Revenues (Tables)

6 Months Ended

Jun. 30, 2022

Revenues [Abstract]

Revenues by Business Segment and Revenue Type

We classify our revenues into sales of products and midstream services.  Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling).  The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
NGL Pipelines & Services:
Sales of NGLs and related products	$	5,580	$	2,976	$	10,620	$	5,982
Segment midstream services:
Natural gas processing and fractionation		463		252		803		435
Transportation		229		235		458		510
Storage and terminals		108		124		253		244
Total segment midstream services		800		611		1,514		1,189
Total NGL Pipelines & Services		6,380		3,587		12,134		7,171
Crude Oil Pipelines & Services:
Sales of crude oil		5,031		2,139		8,747		3,978
Segment midstream services:
Transportation		249		250		488		459
Storage and terminals		105		115		222		232
Total segment midstream services		354		365		710		691
Total Crude Oil Pipelines & Services		5,385		2,504		9,457		4,669
Natural Gas Pipelines & Services:
Sales of natural gas		1,359		476		2,239		1,811
Segment midstream services:
Transportation		302		233		571		485
Total segment midstream services		302		233		571		485
Total Natural Gas Pipelines & Services		1,661		709		2,810		2,296
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		2,370		2,386		4,124		3,985
Segment midstream services:
Fractionation and isomerization		47		80		116		133
Transportation, including marine logistics		139		124		277		241
Storage and terminals		78		60		150		110
Total segment midstream services		264		264		543		484
Total Petrochemical & Refined Products Services		2,634		2,650		4,667		4,469
Total consolidated revenues	$	16,060	$	9,450	$	29,068	$	18,605

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at June 30, 2022:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	113
Total		$	113

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	172
Deferred revenue (noncurrent)	Other long-term liabilities		273
Total		$	445

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the six months ended June 30, 2022:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2021	$	15		$	446
Amount included in opening balance transferred to other accounts during period (1)		(4	)		(151	)
Amount recorded during period (2)		120			492
Amounts recorded during period transferred to other accounts (1)		(18	)		(337	)
Other changes		–			(5	)
Balance at June 30, 2022	$	113		$	445

(1)	Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer.  Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
(2)	Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period.  Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.

Remaining Performance Obligations

The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year.  These amounts represent the revenues we expect to recognize in future periods from these contracts as of June 30, 2022.

Period	Fixed Consideration
Six Months Ended December 31, 2022	$	1,850
One Year Ended December 31, 2023		3,317
One Year Ended December 31, 2024		3,072
One Year Ended December 31, 2025		2,677
One Year Ended December 31, 2026		2,491
Thereafter  –		10,151
Total	$	23,558