v3.25.1
Revenues and Accounts Receivable
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues and Accounts Receivable Revenues and Accounts Receivable
Revenue Recognition

We disaggregate our revenues by segment and type of activity. See Note 3 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for additional information regarding our types of revenues and policies for revenue recognition.

Revenues from Contracts with Customers. The following tables present our revenues from contracts with customers disaggregated by segment and type of activity (in millions):

Three Months Ended
March 31,
20252024
Crude Oil segment revenues from contracts with customers
Sales$11,008 $11,185 
Transportation312 300 
Terminalling, Storage and Other88 92 
Total Crude Oil segment revenues from contracts with customers$11,408 $11,577 

Three Months Ended
March 31,
20252024
NGL segment revenues from contracts with customers
Sales$629 $600 
Transportation9 10 
Terminalling, Storage and Other20 21 
Total NGL segment revenues from contracts with customers$658 $631 
Reconciliation to Total Revenues of Reportable Segments. The following disclosures only include information regarding revenues associated with consolidated entities; revenues from entities accounted for by the equity method are not included. 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 March 31, 2025Crude OilNGLTotal
Revenues from contracts with customers$11,408 $658 $12,066 
Other revenues
31 (20)11 
Total revenues of reportable segments$11,439 $638 $12,077 
Intersegment revenues elimination
(66)
Total revenues$12,011 
Three Months Ended March 31, 2024Crude OilNGLTotal
Revenues from contracts with customers$11,577 $631 $12,208 
Other revenues
5 (124)(119)
Total revenues of reportable segments$11,582 $507 $12,089 
Intersegment revenues elimination
(94)
Total revenues$11,995 

Minimum Volume Commitments. We have certain agreements that require counterparties to transport or throughput a minimum volume over an agreed upon period. 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 DeficienciesFinancial Statement ClassificationMarch 31,
2025		December 31,
2024
Billed and collectedOther current liabilities$72 $83 

Contract Balances. Our contract balances consist of amounts received associated with services or sales for which we have not yet completed the related performance obligation. The following table presents the changes in the liability balance associated with contracts with customers (in millions):

 Contract Liabilities
Balance at December 31, 2024$208 
Amounts recognized as revenue(20)
Additions10 
Other(6)
Balance at March 31, 2025$192 
Remaining Performance Obligations. The information below includes the amount of consideration allocated to partially and wholly unsatisfied remaining performance obligations under contracts that existed as of the end of the periods and the timing of revenue recognition of those remaining performance obligations. Certain contracts meet the requirements for the presentation as remaining performance obligations. These contracts include a fixed minimum level of service, typically a set volume of service, and do not contain any variability other than expected timing within a limited range. 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 March 31, 2025 (in millions):

Remainder of 2025
2026
2027
2028
2029
2030 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1)
$276 $258 $219 $174 $99 $487 
Terminalling, storage and other agreement revenues196 231 198 157 122 751 
Total$472 $489 $417 $331 $221 $1,238 
(1)Calculated as volumes committed under contracts multiplied by the current applicable tariff rate.

The presentation above does not include (i) expected revenues from legacy shippers not underpinned by minimum volume commitments, (ii) intersegment revenues and (iii) the amount of consideration associated with certain income generating contracts, which include a fixed minimum level of service, that are either not within the scope of ASC 606 or do not meet the requirements for presentation as remaining performance obligations. The following are examples of contracts that are not included in the table above because they are not within the scope of ASC 606 or do not meet the requirements for presentation:

•Minimum volume commitments on certain of our joint venture pipeline systems;
•Acreage dedications;
•Buy/sell arrangements with future committed volumes;
•Short-term contracts and those with variable consideration, due to the election of practical expedients;
•Contracts within the scope of ASC Topic 842, Leases; and
•Contracts within the scope of ASC Topic 815, Derivatives and Hedging.

Trade Accounts Receivable and Other Receivables, Net

At March 31, 2025 and December 31, 2024, substantially all of our trade accounts receivable were less than 30 days past their invoice date. Our expected credit losses are immaterial. Although we consider our credit procedures to be adequate to mitigate any significant credit losses, the actual amount of current and future credit losses could vary significantly from estimated amounts.

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):
March 31,
2025		December 31,
2024
Trade accounts receivable arising from revenues from contracts with customers
$3,905 $4,090 
Other trade accounts receivables and other receivables (1)
8,336 7,413 
Impact due to contractual rights of offset with counterparties(8,421)(7,602)
Trade accounts receivable and other receivables, net$3,820 $3,901 
(1)The balance is comprised primarily of accounts receivable associated with buy/sell arrangements that are not within the scope of ASC 606.