Revenues and Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of 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):

	Year Ended December 31,
	2023		2022		2021
Crude Oil segment revenues from contracts with customers
Sales	$	45,621	$	53,822	$	39,635
Transportation	1,144		745		484
Terminalling, Storage and Other	381		362		431
Total Crude Oil segment revenues from contracts with customers	$	47,146	$	54,929	$	40,550

	Year Ended December 31,
	2023		2022		2021
NGL segment revenues from contracts with customers
Sales	$	1,729	$	2,414	$	2,292
Transportation	30		30		25
Terminalling, Storage and Other	94		100		82
Total NGL segment revenues from contracts with customers	$	1,853	$	2,544	$	2,399

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

Year Ended December 31, 2023	Crude Oil		NGL		Total
Revenues from contracts with customers	$	47,146	$	1,853	$	48,999
Other revenues	28		82		110
Total revenues of reportable segments	$	47,174	$	1,935	$	49,109
Intersegment revenues elimination					(397)
Total revenues					$	48,712

Year Ended December 31, 2022	Crude Oil		NGL		Total
Revenues from contracts with customers	$	54,929	$	2,544	$	57,473
Other revenues	151		217		368
Total revenues of reportable segments	$	55,080	$	2,761	$	57,841
Intersegment revenues elimination					(499)
Total revenues					$	57,342

Year Ended December 31, 2021	Crude Oil		NGL		Total
Revenues from contracts with customers	$	40,550	$	2,399	$	42,949
Other revenues	(80)		(431)		(511)
Total revenues of reportable segments	$	40,470	$	1,968	$	42,438
Intersegment revenues elimination					(360)
Total revenues					$	42,078

Schedule of 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):

		December 31,
Counterparty Deficiencies	Financial Statement Classification	2023		2022
Billed and collected	Other current liabilities	$	77	$	104

Schedule of Contracts with Customers, Change in Contract 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, 2021	$	141
Amounts recognized as revenue	(26)
Additions (1)	145
Other	(31)
Balance at December 31, 2022	$	229
Amounts recognized as revenue	(42)
Additions	38
Other	3
Balance at December 31, 2023	$	228

(1)Includes approximately $122 million associated with a gas processing agreement that was entered into in conjunction with the purchase of an additional ownership interest in certain straddle plants. Such amount is expected to be recognized as revenue over a 50-year term. See Note 7 for additional information.

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 Consolidated Balance Sheets (in millions):

	December 31,
	2023		2022
Trade accounts receivable arising from revenues from contracts with customers	$	3,999	$	4,141
Other trade accounts receivables and other receivables (1)	7,535		7,216
Impact due to contractual rights of offset with counterparties	(7,774)		(7,450)
Trade accounts receivable and other receivables, net	$	3,760	$	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.

Schedule of 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 December 31, 2023 (in millions):

	2024		2025		2026		2027		2028		2029 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1)	$	375	$	329	$	156	$	109	$	80	$	194
Terminalling, storage and other agreement revenues	234		149		114		101		83		688
Total	$	609	$	478	$	270	$	210	$	163	$	882

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