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Revenues and Accounts Receivable | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenues and Accounts Receivable | Revenues and Accounts Receivable Revenue Recognition We disaggregate our revenues by segment and type of activity. See Note 3 to our Consolidated Financial Statements included in Part IV of our 2023 Annual Report on Form 10-K for additional information regarding our types of revenues and policies for revenue recognition. Revenues from Contracts with Customers. The following tables present our revenues from contracts with customers disaggregated by segment and type of activity (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Crude Oil segment revenues from contracts with customers |  |  |  |  |  |  |
Sales | $ | 12,046 |  |  | $ | 11,525 |  |  | $ | 35,560 |  |  | $ | 33,843 |
Transportation | 321 |  |  | 333 |  |  | 915 |  |  | 839 |
Terminalling, Storage and Other | 100 |  |  | 99 |  |  | 286 |  |  | 284 |
Total Crude Oil segment revenues from contracts with customers | $ | 12,467 |  |  | $ | 11,957 |  |  | $ | 36,761 |  |  | $ | 34,966 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
NGL segment revenues from contracts with customers |  |  |  |  |  |  |
Sales | $ | 292 |  |  | $ | 283 |  |  | $ | 1,194 |  |  | $ | 1,168 |
Transportation | 8 |  |  | 7 |  |  | 26 |  |  | 23 |
Terminalling, Storage and Other | 18 |  |  | 23 |  |  | 59 |  |  | 74 |
Total NGL segment revenues from contracts with customers | $ | 318 |  |  | $ | 313 |  |  | $ | 1,279 |  |  | $ | 1,265 |
Reconciliation to Total Revenues of Reportable Segments. The following disclosures only include information regarding revenues associated with consolidated entities; revenues from entities accounted for by the equity method are not included. The following tables present the reconciliation of our revenues from contracts with customers to total revenues of reportable segments and total revenues as disclosed in our Condensed Consolidated Statements of Operations (in millions):
Three Months Ended September 30, 2024 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 12,467 |  |  | $ | 318 |  |  | $ | 12,785 |
Other revenues |  | (23) |  |  | 70 |  |  | 47 |
Total revenues of reportable segments |  | $ | 12,444 |  |  | $ | 388 |  |  | $ | 12,832 |
Intersegment revenues elimination |  |  |  |  |  | (89) |
Total revenues |  |  |  |  |  | $ | 12,743 |
Three Months Ended September 30, 2023 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 11,957 |  |  | $ | 313 |  |  | $ | 12,270 |
Other revenues |  | (23) |  |  | (71) |  |  | (94) |
Total revenues of reportable segments |  | $ | 11,934 |  |  | $ | 242 |  |  | $ | 12,176 |
Intersegment revenues elimination |  |  |  |  |  | (105) |
Total revenues |  |  |  |  |  | $ | 12,071 |
Nine Months Ended September 30, 2024 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 36,761 |  |  | $ | 1,279 |  |  | $ | 38,040 |
Other revenues |  | — |  |  | (90) |  |  | (90) |
Total revenues of reportable segments |  | $ | 36,761 |  |  | $ | 1,189 |  |  | $ | 37,950 |
Intersegment revenues elimination |  |  |  |  |  | (279) |
Total revenues |  |  |  |  |  | $ | 37,671 |
Nine Months Ended September 30, 2023 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 34,966 |  |  | $ | 1,265 |  |  | $ | 36,231 |
Other revenues |  | 22 |  |  | 47 |  |  | 69 |
Total revenues of reportable segments |  | $ | 34,988 |  |  | $ | 1,312 |  |  | $ | 36,300 |
Intersegment revenues elimination |  |  |  |  |  | (286) |
Total revenues |  |  |  |  |  | $ | 36,014 |
Minimum Volume Commitments. We have certain agreements that require counterparties to transport or throughput a minimum volume over an agreed upon period. The following table presents counterparty deficiencies associated with contracts with customers and buy/sell arrangements that include minimum volume commitments for which we had remaining performance obligations and the customers still had the ability to meet their obligations (in millions):
Counterparty Deficiencies |  | Financial Statement Classification |  | September 30, 2024 |  | December 31, 2023
Billed and collected |  | Other current liabilities |  | $ | 68 |  |  | $ | 77 |
