v3.25.1
Revenues and Accounts Receivable (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of 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
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 
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 
Schedule of 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 DeficienciesFinancial Statement ClassificationMarch 31,
2025		December 31,
2024
Billed and collectedOther current liabilities$72 $83 
Schedule of 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 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.
Schedule of 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, 2024$208 
Amounts recognized as revenue(20)
Additions10 
Other(6)
Balance at March 31, 2025$192 
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.