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Revenue from Contracts with Customers | 12 Months Ended
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Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Sales of natural gas, NGLs and oil. Under the Company's natural gas, NGLs and oil sales contracts, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. These contracts typically require payment within 25 days of the end of the calendar month in which the commodity is delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company's efforts to satisfy the performance obligations. Other contracts, such as fixed price contracts or contracts with a fixed differential to New York Mercantile Exchange (NYMEX) or index prices, contain fixed consideration. The Company allocates the fixed consideration to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price. Based on management's judgment, the performance obligations for the sale of natural gas, NGLs and oil are satisfied at a point in time because the customer obtains control and legal title of the asset when the natural gas, NGLs or oil is delivered to the designated sales point. The sales of natural gas, NGLs and oil presented in the Statements of Consolidated Operations represent the Company's share of revenues net of royalties and exclude revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty or working interest owners, the Company acts as an agent and, thus, reports the revenue on a net basis. Pipeline revenue. The Company provides gathering, transmission and storage services under firm and interruptible service contracts. Firm service contracts generally require the customer to pay a firm reservation fee, which is a fixed, monthly charge to reserve an agreed upon amount of pipeline or storage capacity regardless of whether the customer uses the capacity. Under its firm service contracts, the Company has a stand-ready obligation to provide the firm service over the life of the contract. The performance obligation for revenue from firm reservation fees is satisfied over time as the pipeline capacity is made available to the customer. As such, the Company recognizes firm reservation fee revenue evenly over the contract period using a time-elapsed output method to measure progress. Volumetric-based fees, which are charges based on the volume of gas gathered, transported or stored, can also be charged under firm service contracts for each firm contracted volume gathered, transported or stored as well as for volumes gathered, transported or stored in excess of the firm contracted volume so long as capacity exists. Interruptible service contracts require the customer to pay volumetric-based fees and generally do not guarantee access to the pipeline or storage facility. The performance obligation for revenue from volumetric-based fees is generally satisfied upon the Company's monthly invoicing to the customer for volumes gathered, transported or stored during the month. The amount invoiced generally corresponds directly to the value of the Company's performance to date as the customer obtains value as each volume is gathered, transported or stored. Gathering service contracts are invoiced on a one-month lag, with payment typically due within 21 days of the invoice date. Revenue for gathering services provided but not yet invoiced is estimated based on contract data, preliminary throughput and allocation measurements on a monthly basis. Transmission and storage service contracts are invoiced at the end of each calendar month, with payment typically due within 10 days of the invoice date. For both firm reservation and volumetric-based fee revenues, the Company allocates the transaction price to each performance obligation based on the estimated relative standalone selling price. Any excess of consideration received over revenue recognized results in the deferral of those amounts until future periods based on a units-of-production or straight-line methodology as these methods align with the consumption of services provided to the customer. The units-of-production methodology requires the use of judgment to estimate future production volumes. Certain of the Company's gathering service agreements are structured with MVCs, which specify minimum quantities that the customer will be charged regardless of whether such quantities are gathered. Revenue is recognized for MVCs when the performance obligation has been met, which is the earlier of when the gas is gathered or when the likelihood that the customer will be able to meet its MVC is remote. If a customer fails to meet its MVC for a specified period (thus not exercising all the contractual rights to gathering services within the specified period), the customer is obligated to pay a contractually-determined fee based on the shortfall between actual volume gathered and the MVC. Disaggregated revenue information. The table below provides disaggregated information on the Company's revenues. Certain other revenue contracts are outside the scope of ASU 2014-09, Revenue from Contracts with Customers. These contracts are reported in pipeline, net marketing services and other revenues in the Statements of Consolidated Operations. Derivative contracts are also outside the scope of ASU 2014-09.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Thousands)
