Revenues

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
NGL Pipelines & Services:
Sales of NGLs and related products	$	4,400	$	4,264
Segment midstream services:
Natural gas processing and fractionation		358		300
Transportation		279		266
Storage and terminals		103		99
Total segment midstream services		740		665
Total NGL Pipelines & Services		5,140		4,929
Crude Oil Pipelines & Services:
Sales of crude oil		5,122		3,926
Segment midstream services:
Transportation		193		155
Storage and terminals		100		100
Total segment midstream services		293		255
Total Crude Oil Pipelines & Services		5,415		4,181
Natural Gas Pipelines & Services:
Sales of natural gas		503		846
Segment midstream services:
Transportation		351		369
Total segment midstream services		351		369
Total Natural Gas Pipelines & Services		854		1,215
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		2,965		1,814
Segment midstream services:
Fractionation and isomerization		126		63
Transportation, including marine logistics		178		160
Storage and terminals		82		82
Total segment midstream services		386		305
Total Petrochemical & Refined Products Services		3,351		2,119
Total consolidated revenues	$	14,760	$	12,444

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 March 31, 2024:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	8
Total		$	8

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	156
Deferred revenue (noncurrent)	Other long-term liabilities		294
Total		$	450

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the three months ended March 31, 2024:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2023	$	11		$	519
Amount included in opening balance transferred to other accounts during period (1)		(10	)		(163	)
Amount recorded during period (2)		24			213
Amounts recorded during period transferred to other accounts (1)		(16	)		(115	)
Other changes		(1	)		(4	)
Balance at March 31, 2024	$	8		$	450

(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, 2024.

Period	Fixed Consideration
Nine Months Ended December 31, 2024	$	2,991
One Year Ended December 31, 2025		3,544
One Year Ended December 31, 2026		3,271
One Year Ended December 31, 2027		2,953
One Year Ended December 31, 2028		2,559
Thereafter Zero Year		9,957
Total	$	25,275