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| Revenue | Note 13 — Revenue
Fixed consideration allocated to remaining performance obligations
The following table presents the estimated minimum revenue related to unsatisfied performance obligations at the end of the reporting period, and is comprised of fixed consideration primarily attributable to contracts with minimum volume commitments, for which a guaranteed amount of revenue can be calculated. These contracts are comprised primarily of gathering and processing, fractionation, export, terminaling and storage agreements, with remaining contract terms ranging from 1 to 16 years.
Based on the optional exemptions that we elected to apply, the amounts presented in the table above exclude remaining performance obligations for (i) variable consideration for which the allocation exception is met and (ii) contracts with an original expected duration of one year or less.
Deferred Revenue
Deferred revenue as of March 31, 2026 and December 31, 2025 was $142.8 million and $135.7 million, respectively. As of March 31, 2026, $22.0 million of deferred revenue is included in Accrued liabilities and $120.8 million is included in Other long-term liabilities on our Consolidated Balance Sheets. Deferred revenue includes contributions in aid of construction received from customers related to owned property, plant, and equipment for which revenue is recognized over the expected contract term. Deferred revenue also includes consideration received in 2015 and 2017 amendments to a gas gathering and processing agreement. The deferred revenue related to these amendments is being recognized through the end of the agreement’s term in 2035.
For the three months ended March 31, 2026 and 2025, we recognized revenue of $5.3 million and $5.1 million, respectively, from prior period deferral.
For disclosures related to disaggregated revenue, see “Note 16 – Segment Information.” |
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