XML 55 R38.htm IDEA: XBRL DOCUMENT

Revenues (Tables)

12 Months Ended

Dec. 31, 2024

	For the Year Ended December 31,
	2024		2023		2022
NGL Pipelines & Services:
Sales of NGLs and related products	$	17,397	$	14,846	$	21,307
Segment midstream services:
Natural gas processing and fractionation		1,349		1,278		1,431
Transportation		1,151		1,090		987
Storage and terminals		379		431		534
Total segment midstream services		2,879		2,799		2,952
Total NGL Pipelines & Services		20,276		17,645		24,259
Crude Oil Pipelines & Services:
Sales of crude oil		20,389		18,185		17,301
Segment midstream services:
Transportation		779		744		807
Storage and terminals		412		407		453
Total segment midstream services		1,191		1,151		1,260
Total Crude Oil Pipelines & Services		21,580		19,336		18,561
Natural Gas Pipelines & Services:
Sales of natural gas		1,458		2,373		5,019
Segment midstream services:
Transportation		1,546		1,403		1,241
Total segment midstream services		1,546		1,403		1,241
Total Natural Gas Pipelines & Services		3,004		3,776		6,260
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		10,013		7,689		8,003
Segment midstream services:
Fractionation and isomerization		371		282		222
Transportation, including marine logistics		663		660		585
Storage and terminals		312		327		296
Total segment midstream services		1,346		1,269		1,103
Total Petrochemical & Refined Products Services		11,359		8,958		9,106
Total consolidated revenues	$	56,219	$	49,715	$	58,186

The following table provides information regarding our contract assets and contract liabilities at the dates indicated:

		December 31,
Contract Asset	Location	2024		2023
Unbilled revenue (current amount)	Prepaid and other current assets	$	9	$	11
Total		$	9	$	11

		December 31,
Contract Liability	Location	2024		2023
Deferred revenue (current amount)	Other current liabilities	$	168	$	193
Deferred revenue (noncurrent)	Other long-term liabilities		284		326
Total		$	452	$	519

The following table presents significant changes in our unbilled revenue and deferred revenue balances during the years indicated:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2021	$	15		$	446
Amount included in opening balance transferred to other accounts during period (1)		(15	)		(203	)
Amount recorded during period (2)		155			950
Amounts recorded during period transferred to other accounts (1)		(149	)		(687	)
Other changes		–			(5	)
Balance at December 31, 2022	$	6		$	501
Amount included in opening balance transferred to other accounts during period (1)		(6	)		(271	)
Amount recorded during period (2)		81			956
Amounts recorded during period transferred to other accounts (1)		(70	)		(656	)
Other changes		–			(11	)
Balance at December 31, 2023	$	11		$	519
Amount included in opening balance transferred to other accounts during period (1)		(11	)		(242	)
Amount recorded during period (2)		79			853
Amounts recorded during period transferred to other accounts (1)		(70	)		(672	)
Other changes		–			(6	)
Balance at December 31, 2024	$	9		$	452

(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.