Contract Balances. Our contract balances consist of amounts received associated with services or sales for which we have not yet completed the related performance obligation. The following table presents the changes in the liability balance associated with contracts with customers (in millions):
|  | Contract Liabilities
Balance at December 31, 2023 |  | $ | 228 |
Amounts recognized as revenue |  | (37) |
Additions |  | 36 |
Other |  | (5) |
Balance at September 30, 2024 |  | $ | 222 |
Remaining Performance Obligations. The information below includes the amount of consideration allocated to partially and wholly unsatisfied remaining performance obligations under contracts that existed as of the end of the periods and the timing of revenue recognition of those remaining performance obligations. Certain contracts meet the requirements for the presentation as remaining performance obligations. These contracts include a fixed minimum level of service, typically a set volume of service, and do not contain any variability other than expected timing within a limited range. The following table presents the amount of consideration associated with remaining performance obligations for the population of contracts with external customers meeting the presentation requirements as of September 30, 2024 (in millions):
| Remainder of 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1) | $ | 98 |  |  | $ | 400 |  |  | $ | 267 |  |  | $ | 225 |  |  | $ | 181 |  |  | $ | 245 |
Terminalling, storage and other agreement revenues | 66 |  |  | 239 |  |  | 194 |  |  | 175 |  |  | 142 |  |  | 801 |
Total | $ | 164 |  |  | $ | 639 |  |  | $ | 461 |  |  | $ | 400 |  |  | $ | 323 |  |  | $ | 1,046 |
(1)Calculated as volumes committed under contracts multiplied by the current applicable tariff rate. The presentation above does not include (i) expected revenues from legacy shippers not underpinned by minimum volume commitments, including pipelines where there are no or limited alternative pipeline transportation options, (ii) intersegment revenues and (iii) the amount of consideration associated with certain income generating contracts, which include a fixed minimum level of service, that are either not within the scope of ASC 606 or do not meet the requirements for presentation as remaining performance obligations. The following are examples of contracts that are not included in the table above because they are not within the scope of ASC 606 or do not meet the requirements for presentation: •Minimum volume commitments on certain of our joint venture pipeline systems; •Acreage dedications; •Buy/sell arrangements with future committed volumes; •Short-term contracts and those with variable consideration, due to the election of practical expedients; •Contracts within the scope of ASC Topic 842, Leases; and •Contracts within the scope of ASC Topic 815, Derivatives and Hedging. Trade Accounts Receivable and Other Receivables, Net At September 30, 2024 and December 31, 2023, substantially all of our trade accounts receivable were less than 30 days past their invoice date. Our expected credit losses are immaterial. Although we consider our credit procedures to be adequate to mitigate any significant credit losses, the actual amount of current and future credit losses could vary significantly from estimated amounts. The following is a reconciliation of trade accounts receivable from revenues from contracts with customers to total Trade accounts receivable and other receivables, net as presented on our Condensed Consolidated Balance Sheets (in millions):
| September 30, 2024 |  | December 31, 2023
Trade accounts receivable arising from revenues from contracts with customers | $ | 4,043 |  |  | $ | 3,999 |
Other trade accounts receivables and other receivables (1) | 7,740 |  |  | 7,535 |
Impact due to contractual rights of offset with counterparties | (7,831) |  |  | (7,774) |
Trade accounts receivable and other receivables, net | $ | 3,952 |  |  | $ | 3,760 |
(1)The balance is comprised primarily of accounts receivable associated with buy/sell arrangements that are not within the scope of ASC 606.

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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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