v3.26.1
Revenue Recognition (Notes)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
6. Revenue Recognition

Disaggregation of Revenues

The following tables present our revenues disaggregated by segment, revenue source, and type of revenue for each revenue source:
Three Months Ended June 30, 2026
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services
$1,078 $63 $224 $1 $(1)$1,365 
Fee-based services343 272 108 11 (2)732 
Total services1,421 335 332 12 (3)2,097 
Commodity sales
Natural gas sales799 — — 8 (1)806 
Product sales287 517 28 336 (6)1,162 
Other sales1 — — 31 1 33 
Total commodity sales1,087 517 28 375 (6)2,001 
Total revenues from contracts with customers2,508 852 360 387 (9)4,098 
Other revenues
Leasing services(b)112 43 198 13 — 366 
Derivatives adjustments on commodity sales24 — — (50)— (26)
Other27 7 — 5 — 39 
Total other revenues163 50 198 (32)— 379 
Total revenues$2,671 $902 $558 $355 $(9)$4,477 
Three Months Ended June 30, 2025
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services
$1,018 $47 $228 $1 $(1)$1,293 
Fee-based services281 278 99 10 (2)666 
Total services1,299 325 327 11 (3)1,959 
Commodity sales
Natural gas sales870 — — 11 (2)879 
Product sales211 305 16 210 (2)740 
Other sales7 — — 22 (1)28 
Total commodity sales1,088 305 16 243 (5)1,647 
Total revenues from contracts with customers2,387 630 343 254 (8)3,606 
Other revenues
Leasing services(b)113 55 190 18 — 376 
Derivatives adjustments on commodity sales9 — — 14 — 23 
Other27 6 — 4 — 37 
Total other revenues149 61 190 36 — 436 
Total revenues$2,536 $691 $533 $290 $(8)$4,042 

Six Months Ended June 30, 2026
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services
$2,225 $124 $477 $1 $(2)$2,825 
Fee-based services673 536 209 25 (4)1,439 
Total services2,898 660 686 26 (6)4,264 
Commodity sales
Natural gas sales2,236 — — 27 (3)2,260 
Product sales502 829 46 579 (8)1,948 
Other sales17 — — 60 — 77 
Total commodity sales2,755 829 46 666 (11)4,285 
Total revenues from contracts with customers5,653 1,489 732 692 (17)8,549 
Other revenues
Leasing services(b)222 87 391 30 — 730 
Derivatives adjustments on commodity sales36 (1)— (88)— (53)
Other56 14 — 9 — 79 
Total other revenues314 100 391 (49)— 756 
Total revenues$5,967 $1,589 $1,123 $643 $(17)$9,305 
Six Months Ended June 30, 2025
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services
$2,091 $100 $445 $1 $(2)$2,635 
Fee-based services582 535 200 20 (3)1,334 
Total services2,673 635 645 21 (5)3,969 
Commodity sales
Natural gas sales1,850 — — 27 (4)1,873 
Product sales473 606 32 453 (4)1,560 
Other sales14 — — 53 (1)66 
Total commodity sales2,337 606 32 533 (9)3,499 
Total revenues from contracts with customers5,010 1,241 677 554 (14)7,468 
Other revenues
Leasing services(b)
225 100 374 35 — 734 
Derivatives adjustments on commodity sales6 — — 4 — 10 
Other49 13 — 9 — 71 
Total other revenues280 113 374 48 — 815 
Total revenues$5,290 $1,354 $1,051 $602 $(14)$8,283 
(a)Differences between the revenue presentation on the consolidated statements of income and the disaggregated revenues by type above are primarily attributable to revenues reflected in the “Other revenues” category above.
(b)Our revenues from leasing services are comprised of operating leases whereby we convey the right to control the use of an identified asset to a customer, including tanks, treating facilities, marine vessels, and gas equipment and pipelines with separate control locations.

Contract Balances

As of June 30, 2026 and December 31, 2025, our contract asset balances were $34 million and $30 million, respectively, and our contract liability balances were $485 million and $459 million, respectively. Of the December 31, 2025 contract asset and liability balances, $16 million was transferred to accounts receivable and $83 million was recognized as revenue during the six months ended June 30, 2026, respectively.

In addition, we had a lease contract liability balance associated with prepaid fixed reservation charges relating to contracts expiring from 2035 to 2040, under a long-term terminal services contract totaling $503 million and $531 million as of June 30, 2026 and December 31, 2025, respectively.

Revenue Allocated to Remaining Performance Obligations

The following table presents our estimated revenue related to unsatisfied performance obligations representing fixed consideration primarily related to commodity sales or service contracts with take-or-pay or minimum volume commitments that we expect to recognize in future periods:
Remaining 202620272028 and thereafter
(In billions)
Estimated revenue as of June 30, 2026
$3 $5 $28 
Based on the practical expedient we elected to apply, the amounts presented in the table above exclude remaining performance obligations for variable consideration related to contracts with index-based pricing or variable volume attributes in which such variable consideration is allocated entirely to a wholly unsatisfied performance obligation.