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Revenues
 3 Months Ended
Mar. 31, 2022
Revenues [Abstract]  
Revenues
Note 9.  Revenues

We classify our revenues into sales of products and midstream services.  Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling).  The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:

   
For the Three Months
Ended March 31,
  
 
  
2022
    
2021
  
NGL Pipelines & Services:
            
Sales of NGLs and related products
  
$
5,040
    
$
3,006
  
Segment midstream services:
                
Natural gas processing and fractionation
    
340
      
183
  
Transportation
    
229
      
275
  
Storage and terminals
    
145
      
120
  
Total segment midstream services
    
714
      
578
  
Total NGL Pipelines & Services
    
5,754
      
3,584
  
Crude Oil Pipelines & Services:
                
Sales of crude oil
    
3,716
      
1,839
  
Segment midstream services:
                
Transportation
    
239
      
209
  
Storage and terminals
    
117
      
117
  
Total segment midstream services
    
356
      
326
  
Total Crude Oil Pipelines & Services
    
4,072
      
2,165
  
Natural Gas Pipelines & Services:
                
Sales of natural gas
    
880
      
1,335
  
Segment midstream services:
                
Transportation
    
269
      
252
  
Total segment midstream services
    
269
      
252
  
Total Natural Gas Pipelines & Services
    
1,149
      
1,587
  
Petrochemical & Refined Products Services:
                
Sales of petrochemicals and refined products
    
1,754
      
1,599
  
Segment midstream services:
                
Fractionation and isomerization
    
69
      
53
  
Transportation, including marine logistics
    
138
      
117
  
Storage and terminals
    
72
      
50
  
Total segment midstream services
    
279
      
220
  
Total Petrochemical & Refined Products Services
    
2,033
      
1,819
  
Total consolidated revenues
  
$
13,008
    
$
9,155
  

Substantially all of our revenues are derived from contracts with customers as defined within Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at March 31, 2022:

Contract Asset
Location
  
Balance
  
Unbilled revenue (current amount)
Prepaid and other current assets
  
$
56
  
Total
    
$
56
  

Contract Liability
Location
  
Balance
  
Deferred revenue (current amount)
Other current liabilities
  
$
179
  
Deferred revenue (noncurrent)
Other long-term liabilities
    
252
  
Total
    
$
431
  


The following table presents significant changes in our unbilled revenue and deferred revenue balances for the three months ended March 31, 2022:

   
Unbilled
Revenue
    
Deferred
Revenue
  
Balance at December 31, 2021
  
$
15
    
$
446
  
Amount included in opening balance transferred to other accounts during period (1)
    
(2
)
    
(136
)
Amount recorded during period (2)
    
49
      
237
  
Amounts recorded during period transferred to other accounts (1)
    
(6
)
    
(112
)
Other changes
    
–
      
(4
)
Balance at March 31, 2022
  
$
56
    
$
431
  

(1)
Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer.  Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
(2)
Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period.  Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.

Remaining Performance Obligations

The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year.  These amounts represent the revenues we expect to recognize in future periods from these contracts as of March 31, 2022.

Period
  
Fixed
Consideration
  
Nine Months Ended December 31, 2022
  
$
2,781
  
One Year Ended December 31, 2023
    
3,172
  
One Year Ended December 31, 2024
    
2,925
  
One Year Ended December 31, 2025
    
2,563
  
One Year Ended December 31, 2026
    
2,403
  
Thereafter  
    
9,825
  
Total
  
$
23,669