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Revenues (Tables)

9 Months Ended

Sep. 30, 2023

Revenues [Abstract]

Revenues by Business Segment and Revenue Type

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 September 30,								For the Nine Months Ended September 30,
		2023				2022				2023				2022
NGL Pipelines & Services:
Sales of NGLs and related products		$	3,021			$	5,519			$	10,325			$	16,139
Segment midstream services:
Natural gas processing and fractionation			344				340				944				1,143
Transportation			286				250				798				708
Storage and terminals			106				128				308				381
Total segment midstream services			736				718				2,050				2,232
Total NGL Pipelines & Services			3,757				6,237				12,375				18,371
Crude Oil Pipelines & Services:
Sales of crude oil			5,068				4,455				12,999				13,202
Segment midstream services:
Transportation			194				162				549				650
Storage and terminals			103				107				302				329
Total segment midstream services			297				269				851				979
Total Crude Oil Pipelines & Services			5,365				4,724				13,850				14,181
Natural Gas Pipelines & Services:
Sales of natural gas			537				1,556				1,828				3,795
Segment midstream services:
Transportation			347				330				1,046				901
Total segment midstream services			347				330				1,046				901
Total Natural Gas Pipelines & Services			884				1,886				2,874				4,696
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products			1,647				2,346				5,052				6,470
Segment midstream services:
Fractionation and isomerization			94				56				208				172
Transportation, including marine logistics			171				149				486				426
Storage and terminals			80				70				248				220
Total segment midstream services			345				275				942				818
Total Petrochemical & Refined Products Services			1,992				2,621				5,994				7,288
Total consolidated revenues		$	11,998			$	15,468			$	35,093			$	44,536

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at September 30, 2023:

Contract Asset	Location		Balance
Unbilled revenue (current amount)	Prepaid and other current assets		$	12
Total			$	12

Contract Liability	Location		Balance
Deferred revenue (current amount)	Other current liabilities		$	159
Deferred revenue (noncurrent)	Other long-term liabilities			315
Total			$	474

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 30, 2023:

		Unbilled Revenue				Deferred Revenue
Balance at December 31, 2022		$	6			$	501
Amount included in opening balance transferred to other accounts during period (1)			(6	)			(234	)
Amount recorded during period (2)			59				676
Amounts recorded during period transferred to other accounts (1)			(47	)			(457	)
Other changes			–				(12	)
Balance at September 30, 2023		$	12			$	474

(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 September 30, 2023.

Period		Fixed Consideration
Three Months Ended December 31, 2023		$	1,036
One Year Ended December 31, 2024			3,815
One Year Ended December 31, 2025			3,388
One Year Ended December 31, 2026			3,130
One Year Ended December 31, 2027			2,884
Thereafter  –			11,465
Total		$	25,718

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

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Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

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Tabular disclosure of expected timing for satisfying remaining performance obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

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