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Revenues
 9 Months Ended
Sep. 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 September 30,
    
For the Nine Months
Ended September 30,
  
 
  
2024
    
2023
    
2024
    
2023
  
NGL Pipelines & Services:
                        
Sales of NGLs and related products
  
$
4,134
    
$
3,021
    
$
12,115
    
$
10,325
  
Segment midstream services:
                                
Natural gas processing and fractionation
    
315
      
344
      
1,009
      
944
  
Transportation
    
293
      
286
      
835
      
798
  
Storage and terminals
    
89
      
106
      
277
      
308
  
Total segment midstream services
    
697
      
736
      
2,121
      
2,050
  
Total NGL Pipelines & Services
    
4,831
      
3,757
      
14,236
      
12,375
  
Crude Oil Pipelines & Services:
                                
Sales of crude oil
    
4,952
      
5,068
      
15,672
      
12,999
  
Segment midstream services:
                                
Transportation
    
194
      
194
      
577
      
549
  
Storage and terminals
    
105
      
103
      
305
      
302
  
Total segment midstream services
    
299
      
297
      
882
      
851
  
Total Crude Oil Pipelines & Services
    
5,251
      
5,365
      
16,554
      
13,850
  
Natural Gas Pipelines & Services:
                                
Sales of natural gas
    
243
      
537
      
987
      
1,828
  
Segment midstream services:
                                
Transportation
    
406
      
347
      
1,128
      
1,046
  
Total segment midstream services
    
406
      
347
      
1,128
      
1,046
  
Total Natural Gas Pipelines & Services
    
649
      
884
      
2,115
      
2,874
  
Petrochemical & Refined Products Services:
                                
Sales of petrochemicals and refined products
    
2,751
      
1,647
      
8,105
      
5,052
  
Segment midstream services:
                                
Fractionation and isomerization
    
65
      
94
      
276
      
208
  
Transportation, including marine logistics
    
157
      
171
      
498
      
486
  
Storage and terminals
    
71
      
80
      
234
      
248
  
Total segment midstream services
    
293
      
345
      
1,008
      
942
  
Total Petrochemical & Refined Products Services
    
3,044
      
1,992
      
9,113
      
5,994
  
Total consolidated revenues
  
$
13,775
    
$
11,998
    
$
42,018
    
$
35,093
  

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 September 30, 2024:

Contract Asset
Location
  
Balance
  
Unbilled revenue (current amount)
Prepaid and other current assets
  
$
8
  
Total
    
$
8
  

Contract Liability
Location
  
Balance
  
Deferred revenue (current amount)
Other current liabilities
  
$
203
  
Deferred revenue (noncurrent)
Other long-term liabilities
    
286
  
Total
    
$
489
  

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 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
)
    
(212
)
Amount recorded during period (2)
    
62
      
710
  
Amounts recorded during period transferred to other accounts (1)
    
(54
)
    
(522
)
Other changes
    
–
      
(6
)
Balance at September 30, 2024
  
$
8
    
$
489
  

(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, 2024.

Period
  
Fixed
Consideration
  
Three Months Ended December 31, 2024
  
$
1,030
  
One Year Ended December 31, 2025
    
3,822
  
One Year Ended December 31, 2026
    
3,513
  
One Year Ended December 31, 2027
    
3,241
  
One Year Ended December 31, 2028
    
2,820
  
Thereafter –
    
10,997
  
Total
  
$
25,423