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Revenue | 3 Months Ended
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Mar. 31, 2026
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Disaggregation of Revenue The following tables represent a disaggregation of revenue for each reportable segment for the three months ended March 31, 2026 and March 31, 2025:
| Three Months Ended March 31, 2026
(In millions) | Crude Oil and Products Logistics |  | Natural Gas and NGL Services |  | Total
Revenues and other income: |  |  |  |  |
Service revenue | $ | 91 |  |  | $ | 620 |  |  | $ | 711 |
Service revenue - related parties | 1,084 |  |  | 6 |  |  | 1,090 |
Service revenue - product related | — |  |  | 4 |  |  | 4 |
Product sales | 1 |  |  | 475 |  |  | 476 |
Product sales - related parties | 3 |  |  | 65 |  |  | 68 |
Total revenues from contracts with customers | $ | 1,179 |  |  | $ | 1,170 |  |  | 2,349 |
Non-ASC 606 revenue and other income(1) |  |  |  |  | 689 |
Total revenues and other income |  |  |  |  | $ | 3,038 |
| Three Months Ended March 31, 2025
(In millions) | Crude Oil and Products Logistics |  | Natural Gas and NGL Services |  | Total
Revenues and other income: |  |  |  |  |
Service revenue | $ | 103 |  |  | $ | 604 |  |  | $ | 707 |
Service revenue - related parties | 1,059 |  |  | 7 |  |  | 1,066 |
Service revenue - product related | — |  |  | 99 |  |  | 99 |
Product sales | 1 |  |  | 512 |  |  | 513 |
Product sales - related parties | 3 |  |  | 72 |  |  | 75 |
Total revenues from contracts with customers | $ | 1,166 |  |  | $ | 1,294 |  |  | 2,460 |
Non-ASC 606 revenue and other income(1) |  |  |  |  | 664 |
Total revenues and other income |  |  |  |  | $ | 3,124 |
(1) Non-ASC 606 Revenue includes rental income, sales-type lease revenue, income from equity method investments, and other income. Contract Balances The tables below reflect the changes in ASC 606 contract balances for the three months ended March 31, 2026 and March 31, 2025:
(In millions) | Balance at December 31, 2025 |  | Additions/ (Deletions) |  | Revenue Recognized(1) |  | Balance at March 31, 2026
Contract assets | $ | 15 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 17 |
Long-term contract assets | 4 |  |  | — |  |  | — |  |  | 4 |
Deferred revenue | 13 |  |  | 9 |  |  | (6) |  |  | 16 |
Deferred revenue - related parties | 66 |  |  | 15 |  |  | (21) |  |  | 60 |
Long-term deferred revenue | 117 |  |  | (4) |  |  | — |  |  | 113 |
Long-term deferred revenue - related parties | 45 |  |  | (3) |  |  | — |  |  | 42 |
(In millions) | Balance at December 31, 2024 |  | Additions/ (Deletions) |  | Revenue Recognized(1) |  | Balance at March 31, 2025
Contract assets | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 3 |
Deferred revenue | 84 |  |  | 5 |  |  | (18) |  |  | 71 |
Deferred revenue - related parties | 71 |  |  | 21 |  |  | (22) |  |  | 70 |
Long-term deferred revenue | 315 |  |  | — |  |  | — |  |  | 315 |
Long-term deferred revenue - related parties | 44 |  |  | (3) |  |  | — |  |  | 41 |
(1) No significant revenue was recognized related to past performance obligations in the period presented. Remaining Performance Obligations The table below includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2026. The amounts presented below are generally limited to fixed consideration from contracts with customers that contain minimum volume commitments. A significant portion of our future contracted revenue is excluded from the amounts presented below in accordance with ASC 606. Variable consideration that is constrained or not required to be estimated as it reflects our efforts to perform is excluded from this disclosure. Additionally, we do not disclose information on the future performance obligations for any contract with an original expected duration of one year or less, or that are terminable by our customer with little or no termination penalties. Potential future performance obligations related to renewals that have not yet been exercised or are not certain of exercise are excluded from the amounts presented below. Revenues classified as Rental income and Sales-type lease revenue are also excluded from this table.
(In billions) |
2026 | $ | 1.5 |
2027 | 1.9 |
2028 | 0.7 |
2029 | 0.3 |
2030 | 0.2 |
2031 and thereafter | 0.7 |
Total estimated revenue on remaining performance obligations | $ | 5.3 |
As of March 31, 2026, unsatisfied performance obligations included in the Consolidated Balance Sheets are $231 million and will be recognized as revenue as the obligations are satisfied, which is generally expected to occur over the next 20 years. A portion of this amount is not disclosed in the table above as it is deemed variable consideration due to volume variability.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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