Revenues and Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2023

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):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Crude Oil segment revenues from contracts with customers
Sales	$	10,937	$	15,576	$	22,318	$	28,433
Transportation	255		175		505		330
Terminalling, Storage and Other	94		90		185		180
Total Crude Oil segment revenues from contracts with customers	$	11,286	$	15,841	$	23,008	$	28,943

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
NGL segment revenues from contracts with customers
Sales	$	232	$	499	$	885	$	1,344
Transportation	8		7		15		16
Terminalling, Storage and Other	23		20		52		45
Total NGL segment revenues from contracts with customers	$	263	$	526	$	952	$	1,405

The following tables present the reconciliation of our revenues from contracts with customers to total revenues of reportable segments and total revenues as disclosed in our Condensed Consolidated Statements of Operations (in millions):

Three Months Ended June 30, 2023	Crude Oil		NGL		Total
Revenues from contracts with customers	$	11,286	$	263	$	11,549
Other revenues	9		118		127
Total revenues of reportable segments	$	11,295	$	381	$	11,676
Intersegment revenues elimination					(74)
Total revenues					$	11,602
Three Months Ended June 30, 2022	Crude Oil		NGL		Total
Revenues from contracts with customers	$	15,841	$	526	$	16,367
Other revenues	99		44		143
Total revenues of reportable segments	$	15,940	$	570	$	16,510
Intersegment revenues elimination					(151)
Total revenues					$	16,359

Six Months Ended June 30, 2023	Crude Oil		NGL		Total
Revenues from contracts with customers	$	23,008	$	952	$	23,960
Other items in revenues	45		119		164
Total revenues of reportable segments	$	23,053	$	1,071	$	24,124
Intersegment revenues					(181)
Total revenues					$	23,943
Six Months Ended June 30, 2022	Crude Oil		NGL		Total
Revenues from contracts with customers	$	28,943	$	1,405	$	30,348
Other items in revenues	76		(101)		(25)
Total revenues of reportable segments	$	29,019	$	1,304	$	30,323
Intersegment revenues					(270)
Total revenues					$	30,053

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):

Counterparty Deficiencies	Financial Statement Classification	June 30, 2023		December 31, 2022
Billed and collected	Other current liabilities	$	79	$	104
Unbilled (1)	N/A	1		1
Total		$	80	$	105

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

Contracts with customers, change in asset and liability balance

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

	Contract Liabilities
Balance at December 31, 2022	$	229
Amounts recognized as revenue	(35)
Additions	20
Other	2
Balance at June 30, 2023	$	216

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 Condensed Consolidated Balance Sheets (in millions):

	June 30, 2023		December 31, 2022
Trade accounts receivable arising from revenues from contracts with customers	$	3,607	$	4,141
Other trade accounts receivables and other receivables (1)	5,926		7,216
Impact due to contractual rights of offset with counterparties	(6,313)		(7,450)
Trade accounts receivable and other receivables, net	$	3,220	$	3,907

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

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 June 30, 2023 (in millions):

	Remainder of 2023		2024		2025		2026		2027		2028 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1)	$	182	$	360	$	391	$	140	$	101	$	240
Terminalling, storage and other agreement revenues	137		217		134		106		96		771
Total	$	319	$	577	$	525	$	246	$	197	$	1,011

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