Revenues (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023		2022
NGL Pipelines & Services:
Sales of NGLs and related products	$	4,264	$	5,040
Segment midstream services:
Natural gas processing and fractionation		300		340
Transportation		266		229
Storage and terminals		99		145
Total segment midstream services		665		714
Total NGL Pipelines & Services		4,929		5,754
Crude Oil Pipelines & Services:
Sales of crude oil		3,926		3,716
Segment midstream services:
Transportation		155		239
Storage and terminals		100		117
Total segment midstream services		255		356
Total Crude Oil Pipelines & Services		4,181		4,072
Natural Gas Pipelines & Services:
Sales of natural gas		846		880
Segment midstream services:
Transportation		369		269
Total segment midstream services		369		269
Total Natural Gas Pipelines & Services		1,215		1,149
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		1,814		1,754
Segment midstream services:
Fractionation and isomerization		63		69
Transportation, including marine logistics		160		138
Storage and terminals		82		72
Total segment midstream services		305		279
Total Petrochemical & Refined Products Services		2,119		2,033
Total consolidated revenues	$	12,444	$	13,008

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at March 31, 2023:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	5
Total		$	5

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	161
Deferred revenue (noncurrent)	Other long-term liabilities		343
Total		$	504

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the three months ended March 31, 2023:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2022	$	6		$	501
Amount included in opening balance transferred to other accounts during period (1)		(6	)		(117	)
Amount recorded during period (2)		21			234
Amounts recorded during period transferred to other accounts (1)		(16	)		(104	)
Other changes		–			(10	)
Balance at March 31, 2023	$	5		$	504

(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 March 31, 2023.

Period	Fixed Consideration
Nine Months Ended December 31, 2023	$	2,786
One Year Ended December 31, 2024		3,496
One Year Ended December 31, 2025		3,027
One Year Ended December 31, 2026		2,802
One Year Ended December 31, 2027		2,595
Thereafter  –		10,143
Total	$	24,849