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Revenues and Accounts Receivable (Tables) | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | 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 March 31,
|  |  |  |  | 2025 |  | 2024
Crude Oil segment revenues from contracts with customers |  |  |  |  |  |  |
Sales |  |  |  |  | $ | 11,008 |  |  | $ | 11,185 |
Transportation |  |  |  |  | 312 |  |  | 300 |
Terminalling, Storage and Other |  |  |  |  | 88 |  |  | 92 |
Total Crude Oil segment revenues from contracts with customers |  |  |  |  | $ | 11,408 |  |  | $ | 11,577 |
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
NGL segment revenues from contracts with customers |  |  |  |  |  |  |
Sales |  |  |  |  | $ | 629 |  |  | $ | 600 |
Transportation |  |  |  |  | 9 |  |  | 10 |
Terminalling, Storage and Other |  |  |  |  | 20 |  |  | 21 |
Total NGL segment revenues from contracts with customers |  |  |  |  | $ | 658 |  |  | $ | 631 |
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 March 31, 2025 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 11,408 |  |  | $ | 658 |  |  | $ | 12,066 |
Other revenues |  | 31 |  |  | (20) |  |  | 11 |
Total revenues of reportable segments |  | $ | 11,439 |  |  | $ | 638 |  |  | $ | 12,077 |
Intersegment revenues elimination |  |  |  |  |  | (66) |
Total revenues |  |  |  |  |  | $ | 12,011 |
Three Months Ended March 31, 2024 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 11,577 |  |  | $ | 631 |  |  | $ | 12,208 |
Other revenues |  | 5 |  |  | (124) |  |  | (119) |
Total revenues of reportable segments |  | $ | 11,582 |  |  | $ | 507 |  |  | $ | 12,089 |
Intersegment revenues elimination |  |  |  |  |  | (94) |
Total revenues |  |  |  |  |  | $ | 11,995 |
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 Deficiencies |  | Financial Statement Classification |  | March 31, 2025 |  | December 31, 2024
Billed and collected |  | Other current liabilities |  | $ | 72 |  |  | $ | 83 |
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 March 31, 2025 (in millions):
| Remainder of 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1) | $ | 276 |  |  | $ | 258 |  |  | $ | 219 |  |  | $ | 174 |  |  | $ | 99 |  |  | $ | 487 |
Terminalling, storage and other agreement revenues | 196 |  |  | 231 |  |  | 198 |  |  | 157 |  |  | 122 |  |  | 751 |
Total | $ | 472 |  |  | $ | 489 |  |  | $ | 417 |  |  | $ | 331 |  |  | $ | 221 |  |  | $ | 1,238 |
(1)Calculated as volumes committed under contracts multiplied by the current applicable tariff rate.
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, 2024 |  | $ | 208 |
Amounts recognized as revenue |  | (20) |
Additions |  | 10 |
Other |  | (6) |
Balance at March 31, 2025 |  | $ | 192 |
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):
| March 31, 2025 |  | December 31, 2024
Trade accounts receivable arising from revenues from contracts with customers | $ | 3,905 |  |  | $ | 4,090 |
Other trade accounts receivables and other receivables (1) | 8,336 |  |  | 7,413 |
Impact due to contractual rights of offset with counterparties | (8,421) |  |  | (7,602) |
Trade accounts receivable and other receivables, net | $ | 3,820 |  |  | $ | 3,901 |
(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 Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 + Details
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