v3.26.1
Revenues and Accounts Receivable (Tables)
 6 Months Ended
Jun. 30, 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
June 30,		Six Months Ended
June 30,
2026202520262025
Crude Oil segment revenues from contracts with customers
Sales$17,267 $10,228 $29,278 $21,236 
Transportation358 340 696 652 
Terminalling, Storage and Other102 87 197 175 
Total Crude Oil segment revenues from contracts with customers$17,727 $10,655 $30,171 $22,063 

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
NGL segment revenues from contracts with customers
Sales$22 $24 $59 $66 
Terminalling, Storage and Other
— 2 2 1 
Total NGL segment revenues from contracts with customers$22 $26 $61 $67 
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 June 30, 2026Crude OilNGLTotal
Revenues from contracts with customers$17,727 $22 $17,749 
Other revenues33 — 33 
Total revenues of reportable segments$17,760 $22 $17,782 
Intersegment revenues elimination(89)
Total revenues$17,693 
Three Months Ended June 30, 2025Crude OilNGLTotal
Revenues from contracts with customers$10,655 $26 $10,681 
Other revenues(33)— (33)
Total revenues of reportable segments$10,622 $26 $10,648 
Intersegment revenues elimination(6)
Total revenues$10,642 
Six Months Ended June 30, 2026Crude OilNGLTotal
Revenues from contracts with customers$30,171 $61 $30,232 
Other revenues
138 — 138 
Total revenues of reportable segments$30,309 $61 $30,370 
Intersegment revenues elimination
(208)
Total revenues$30,162 
Six Months Ended June 30, 2025Crude OilNGLTotal
Revenues from contracts with customers$22,063 $67 $22,130 
Other revenues
(2)— (2)
Total revenues of reportable segments$22,061 $67 $22,128 
Intersegment revenues elimination
(9)
Total revenues$22,119 
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 ClassificationJune 30,
2026		December 31,
2025
Billed and collectedOther current liabilities$16 $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(22)
Additions4 
Other (1)
(24)
Balance at June 30, 2026$45 
(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):
June 30,
2026		December 31,
2025
Trade accounts receivable arising from revenues from contracts with customers
$5,135 $3,639 
Other trade accounts receivable and other receivables (1)
11,077 7,357 
Impact due to contractual rights of offset with counterparties(10,945)(7,398)
Trade accounts receivable and other receivables, net$5,267 $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 June 30, 2026 (in millions):
Remainder of 202620272028202920302031 and Thereafter
Pipeline revenues supported by minimum volume commitments and capacity agreements (1)
$208 $392 $342 $237 $154 $848 
Terminalling, storage and other agreement revenues124 218 158 113 75 426 
Total$332 $610 $500 $350 $229 $1,274 
(1)Calculated as volumes committed under contracts multiplied by the current applicable tariff rate.