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Revenues (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
NGL Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |
Sales of NGLs and related products |  | $ | 3,581 |  |  | $ | 3,040 |  |  | $ | 7,981 |  |  | $ | 7,304 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas processing and fractionation |  |  | 336 |  |  |  | 300 |  |  |  | 694 |  |  |  | 600 |
Transportation |  |  | 263 |  |  |  | 246 |  |  |  | 542 |  |  |  | 512 |
Storage and terminals |  |  | 85 |  |  |  | 103 |  |  |  | 188 |  |  |  | 202 |
Total segment midstream services |  |  | 684 |  |  |  | 649 |  |  |  | 1,424 |  |  |  | 1,314 |
Total NGL Pipelines & Services |  |  | 4,265 |  |  |  | 3,689 |  |  |  | 9,405 |  |  |  | 8,618 |
Crude Oil Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of crude oil |  |  | 5,598 |  |  |  | 4,005 |  |  |  | 10,720 |  |  |  | 7,931 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transportation |  |  | 190 |  |  |  | 200 |  |  |  | 383 |  |  |  | 355 |
Storage and terminals |  |  | 100 |  |  |  | 99 |  |  |  | 200 |  |  |  | 199 |
Total segment midstream services |  |  | 290 |  |  |  | 299 |  |  |  | 583 |  |  |  | 554 |
Total Crude Oil Pipelines & Services |  |  | 5,888 |  |  |  | 4,304 |  |  |  | 11,303 |  |  |  | 8,485 |
Natural Gas Pipelines & Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of natural gas |  |  | 241 |  |  |  | 445 |  |  |  | 744 |  |  |  | 1,291 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transportation |  |  | 371 |  |  |  | 330 |  |  |  | 722 |  |  |  | 699 |
Total segment midstream services |  |  | 371 |  |  |  | 330 |  |  |  | 722 |  |  |  | 699 |
Total Natural Gas Pipelines & Services |  |  | 612 |  |  |  | 775 |  |  |  | 1,466 |  |  |  | 1,990 |
Petrochemical & Refined Products Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of petrochemicals and refined products |  |  | 2,389 |  |  |  | 1,591 |  |  |  | 5,354 |  |  |  | 3,405 |
Segment midstream services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fractionation and isomerization |  |  | 85 |  |  |  | 51 |  |  |  | 211 |  |  |  | 114 |
Transportation, including marine logistics |  |  | 163 |  |  |  | 155 |  |  |  | 341 |  |  |  | 315 |
Storage and terminals |  |  | 81 |  |  |  | 86 |  |  |  | 163 |  |  |  | 168 |
Total segment midstream services |  |  | 329 |  |  |  | 292 |  |  |  | 715 |  |  |  | 597 |
Total Petrochemical & Refined Products Services |  |  | 2,718 |  |  |  | 1,883 |  |  |  | 6,069 |  |  |  | 4,002 |
Total consolidated revenues |  | $ | 13,483 |  |  | $ | 10,651 |  |  | $ | 28,243 |  |  | $ | 23,095 |
Unbilled Revenue and Deferred Revenue | The following table provides information regarding our contract assets and contract liabilities at June 30, 2024:
Contract Asset | Location |  | Balance |
Unbilled revenue (current amount) | Prepaid and other current assets |  | $ | 6 |
Total |  |  | $ | 6 |
Contract Liability | Location |  | Balance |
Deferred revenue (current amount) | Other current liabilities |  | $ | 191 |
Deferred revenue (noncurrent) | Other long-term liabilities |  |  | 285 |
Total |  |  | $ | 476 |
The following table presents significant changes in our unbilled revenue and deferred revenue balances for the six months ended June 30, 2024:
|  | Unbilled Revenue |  |  | Deferred Revenue |
Balance at December 31, 2023 |  | $ | 11 |  |  | $ | 519 |
Amount included in opening balance transferred to other accounts during period (1) |  |  | (11 | ) |  |  | (182 | )
Amount recorded during period (2) |  |  | 43 |  |  |  | 460 |
Amounts recorded during period transferred to other accounts (1) |  |  | (36 | ) |  |  | (316 | )
Other changes |  |  | (1 | ) |  |  | (5 | )
Balance at June 30, 2024 |  | $ | 6 |  |  | $ | 476 |
(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 June 30, 2024.
Period |  | Fixed Consideration |
Six Months Ended December 31, 2024 |  | $ | 2,026 |
One Year Ended December 31, 2025 |  |  | 3,769 |
One Year Ended December 31, 2026 |  |  | 3,465 |
One Year Ended December 31, 2027 |  |  | 3,197 |
One Year Ended December 31, 2028 |  |  | 2,787 |
Thereafter – |  |  | 10,905 |
Total |  | $ | 26,149 |

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