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Related Party Transactions
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
 
See Note 16 to our Consolidated Financial Statements included in Part IV of our 2023 Annual Report on Form 10-K for a complete discussion of related parties, including the determination of our related parties and nature of involvement with such related parties.

Promissory Notes with our General Partner

In March 2023, PAGP issued an unsecured promissory note to us with a face value of CAD$500 million (“related party note receivable”). Concurrently, we assigned PAGP our interest in an existing unsecured promissory note for the same face value amount due from a consolidated subsidiary (“related party note payable”). Both notes are due April 2027 and bear interest at a rate of 8.25% per annum, payable semi-annually.

Accrued and unpaid interest receivable/payable was $10 million as of June 30, 2024 and December 31, 2023. Interest income/expense on the related party notes totaled $7 million and $15 million for the three and six months ended June 30, 2024, respectively, and $7 million and $10 million for the three and six months ended June 30, 2023, respectively.

As of June 30, 2024 and December 31, 2023, our outstanding related party note receivable and related party note payable balances were as follows (in millions):

June 30,
2024		December 31,
2023
Related party note receivable (1)
$365 $379 
Related party note payable (1)
$365 $379 
(1)We have elected to present our related party notes with the same counterparty on a net basis on our Condensed Consolidated Balance Sheet because there is a legal right to offset and we intend to offset with the counterparty.

In July 2024, PAGP issued additional unsecured promissory notes to us with a face value of CAD$865 million. Concurrently, a consolidated subsidiary issued unsecured promissory notes to PAGP for the same face value amount. These notes are due September 2034 and bear interest at a rate of 6.50% per annum, payable semi-annually.

Transactions with Other Related Parties

During the three and six months ended June 30, 2024 and 2023, we recognized sales and transportation revenues, purchased petroleum products and utilized transportation and storage services from related parties. These transactions were conducted at posted tariff rates or prices that we believe approximate market.

The impact to our Condensed Consolidated Statements of Operations from these transactions is included below (in millions):

Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Revenues from related parties
$11 $12 $22 $23 
Purchases and related costs from related parties
$96 $101 $193 $200 
Our receivable and payable amounts with these related parties as reflected on our Condensed Consolidated Balance Sheets were as follows (in millions):

June 30,
2024		December 31,
2023
Trade accounts receivable and other receivables, net from related parties (1)
$43 $63 
Trade accounts payable to related parties (1) (2)
$66 $72 
(1)Includes amounts related to transportation and storage services and amounts owed to us or advanced to us related to investment capital projects of equity method investees where we serve as construction manager.
(2)We have agreements to store crude oil at facilities and transport crude oil or utilize capacity on pipelines that are owned by equity method investees. A portion of our commitment to transport is supported by crude oil buy/sell or other agreements with third parties with commensurate quantities.