of the contract. The remaining performance obligation amounts as of June 30, 2023, do not consider potential future performance obligations for which the renewal has not been exercised and exclude contracts with customers for which the underlying facilities have not received FERC authorization to be placed into service. Consideration received prior to June 30, 2023, that will be recognized in future periods is also excluded from our remaining performance obligations and is instead reflected in contract liabilities.
The following table presents the amount of the contract liabilities balance expected to be recognized as revenue when performance obligations are satisfied and the transaction price allocated to the remaining performance obligations under certain contracts as of June 30, 2023.
Contract LiabilitiesRemaining Performance Obligations
(Millions)
2023 (six months)
$98 $1,900 
2024 (one year)
140 3,706 
2025 (one year)
123 3,409 
2026 (one year)
112 2,987 
2027 (one year)
105 2,580 
Thereafter
461 15,267 
Total
$1,039 $29,849 
Accounts Receivable
The following is a summary of our Trade accounts and other receivables – net:
June 30, 2023December 31, 2022
(Millions)
Accounts receivable related to revenues from contracts with customers$1,113 $1,771 
Receivables from derivatives185 889 
Other accounts receivable64 63 
Trade accounts and other receivables – net
$1,362 $2,723