v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following tables represent a disaggregation of revenue for each reportable segment for the three months ended March 31, 2026 and March 31, 2025:
Three Months Ended March 31, 2026
(In millions)
Crude Oil and Products Logistics
Natural Gas and NGL Services
Total
Revenues and other income:
Service revenue$91 $620 $711 
Service revenue - related parties1,084 6 1,090 
Service revenue - product related— 4 4 
Product sales1 475 476 
Product sales - related parties3 65 68 
Total revenues from contracts with customers$1,179 $1,170 2,349 
Non-ASC 606 revenue and other income(1)
689 
Total revenues and other income$3,038 
Three Months Ended March 31, 2025
(In millions)
Crude Oil and Products Logistics
Natural Gas and NGL Services
Total
Revenues and other income:
Service revenue$103 $604 $707 
Service revenue - related parties1,059 7 1,066 
Service revenue - product related— 99 99 
Product sales1 512 513 
Product sales - related parties3 72 75 
Total revenues from contracts with customers$1,166 $1,294 2,460 
Non-ASC 606 revenue and other income(1)
664 
Total revenues and other income$3,124 
(1)    Non-ASC 606 Revenue includes rental income, sales-type lease revenue, income from equity method investments, and other income.
Contract Balances
The tables below reflect the changes in ASC 606 contract balances for the three months ended March 31, 2026 and March 31, 2025:
(In millions)Balance at December 31, 2025Additions/ (Deletions)
Revenue Recognized(1)
Balance at March 31, 2026
Contract assets$15 $2 $— $17 
Long-term contract assets4 — — 4 
Deferred revenue13 9 (6)16 
Deferred revenue - related parties66 15 (21)60 
Long-term deferred revenue117 (4)— 113 
Long-term deferred revenue - related parties45 (3)— 42 
(In millions)Balance at December 31, 2024Additions/ (Deletions)
Revenue Recognized(1)
Balance at March 31, 2025
Contract assets$2 $1 $— $3 
Deferred revenue84 5 (18)71 
Deferred revenue - related parties71 21 (22)70 
Long-term deferred revenue315 — — 315 
Long-term deferred revenue - related parties44 (3)— 41 
(1)    No significant revenue was recognized related to past performance obligations in the period presented.    
Remaining Performance Obligations
The table below includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2026. The amounts presented below are generally limited to fixed consideration from contracts with customers that contain minimum volume commitments.
A significant portion of our future contracted revenue is excluded from the amounts presented below in accordance with ASC 606. Variable consideration that is constrained or not required to be estimated as it reflects our efforts to perform is excluded from this disclosure. Additionally, we do not disclose information on the future performance obligations for any contract with an original expected duration of one year or less, or that are terminable by our customer with little or no termination penalties. Potential future performance obligations related to renewals that have not yet been exercised or are not certain of exercise are
excluded from the amounts presented below. Revenues classified as Rental income and Sales-type lease revenue are also excluded from this table.
(In billions)
2026$1.5 
20271.9 
20280.7 
20290.3 
20300.2 
2031 and thereafter0.7 
Total estimated revenue on remaining performance obligations$5.3 
As of March 31, 2026, unsatisfied performance obligations included in the Consolidated Balance Sheets are $231 million and will be recognized as revenue as the obligations are satisfied, which is generally expected to occur over the next 20 years. A portion of this amount is not disclosed in the table above as it is deemed variable consideration due to volume variability.