Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Disaggregation of Revenue [Table Text Block]

The following table presents our revenue disaggregated by major service line:


	Regulated Interstate Transportation & Storage		Gulf of Mexico Midstream & Storage		Northeast Midstream		West Midstream		Gas & NGL Marketing Services		Other		Eliminations		Total
	(Millions)
Three Months Ended June 30, 2024
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	846	$	—	$	—	$	—	$	—	$	—	$	(20)	$	826
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		158		431		401		—		—		(37)		953
Commodity consideration	—		5		(5)		18		—		—		—		18
Other	5		6		23		5		—		—		(4)		35
Total service revenues	851		169		449		424		—		—		(61)		1,832
Product sales	22		19		23		191		922		86		(248)		1,015
Total revenues from contracts with customers	873		188		472		615		922		86		(309)		2,847
Other revenues (1)	5		3		11		6		337		2		(1)		363
Other adjustments (2)	—		—		—		—		(968)		—		94		(874)
Total revenues	$	878	$	191	$	483	$	621	$	291	$	88	$	(216)	$	2,336

Three Months Ended June 30, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	826	$	—	$	—	$	—	$	—	$	—	$	(12)	$	814
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		109		462		351		—		—		(45)		877
Commodity consideration	—		6		(3)		24		—		—		—		27
Other	5		6		20		4		—		—		(4)		31
Total service revenues	831		121		479		379		—		—		(61)		1,749
Product sales	57		24		28		85		957		83		(188)		1,046
Total revenues from contracts with customers	888		145		507		464		957		83		(249)		2,795
Other revenues (1)	8		3		7		36		627		8		—		689
Other adjustments (2)	—		—		—		—		(1,079)		—		78		(1,001)
Total revenues	$	896	$	148	$	514	$	500	$	505	$	91	$	(171)	$	2,483


	Regulated Interstate Transportation & Storage		Gulf of Mexico Midstream & Storage		Northeast Midstream		West Midstream		Gas & NGL Marketing Services		Other		Eliminations		Total
	(Millions)
Six Months Ended June 30, 2024
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	1,726	$	—	$	—	$	—	$	—	$	—	$	(41)	$	1,685
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		303		875		831		—		—		(75)		1,934
Commodity consideration	—		14		—		34		—		—		—		48
Other	9		15		47		11		—		—		(9)		73
Total service revenues	1,735		332		922		876		—		—		(125)		3,740
Product sales	47		56		48		439		2,228		194		(566)		2,446
Total revenues from contracts with customers	1,782		388		970		1,315		2,228		194		(691)		6,186
Other revenues (1)	13		6		22		7		1,170		14		(1)		1,231
Other adjustments (2)	—		—		—		—		(2,537)		—		227		(2,310)
Total revenues	$	1,795	$	394	$	992	$	1,322	$	861	$	208	$	(465)	$	5,107

Six Months Ended June 30, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	1,639	$	—	$	—	$	—	$	—	$	—	$	(23)	$	1,616
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		213		884		702		—		—		(89)		1,710
Commodity consideration	—		18		3		42		—		—		—		63
Other	9		8		45		6		1		—		(8)		61
Total service revenues	1,648		239		932		750		1		—		(120)		3,450
Product sales	79		60		77		175		2,330		185		(442)		2,464
Total revenues from contracts with customers	1,727		299		1,009		925		2,331		185		(562)		5,914
Other revenues (1)	21		7		14		78		2,543		23		—		2,686
Other adjustments (2)	—		—		—		—		(3,238)		—		202		(3,036)
Total revenues	$	1,748	$	306	$	1,023	$	1,003	$	1,636	$	208	$	(360)	$	5,564

______________________________

(1)Revenues not derived from contracts with customers primarily consist of physical product sales related to commodity derivative contracts, realized and unrealized gains and losses associated with our commodity derivative contracts, which are reported in Net gain (loss) from commodity derivatives in our Consolidated Statement of Income, management fees that we receive for certain services we provide to operated equity-method investments, and leasing revenues associated with our headquarters building.

(2)Other adjustments reflect certain costs of Gas & NGL Marketing Services’ risk management activities. As we are acting as agent for natural gas marketing customers or engage in energy trading activities, the resulting revenues are presented net of the related costs of those activities in our Consolidated Statement of Income.

Contract with Customer, Asset and Liability [Table Text Block]

Contract Assets

The following table presents a reconciliation of our contract assets:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(Millions)
Balance at beginning of period	$	50	$	42	$	36	$	29
Revenue recognized in excess of amounts invoiced	40		45		81		88
Minimum volume commitments invoiced	(23)		(31)		(50)		(61)
Balance at end of period	$	67	$	56	$	67	$	56

Contract Liabilities

The following table presents a reconciliation of our contract liabilities:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(Millions)
Balance at beginning of period	$	1,053	$	1,010	$	1,081	$	1,043
Payments received and deferred	75		95		117		124
Significant financing component	2		2		4		4
Contract liability acquired (disposed) – net	—		—		—		5
Recognized in revenue	(66)		(68)		(138)		(137)
Balance at end of period	$	1,064	$	1,039	$	1,064	$	1,039

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

The following table presents the amount of the contract liabilities balance expected to be recognized as revenue when performance obligations are satisfied and the transaction price allocated to the remaining performance obligations under certain contracts as of June 30, 2024.


	Contract Liabilities		Remaining Performance Obligations
	(Millions)
2024 (six months)	$	108	$	2,007
2025 (one year)	165		3,815
2026 (one year)	136		3,562
2027 (one year)	128		3,070
2028 (one year)	114		2,496
Thereafter	413		13,919
Total	$	1,064	$	28,869

Contract With Customer Accounts Receivable

The following is a summary of our Trade accounts and other receivables:


	June 30, 2024		December 31, 2023
	(Millions)
Accounts receivable related to revenues from contracts with customers	$	1,122	$	1,292
Receivables from derivatives	205		311
Other accounts receivable	71		52
Trade accounts and other receivables	$	1,398	$	1,655