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Revenues and Accounts Receivable (Tables)
9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue 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,
2024202320242023
Crude Oil segment revenues from contracts with customers
Sales$12,046 $11,525 $35,560 $33,843 
Transportation321 333 915 839 
Terminalling, Storage and Other100 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,
2024202320242023
NGL segment revenues from contracts with customers
Sales$292 $283 $1,194 $1,168 
Transportation26 23 
Terminalling, Storage and Other18 23 59 74 
Total NGL segment revenues from contracts with customers$318 $313 $1,279 $1,265 
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, 2024Crude OilNGLTotal
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, 2023Crude OilNGLTotal
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, 2024Crude OilNGLTotal
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, 2023Crude OilNGLTotal
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 
Schedule of Contract with Customer, Counterparty Deficiencies 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 DeficienciesFinancial Statement ClassificationSeptember 30,
2024
December 31,
2023
Billed and collectedOther current liabilities$68 $77 
Schedule of Contracts with Customers, Change in Asset and Liability Balance 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)
Additions36 
Other(5)
Balance at September 30, 2024$222 
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.
Schedule of Remaining Performance Obligations 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 202420252026202720282029 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1)
$98 $400 $267 $225 $181 $245 
Terminalling, storage and other agreement revenues66 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.