v3.26.1
Revenues and Accounts Receivable (Tables)
 3 Months Ended
Mar. 31, 2026
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,
20262025
Crude Oil segment revenues from contracts with customers
Sales$12,012 $11,008 
Transportation338 312 
Terminalling, Storage and Other94 88 
Total Crude Oil segment revenues from contracts with customers$12,444 $11,408 
Three Months Ended
March 31,
20262025
NGL segment revenues from contracts with customers
Sales$39 $41 
Terminalling, Storage and Other
2 — 
Total NGL segment revenues from contracts with customers$41 $41 
The following tables present the reconciliation of our revenues from contracts with customers (as described above for each segment) 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, 2026Crude OilNGLTotal
Revenues from contracts with customers$12,444 $41 $12,485 
Other revenues104 — 104 
Total revenues of reportable segments$12,548 $41 $12,589 
Intersegment revenues elimination(119)
Total revenues$12,470 
Three Months Ended March 31, 2025Crude OilNGLTotal
Revenues from contracts with customers$11,408 $41 $11,449 
Other revenues31 — 31 
Total revenues of reportable segments$11,439 $41 $11,480 
Intersegment revenues elimination(3)
Total revenues$11,477 
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,
2026		December 31,
2025
Billed and collectedOther current liabilities$23 $47 
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, 2025$87 
Amounts recognized as revenue(19)
Additions5 
Other (1)
(26)
Balance at March 31, 2026$47 
(1)Amount represents a contract liability that was originally recognized under ASC 606. The underlying contract was subsequently renegotiated and ceased to meet the criteria in ASC 606 for a contract with a customer.
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,
2026		December 31,
2025
Trade accounts receivable arising from revenues from contracts with customers
$5,408 $3,639 
Other trade accounts receivable and other receivables (1)
11,314 7,357 
Impact due to contractual rights of offset with counterparties(11,901)(7,398)
Trade accounts receivable and other receivables, net$4,821 $3,598 
(1)The balance is comprised primarily of accounts receivable associated with buy/sell arrangements that are not within the scope of ASC 606.
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, 2026 (in millions):
Remainder of 2026
2027
2028
2029
2030
2031 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1)
$296 $363 $326 $230 $152 $837 
Terminalling, storage and other agreement revenues185 216 156 112 75 426 
Total$481 $579 $482 $342 $227 $1,263 
(1)Calculated as volumes committed under contracts multiplied by the current applicable tariff rate.