Disaggregation of revenue |
The following tables present our revenues from contracts with customers disaggregated by segment and type of activity (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2022 | | 2021 | | 2022 | | 2021 | Crude Oil segment revenues from contracts with customers | | | | | | | | Sales | $ | 15,576 | | | $ | 9,623 | | | $ | 28,433 | | | $ | 17,349 | | Transportation | 175 | | | 113 | | | 330 | | | 203 | | Terminalling, Storage and Other | 90 | | | 116 | | | 180 | | | 246 | | Total Crude Oil segment revenues from contracts with customers | $ | 15,841 | | | $ | 9,852 | | | $ | 28,943 | | | $ | 17,798 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2022 | | 2021 | | 2022 | | 2021 | NGL segment revenues from contracts with customers | | | | | | | | Sales | $ | 499 | | | $ | 355 | | | $ | 1,344 | | | $ | 1,128 | | Transportation | 7 | | | 5 | | | 16 | | | 12 | | Terminalling, Storage and Other | 20 | | | 21 | | | 45 | | | 42 | | Total NGL segment revenues from contracts with customers | $ | 526 | | | $ | 381 | | | $ | 1,405 | | | $ | 1,182 | |
The following tables present the reconciliation of our revenues from contracts with customers to total revenues of reportable segments and total revenues as disclosed in our Condensed Consolidated Statements of Operations (in millions): | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2022 | | Crude Oil | | NGL | | Total | Revenues from contracts with customers | | $ | 15,841 | | | $ | 526 | | | $ | 16,367 | | Other items in revenues | | 99 | | | 44 | | | 143 | | Total revenues of reportable segments | | $ | 15,940 | | | $ | 570 | | | $ | 16,510 | | Intersegment revenue elimination | | | | | | (151) | | Total revenues | | | | | | $ | 16,359 | | | | | | | | | Three Months Ended June 30, 2021 | | Crude Oil | | NGL | | Total | Revenues from contracts with customers | | $ | 9,852 | | | $ | 381 | | | $ | 10,233 | | Other items in revenues | | (73) | | | (151) | | | (224) | | Total revenues of reportable segments | | $ | 9,779 | | | $ | 230 | | | $ | 10,009 | | Intersegment revenue elimination | | | | | | (79) | | Total revenues | | | | | | $ | 9,930 | | | | | | | | | Six Months Ended June 30, 2022 | | Crude Oil | | NGL | | Total | Revenues from contracts with customers | | $ | 28,943 | | | $ | 1,405 | | | $ | 30,348 | | Other items in revenues | | 76 | | | (101) | | | (25) | | Total revenues of reportable segments | | $ | 29,019 | | | $ | 1,304 | | | $ | 30,323 | | Intersegment revenues | | | | | | (270) | | Total revenues | | | | | | $ | 30,053 | | | | | | | | | Six Months Ended June 30, 2021 | | Crude Oil | | NGL | | Total | Revenues from contracts with customers | | $ | 17,798 | | | $ | 1,182 | | | $ | 18,980 | | Other items in revenues | | (166) | | | (313) | | | (479) | | Total revenues of reportable segments | | $ | 17,632 | | | $ | 869 | | | $ | 18,501 | | Intersegment revenues | | | | | | (188) | | Total revenues | | | | | | $ | 18,313 | |
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Contract with customer, counterparty deficiencies |
The following table presents counterparty deficiencies associated with contracts with customers and buy/sell arrangements that include minimum volume commitments for which we had remaining performance obligations and the customers still had the ability to meet their obligations (in millions): | | | | | | | | | | | | | | | | | | | | | Counterparty Deficiencies | | Financial Statement Classification | | June 30, 2022 | | December 31, 2021 | Billed and collected | | Liability | | $ | 65 | | | $ | 63 | | Unbilled (1) | | N/A | | 10 | | | 16 | | Total | | | | $ | 75 | | | $ | 79 | |
(1)Amounts were related to deficiencies for which the counterparties had not met their contractual minimum commitments and are not reflected in our Condensed Consolidated Financial Statements as we had not yet billed or collected such amounts.
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Contracts with customers, change in asset and liability balance |
The following table presents the change in the liability balance associated with contracts with customers (in millions): | | | | | | | | | | | Contract Liabilities | Balance at December 31, 2021 | | $ | 141 | | Amounts recognized as revenue | | (22) | | | | | Additions | | 19 | | | | | Balance at June 30, 2022 | | $ | 138 | |
The following is a reconciliation of trade accounts receivable from revenues from contracts with customers to total Trade accounts receivable and other receivables, net as presented on our Condensed Consolidated Balance Sheets (in millions): | | | | | | | | | | | | | June 30, 2022 | | December 31, 2021 | Trade accounts receivable arising from revenues from contracts with customers | $ | 5,279 | | | $ | 4,031 | | Other trade accounts receivables and other receivables (1) | 8,107 | | | 5,126 | | Impact due to contractual rights of offset with counterparties | (7,805) | | | (4,452) | | Trade accounts receivable and other receivables, net | $ | 5,581 | | | $ | 4,705 | |
(1)The balance is comprised primarily of accounts receivable associated with buy/sell arrangements that are not within the scope of ASC 606.
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