Revenues (Tables)

9 Months Ended

Sep. 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 September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
NGL Pipelines & Services:
Sales of NGLs and related products	$	5,519	$	3,169	$	16,139	$	9,151
Segment midstream services:
Natural gas processing and fractionation		340		253		1,143		688
Transportation		250		235		708		745
Storage and terminals		128		159		381		403
Total segment midstream services		718		647		2,232		1,836
Total NGL Pipelines & Services		6,237		3,816		18,371		10,987
Crude Oil Pipelines & Services:
Sales of crude oil		4,455		2,890		13,202		6,868
Segment midstream services:
Transportation		162		233		650		692
Storage and terminals		107		112		329		344
Total segment midstream services		269		345		979		1,036
Total Crude Oil Pipelines & Services		4,724		3,235		14,181		7,904
Natural Gas Pipelines & Services:
Sales of natural gas		1,556		732		3,795		2,543
Segment midstream services:
Transportation		330		248		901		733
Total segment midstream services		330		248		901		733
Total Natural Gas Pipelines & Services		1,886		980		4,696		3,276
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		2,346		2,539		6,470		6,524
Segment midstream services:
Fractionation and isomerization		56		81		172		214
Transportation, including marine logistics		149		116		426		357
Storage and terminals		70		65		220		175
Total segment midstream services		275		262		818		746
Total Petrochemical & Refined Products Services		2,621		2,801		7,288		7,270
Total consolidated revenues	$	15,468	$	10,832	$	44,536	$	29,437

Unbilled Revenue and Deferred Revenue

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

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	4
Total		$	4

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	203
Deferred revenue (noncurrent)	Other long-term liabilities		294
Total		$	497

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 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)		(15	)		(166	)
Amount recorded during period (2)		137			723
Amounts recorded during period transferred to other accounts (1)		(133	)		(501	)
Other changes		–			(5	)
Balance at September 30, 2022	$	4		$	497

(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 September 30, 2022.

Period	Fixed Consideration
Three Months Ended December 31, 2022	$	940
One Year Ended December 31, 2023		3,452
One Year Ended December 31, 2024		3,272
One Year Ended December 31, 2025		2,866
One Year Ended December 31, 2026		2,666
Thereafter  –		12,178
Total	$	25,374