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Revenue Recognition
 9 Months Ended
Sep. 30, 2024
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 & Storage
Gulf of Mexico Midstream  & Storage
Northeast
Midstream		West MidstreamGas & NGL Marketing ServicesOtherEliminationsTotal
(Millions)
Three Months Ended September 30, 2024
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$879 $— $— $— $— $— $(20)$859 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration— 177 442 422 — — (42)999 
Commodity consideration— 14 1 19 — — — 34 
Other3 5 22 4 — — (3)31 
Total service revenues882 196 465 445 — — (65)1,923 
Product sales28 58 26 218 1,005 95 (318)1,112 
Total revenues from contracts with customers910 254 491 663 1,005 95 (383)3,035 
Other revenues (1)6 2 11 — 515 8 (1)541 
Other adjustments (2)— — — — (1,038)— 115 (923)
Total revenues$916 $256 $502 $663 $482 $103 $(269)$2,653 
Three Months Ended September 30, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$841 $— $— $— $— $— $(18)$823 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration— 121 450 368 — — (41)898 
Commodity consideration— 11 — 34 — — — 45 
Other5 2 22 2 — — (3)28 
Total service revenues846 134 472 404 — — (62)1,794 
Product sales35 31 27 112 1,189 117 (244)1,267 
Total revenues from contracts with customers881 165 499 516 1,189 117 (306)3,061 
Other revenues (1)5 4 6 17 697 13 (2)740 
Other adjustments (2)— — — — (1,328)— 86 (1,242)
Total revenues$886 $169 $505 $533 $558 $130 $(222)$2,559 
Regulated Interstate Transportation & Storage
Gulf of Mexico Midstream  & Storage
Northeast
Midstream		West MidstreamGas & NGL Marketing ServicesOtherEliminationsTotal
(Millions)
Nine Months Ended September 30, 2024
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$2,605 $— $— $— $— $— $(61)$2,544 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration— 480 1,317 1,253 — — (117)2,933 
Commodity consideration— 28 1 53 — — — 82 
Other12 20 69 15 — — (12)104 
Total service revenues2,617 528 1,387 1,321 — — (190)5,663 
Product sales75 114 74 657 3,233 289 (884)3,558 
Total revenues from contracts with customers2,692 642 1,461 1,978 3,233 289 (1,074)9,221 
Other revenues (1)19 8 33 7 1,685 22 (2)1,772 
Other adjustments (2)— — — — (3,575)— 342 (3,233)
Total revenues$2,711 $650 $1,494 $1,985 $1,343 $311 $(734)$7,760 
Nine Months Ended September 30, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$2,480 $— $— $— $— $— $(41)$2,439 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration
— 334 1,334 1,070 — — (130)2,608 
Commodity consideration— 29 3 76 — — — 108 
Other
14 10 67 8 1 — (11)89 
Total service revenues2,494 373 1,404 1,154 1 — (182)5,244 
Product sales114 91 104 287 3,519 302 (686)3,731 
Total revenues from contracts with customers2,608 464 1,508 1,441 3,520 302 (868)8,975 
Other revenues (1)26 11 20 95 3,240 36 (2)3,426 
Other adjustments (2)— — — — (4,566)— 288 (4,278)
Total revenues$2,634 $475 $1,528 $1,536 $2,194 $338 $(582)$8,123 
______________________________
(1)Revenues not derived from contracts with customers primarily consist of physical product sales related to commodity derivative contracts, realized and unrealized gains and losses associated with our commodity derivative contracts, which are reported in Net gain (loss) from commodity derivatives in our 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.
Contract Assets
The following table presents a reconciliation of our contract assets:
Three Months Ended  
September 30,		Nine Months Ended  
September 30,
2024202320242023
(Millions)
Balance at beginning of period$67 $56 $36 $29 
Revenue recognized in excess of amounts invoiced44 45 125 133 
Minimum volume commitments invoiced(23)(28)(73)(89)
Contract assets acquired36 — $36 — 
Balance at end of period$124 $73 $124 $73 
Contract Liabilities
The following table presents a reconciliation of our contract liabilities:
Three Months Ended  
September 30,		Nine Months Ended  
September 30,
2024202320242023
(Millions)
Balance at beginning of period$1,064 $1,039 $1,081 $1,043 
Payments received and deferred33 40 150 164 
Significant financing component2 3 6 7 
Contract liability acquired (disposed) – net53 (2)53 3 
Recognized in revenue(66)(68)(204)(205)
Balance at end of period$1,086 $1,012 $1,086 $1,012 
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 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 September 30, 2024, 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 September 30, 2024, 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 September 30, 2024.
Contract LiabilitiesRemaining Performance Obligations
(Millions)
2024 (three months)
$55 $1,052 
2025 (one year)
171 4,069 
2026 (one year)
142 3,819 
2027 (one year)
131 3,438 
2028 (one year)
115 2,716 
Thereafter
472 15,980 
   Total$1,086 $31,074 
Accounts Receivable
The following is a summary of our Trade accounts and other receivables:
September 30, 2024December 31, 2023
(Millions)
Accounts receivable related to revenues from contracts with customers$1,096 $1,292 
Receivables from derivatives155 311 
Other accounts receivable59 52 
Trade accounts and other receivables
$1,310 $1,655