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Revenues and Accounts Receivable (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Crude Oil segment revenues from contracts with customers |  |  |  |  |  |  |
Sales | $ | 10,228 |  |  | $ | 12,327 |  |  | $ | 21,236 |  |  | $ | 23,513 |
Transportation | 340 |  |  | 295 |  |  | 652 |  |  | 595 |
Terminalling, Storage and Other | 87 |  |  | 95 |  |  | 175 |  |  | 187 |
Total Crude Oil segment revenues from contracts with customers | $ | 10,655 |  |  | $ | 12,717 |  |  | $ | 22,063 |  |  | $ | 24,295 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
NGL segment revenues from contracts with customers |  |  |  |  |  |  |
Sales | $ | 24 |  |  | $ | 23 |  |  | $ | 66 |  |  | $ | 84 |
Terminalling, Storage and Other | 2 |  |  | 2 |  |  | 1 |  |  | 2 |
Total NGL segment revenues from contracts with customers | $ | 26 |  |  | $ | 25 |  |  | $ | 67 |  |  | $ | 86 |
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 June 30, 2025 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 10,655 |  |  | $ | 26 |  |  | $ | 10,681 |
Other revenues |  | (33) |  |  | — |  |  | (33) |
Total revenues of reportable segments |  | $ | 10,622 |  |  | $ | 26 |  |  | $ | 10,648 |
Intersegment revenues elimination |  |  |  |  |  | (6) |
Total revenues |  |  |  |  |  | $ | 10,642 |
Three Months Ended June 30, 2024 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 12,717 |  |  | $ | 25 |  |  | $ | 12,742 |
Other revenues |  | 18 |  |  | — |  |  | 18 |
Total revenues of reportable segments |  | $ | 12,735 |  |  | $ | 25 |  |  | $ | 12,760 |
Intersegment revenues elimination |  |  |  |  |  | (3) |
Total revenues |  |  |  |  |  | $ | 12,757 |
Six Months Ended June 30, 2025 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 22,063 |  |  | $ | 67 |  |  | $ | 22,130 |
Other revenues |  | (2) |  |  | — |  |  | (2) |
Total revenues of reportable segments |  | $ | 22,061 |  |  | $ | 67 |  |  | $ | 22,128 |
Intersegment revenues elimination |  |  |  |  |  | (9) |
Total revenues |  |  |  |  |  | $ | 22,119 |
Six Months Ended June 30, 2024 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 24,295 |  |  | $ | 86 |  |  | $ | 24,381 |
Other revenues |  | 22 |  |  | — |  |  | 22 |
Total revenues of reportable segments |  | $ | 24,317 |  |  | $ | 86 |  |  | $ | 24,403 |
Intersegment revenues elimination |  |  |  |  |  | (7) |
Total revenues |  |  |  |  |  | $ | 24,396 |
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 |  | June 30, 2025 |  | December 31, 2024
Billed and collected |  | Other current liabilities |  | $ | 68 |  |  | $ | 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 June 30, 2025 (in millions):
| Remainder of 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1) | $ | 174 |  |  | $ | 254 |  |  | $ | 213 |  |  | $ | 171 |  |  | $ | 96 |  |  | $ | 414 |
Terminalling, storage and other agreement revenues | 115 |  |  | 222 |  |  | 194 |  |  | 143 |  |  | 101 |  |  | 488 |
Total | $ | 289 |  |  | $ | 476 |  |  | $ | 407 |  |  | $ | 314 |  |  | $ | 197 |  |  | $ | 902 |
(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 |  | $ | 87 |
Amounts recognized as revenue |  | (24) |
Additions |  | 14 |
Balance at June 30, 2025 |  | $ | 77 |
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):
| June 30, 2025 |  | December 31, 2024
Trade accounts receivable arising from revenues from contracts with customers | $ | 3,792 |  |  | $ | 3,922 |
Other trade accounts receivable and other receivables (1) | 8,221 |  |  | 7,339 |
Impact due to contractual rights of offset with counterparties | (8,451) |  |  | (7,582) |
Trade accounts receivable and other receivables, net | $ | 3,562 |  |  | $ | 3,679 |
(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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