Revenues from contracts with customers: |  |  |  |  |
Production: |  |  |  |  |
Sales of natural gas, NGLs and oil |  |  |  |  |
Natural gas sales | $ | 4,224,882 |  |  | $ | 4,520,817 |  |  | $ | 11,448,293 |
NGLs sales | 615,933 |  |  | 427,760 |  |  | 586,715 |
Oil sales | 93,551 |  |  | 96,191 |  |  | 79,160 |
Sales of natural gas, NGLs and oil | 4,934,366 |  |  | 5,044,768 |  |  | 12,114,168 |
Gathering: |  |  |  |  |
Pipeline revenue |  |  |  |  |
Firm reservation fee revenue (a) | 313,987 |  |  | — |  |  | — |
Volumetric-based fee revenue (b) | 452,476 |  |  | 161,395 |  |  | 96,947 |
Total | 766,463 |  |  | 161,395 |  |  | 96,947 |
Transmission: |  |  |  |  |
Pipeline revenues |  |  |  |  |
Firm reservation fee revenue | 183,088 |  |  | — |  |  | — |
Volumetric-based fee revenue | 34,968 |  |  | — |  |  | — |
Total | 218,056 |  |  | — |  |  | — |
Intersegment eliminations and other | (704,517) |  |  | (148,830) |  |  | (83,321) |
Total revenues from contracts with customers (c) | 5,214,368 |  |  | 5,057,333 |  |  | 12,127,794 |
Other sources of revenue: |  |  |  |  |
Gain (loss) on derivatives | 51,117 |  |  | 1,838,941 |  |  | (4,642,932) |
Net marketing services and other revenues | 7,824 |  |  | 12,649 |  |  | 12,827 |
Total other sources of revenue | 58,941 |  |  | 1,851,590 |  |  | (4,630,105) |
Total operating revenues | $ | 5,273,309 |  |  | $ | 6,908,923 |  |  | $ | 7,497,689 |
(a)Firm reservation fee revenue for the year ended December 31, 2024 included unbilled revenues supported by MVCs of $4.2 million. (b)Volumetric-based fee revenue for the year ended December 31, 2024 included unbilled revenues supported by MVCs of $4.5 million. (c)For contracts with customers where the Company's performance obligations had been satisfied and an unconditional right to consideration existed as of the balance sheet date, the Company recorded amounts due from contracts with customers of $939.9 million and $584.8 million in accounts receivable in the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively. Summary of remaining performance obligations. The following table summarizes the transaction price allocated to the Company's remaining obligations on all contracts with fixed consideration as of December 31, 2024. The table excludes contracts that qualified for the exception to the relative standalone selling price method as of December 31, 2024.
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
| (Thousands)
Gathering firm reservation fees: |  |  |  |  |  |  |  |  |  |  |  |
Third-party contracts | $ | 101,671 |  |  | $ | 92,311 |  |  | $ | 85,651 |  |  | $ | 85,651 |  |  | $ | 85,651 |  |  | $ | 371,792 |  |  | $ | 822,727 |
Affiliate contracts | 91,918 |  |  | 101,728 |  |  | 101,393 |  |  | 97,701 |  |  | 97,701 |  |  | 1,482,452 |  |  | 1,972,893 |
Total Gathering firm reservation fees | 193,589 |  |  | 194,039 |  |  | 187,044 |  |  | 183,352 |  |  | 183,352 |  |  | 1,854,244 |  |  | 2,795,620 |
Gathering revenues supported by MVCs: |  |  |  |  |  |  |  |  |  |
Third-party contracts | 82,396 |  |  | 89,217 |  |  | 80,904 |  |  | 77,153 |  |  | 65,788 |  |  | 185,423 |  |  | 580,881 |
Affiliate contracts | 372,446 |  |  | 397,966 |  |  | 410,621 |  |  | 411,740 |  |  | 410,621 |  |  | 2,042,451 |  |  | 4,045,845 |
Total Gathering revenues supported by MVCs | 454,842 |  |  | 487,183 |  |  | 491,525 |  |  | 488,893 |  |  | 476,409 |  |  | 2,227,874 |  |  | 4,626,726 |
Transmission firm reservation fees: |  |  |  |  |  |  |  |  |  |  |  |
Third-party contracts | 176,189 |  |  | 174,435 |  |  | 171,768 |  |  | 169,410 |  |  | 166,324 |  |  | 814,742 |  |  | 1,672,868 |
Affiliate contracts | 241,507 |  |  | 261,045 |  |  | 261,045 |  |  | 260,715 |  |  | 260,383 |  |  | 1,964,638 |  |  | 3,249,333 |
Total Transmission firm reservation fees | 417,696 |  |  | 435,480 |  |  | 432,813 |  |  | 430,125 |  |  | 426,707 |  |  | 2,779,380 |  |  | 4,922,201 |
Total | $ | 1,066,127 |  |  | $ | 1,116,702 |  |  | $ | 1,111,382 |  |  | $ | 1,102,370 |  |  | $ | 1,086,468 |  |  | $ | 6,861,498 |  |  | $ | 12,344,547 |
As of December 31, 2024, the Company had no remaining performance obligations on its natural gas sales contracts with fixed consideration. In addition, based on total projected contractual revenues, the Company's firm gathering third-party contracts and firm transmission and storage third-party contracts had a weighted average remaining term of approximately 10 years and 11 years, respectively, as of December 31, 2024. Based on total projected contractual revenues, the Company's firm gathering affiliate contracts and firm transmission and storage affiliate contracts had a weighted average remaining term of approximately 14 years and 13 years, respectively, as of December 31, 2024.

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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 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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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