Revenues

6 Months Ended

Jun. 30, 2023

Revenues [Abstract]

Revenues

Note 9.  Revenues

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,
	2023		2022		2023		2022
NGL Pipelines & Services:
Sales of NGLs and related products	$	3,040	$	5,580	$	7,304	$	10,620
Segment midstream services:
Natural gas processing and fractionation		300		463		600		803
Transportation		246		229		512		458
Storage and terminals		103		108		202		253
Total segment midstream services		649		800		1,314		1,514
Total NGL Pipelines & Services		3,689		6,380		8,618		12,134
Crude Oil Pipelines & Services:
Sales of crude oil		4,005		5,031		7,931		8,747
Segment midstream services:
Transportation		200		249		355		488
Storage and terminals		99		105		199		222
Total segment midstream services		299		354		554		710
Total Crude Oil Pipelines & Services		4,304		5,385		8,485		9,457
Natural Gas Pipelines & Services:
Sales of natural gas		445		1,359		1,291		2,239
Segment midstream services:
Transportation		330		302		699		571
Total segment midstream services		330		302		699		571
Total Natural Gas Pipelines & Services		775		1,661		1,990		2,810
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		1,591		2,370		3,405		4,124
Segment midstream services:
Fractionation and isomerization		51		47		114		116
Transportation, including marine logistics		155		139		315		277
Storage and terminals		86		78		168		150
Total segment midstream services		292		264		597		543
Total Petrochemical & Refined Products Services		1,883		2,634		4,002		4,667
Total consolidated revenues	$	10,651	$	16,060	$	23,095	$	29,068

Substantially all of our revenues are derived from contracts with customers as defined within Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at June 30, 2023:

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	$	154
Deferred revenue (noncurrent)	Other long-term liabilities		307
Total		$	461

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the six months ended June 30, 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	)		(195	)
Amount recorded during period (2)		36			472
Amounts recorded during period transferred to other accounts (1)		(32	)		(305	)
Other changes		–			(12	)
Balance at June 30, 2023	$	4		$	461

(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, 2023.

Period	Fixed Consideration
Six Months Ended December 31, 2023	$	1,998
One Year Ended December 31, 2024		3,607
One Year Ended December 31, 2025		3,158
One Year Ended December 31, 2026		2,928
One Year Ended December 31, 2027		2,716
Thereafter  –		10,632
Total	$	25,039