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Revenues and Accounts Receivable (Tables) | 6 Months Ended
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Jun. 30, 2026
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 June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Crude Oil segment revenues from contracts with customers |  |  |  |  |  |  |
Sales | $ | 17,267 |  |  | $ | 10,228 |  |  | $ | 29,278 |  |  | $ | 21,236 |
Transportation | 358 |  |  | 340 |  |  | 696 |  |  | 652 |
Terminalling, Storage and Other | 102 |  |  | 87 |  |  | 197 |  |  | 175 |
Total Crude Oil segment revenues from contracts with customers | $ | 17,727 |  |  | $ | 10,655 |  |  | $ | 30,171 |  |  | $ | 22,063 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
NGL segment revenues from contracts with customers |  |  |  |  |  |  |
Sales | $ | 22 |  |  | $ | 24 |  |  | $ | 59 |  |  | $ | 66 |
Terminalling, Storage and Other | — |  |  | 2 |  |  | 2 |  |  | 1 |
Total NGL segment revenues from contracts with customers | $ | 22 |  |  | $ | 26 |  |  | $ | 61 |  |  | $ | 67 |
The following tables present the reconciliation of our revenues from contracts with customers (as described above for each segment) 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, 2026 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 17,727 |  |  | $ | 22 |  |  | $ | 17,749 |
Other revenues |  | 33 |  |  | — |  |  | 33 |
Total revenues of reportable segments |  | $ | 17,760 |  |  | $ | 22 |  |  | $ | 17,782 |
Intersegment revenues elimination |  |  |  |  |  | (89) |
Total revenues |  |  |  |  |  | $ | 17,693 |
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 |
Six Months Ended June 30, 2026 |  | Crude Oil |  | NGL |  | Total
Revenues from contracts with customers |  | $ | 30,171 |  |  | $ | 61 |  |  | $ | 30,232 |
Other revenues |  | 138 |  |  | — |  |  | 138 |
Total revenues of reportable segments |  | $ | 30,309 |  |  | $ | 61 |  |  | $ | 30,370 |
Intersegment revenues elimination |  |  |  |  |  | (208) |
Total revenues |  |  |  |  |  | $ | 30,162 |
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 |
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, 2026 |  | December 31, 2025
Billed and collected |  | Other current liabilities |  | $ | 16 |  |  | $ | 47 |
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, 2025 |  | $ | 87 |
Amounts recognized as revenue |  | (22) |
Additions |  | 4 |
Other (1) |  | (24) |
Balance at June 30, 2026 |  | $ | 45 |
(1)Amount represents a contract liability that was originally recognized under ASC 606. The underlying contract was subsequently renegotiated and ceased to meet the criteria in ASC 606 for a contract with a customer. 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, 2026 |  | December 31, 2025
Trade accounts receivable arising from revenues from contracts with customers | $ | 5,135 |  |  | $ | 3,639 |
Other trade accounts receivable and other receivables (1) | 11,077 |  |  | 7,357 |
Impact due to contractual rights of offset with counterparties | (10,945) |  |  | (7,398) |
Trade accounts receivable and other receivables, net | $ | 5,267 |  |  | $ | 3,598 |
(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 June 30, 2026 (in millions):
| Remainder of 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1) | $ | 208 |  |  | $ | 392 |  |  | $ | 342 |  |  | $ | 237 |  |  | $ | 154 |  |  | $ | 848 |
Terminalling, storage and other agreement revenues | 124 |  |  | 218 |  |  | 158 |  |  | 113 |  |  | 75 |  |  | 426 |
Total | $ | 332 |  |  | $ | 610 |  |  | $ | 500 |  |  | $ | 350 |  |  | $ | 229 |  |  | $ | 1,274 |
(1)Calculated as volumes committed under contracts multiplied by the current applicable tariff rate.

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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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