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Revenues
 6 Months Ended
Jun. 30, 2024
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 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
  

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 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