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Revenues and Accounts Receivable | 6 Months Ended
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Jun. 30, 2026
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. These categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. 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,
| 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 |
Sales Revenues. Revenues from sales of crude oil and NGL are recognized at the time title to the product sold transfers to the purchaser, which occurs upon delivery of the product to the purchaser or its designee. The consideration received under these contracts is variable based on commodity prices. Inventory exchanges under buy/sell transactions are excluded from sales revenues in our Condensed Consolidated Statements of Operations. Transportation Revenues. Transportation revenues include revenues from transporting crude oil on pipelines and trucks. Revenues from pipeline tariffs and fees are associated with the transportation of crude oil at a published tariff. We primarily recognize pipeline tariff and fee revenues over time as services are rendered, based on the volumes transported. As is common in the pipeline transportation industry, our tariffs incorporate a loss allowance factor. We recognize the allowance volumes collected as part of the transaction price and record this non-cash consideration at fair value, measured as of the contract inception date. Terminalling, Storage and Other Revenues. Revenues in this category include (i) fees that are generated when we receive liquids from one connecting source and deliver the applicable product to another connecting carrier, (ii) fees from storage capacity agreements, (iii) fees from loading and unloading services at our terminals and (iv) fees from natural gas and condensate processing services. We generate revenue through a combination of month-to-month and multi-year agreements and processing arrangements. Storage fees are typically recognized in revenue ratably over the term of the contract regardless of the actual storage capacity utilized as our performance obligation is to make available storage capacity for a period of time. Terminal fees (including throughput and loading/unloading fees) are recognized as the liquids enter or exit the terminal and are received from or delivered to the connecting carrier or third-party terminal, as applicable. We recognize loading and unloading fees when the volumes are delivered or received. 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 (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 |
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 |  | June 30, 2026 |  | December 31, 2025
Billed and collected |  | Other current liabilities |  | $ | 16 |  |  | $ | 47 |
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, 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. 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 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. The presentation above does not include (i) expected revenues from legacy shippers not underpinned by minimum volume commitments, (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 June 30, 2026 and December 31, 2025, 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):
| 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.

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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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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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