Disaggregation of revenue |
Revenues from Contracts with Customers. The following tables present our revenues from contracts with customers disaggregated by segment and type of activity (in millions):
| | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2022 | | 2021 | | 2020 | Crude Oil segment revenues from contracts with customers | | | | | | Sales | $ | 53,822 | | | $ | 39,635 | | | $ | 21,250 | | Transportation | 745 | | | 484 | | | 570 | | Terminalling, Storage and Other | 362 | | | 431 | | | 507 | | Total Crude Oil segment revenues from contracts with customers | $ | 54,929 | | | $ | 40,550 | | | $ | 22,327 | |
| | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2022 | | 2021 | | 2020 | NGL segment revenues from contracts with customers | | | | | | Sales | $ | 2,414 | | | $ | 2,292 | | | $ | 1,350 | | Transportation | 30 | | | 25 | | | 29 | | Terminalling, Storage and Other | 100 | | | 82 | | | 96 | | | | | | | | Total NGL segment revenues from contracts with customers | $ | 2,544 | | | $ | 2,399 | | | $ | 1,475 | |
The following tables present the reconciliation of our revenues from contracts with customers (as described above for each segment) to total revenues of reportable segments and total revenues as disclosed in our Consolidated Statements of Operations (in millions): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2022 | | Crude Oil | | NGL | | | | Total | Revenues from contracts with customers | | $ | 54,929 | | | $ | 2,544 | | | | | $ | 57,473 | | Other items in revenues | | 151 | | | 217 | | | | | 368 | | Total revenues of reportable segments | | $ | 55,080 | | | $ | 2,761 | | | | | $ | 57,841 | | Intersegment revenues elimination | | | | | | | | (499) | | Total revenues | | | | | | | | $ | 57,342 | |
| | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2021 | | Crude Oil | | NGL | | | | Total | Revenues from contracts with customers | | $ | 40,550 | | | $ | 2,399 | | | | | $ | 42,949 | | Other items in revenues | | (80) | | | (431) | | | | | (511) | | Total revenues of reportable segments | | $ | 40,470 | | | $ | 1,968 | | | | | $ | 42,438 | | Intersegment revenues elimination | | | | | | | | (360) | | Total revenues | | | | | | | | $ | 42,078 | |
| | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2020 | | Crude Oil | | NGL | | | | Total | Revenues from contracts with customers | | $ | 22,327 | | | $ | 1,475 | | | | | $ | 23,802 | | Other items in revenues | | (128) | | | (115) | | | | | (243) | | Total revenues of reportable segments | | $ | 22,199 | | | $ | 1,360 | | | | | $ | 23,559 | | Intersegment revenues elimination | | | | | | | | (269) | | Total revenues | | | | | | | | $ | 23,290 | |
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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):
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, | Counterparty Deficiencies | | Financial Statement Classification | | 2022 | | 2021 | Billed and collected | | Other current liabilities | | $ | 104 | | | $ | 63 | | Unbilled (1) | | N/A | | 1 | | | 16 | | Total | | | | $ | 105 | | | $ | 79 | |
(1)Amounts were related to deficiencies for which the counterparties had not met their contractual minimum commitments and are not reflected in our 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 changes in the liability balance associated with contracts with customers (in millions): | | | | | | | Contract Liabilities | Balance at December 31, 2020 | $ | 501 | | Amounts recognized as revenue (1) | (393) | | | | Additions | 33 | | | | Balance at December 31, 2021 | $ | 141 | | Amounts recognized as revenue | (26) | | Additions (2) | 145 | | Other | (31) | | Balance at December 31, 2022 | $ | 229 | |
(1)Includes approximately $361 million associated with crude oil sales agreements that were entered into in conjunction with storage arrangements and future inventory exchanges. Such amount was recognized as revenue in the first quarter of 2021. (2)Includes approximately $122 million associated with a gas processing agreement that was entered into in conjunction with the purchase of an additional ownership interest in certain straddle plants. Such amount is expected to be recognized as revenue over a 50-year term. See Note 7 for additional information. 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 Consolidated Balance Sheets (in millions): | | | | | | | | | | | | | December 31, | | 2022 | | 2021 | Trade accounts receivable arising from revenues from contracts with customers | $ | 4,141 | | | $ | 4,031 | | Other trade accounts receivables and other receivables (1) | 7,216 | | | 5,126 | | Impact due to contractual rights of offset with counterparties | (7,450) | | | (4,452) | | Trade accounts receivable and other receivables, net | $ | 3,907 | | | $ | 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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Remaining performance obligations |
The following table presents the amount of consideration associated with remaining performance obligations for the population of contracts with external customers meeting the presentation requirements as of December 31, 2022 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | 2024 | | 2025 | | 2026 | | 2027 | | 2028 and Thereafter | Pipeline revenues supported by minimum volume commitments and capacity agreements (1) | $ | 329 | | | $ | 337 | | | $ | 370 | | | $ | 130 | | | $ | 94 | | | $ | 228 | | Terminalling, storage and other agreement revenues | 254 | | | 195 | | | 121 | | | 94 | | | 84 | | | 704 | | Total | $ | 583 | | | $ | 532 | | | $ | 491 | | | $ | 224 | | | $ | 178 | | | $ | 932 | |
(1)Calculated as volumes committed under contracts multiplied by the current applicable tariff rate.
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