v3.26.3
Revenue Recognition (Notes)
 9 Months Ended
Sep. 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 September 30, 2026
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services
$1,088 $68 $228 $— $(1)$1,383 
Fee-based services363 261 115 13 (2)750 
Total services1,451 329 343 13 (3)2,133 
Commodity sales
Natural gas sales993 — — 9 (3)999 
Product sales306 396 24 290 (1)1,015 
Other sales8 — — 32 (2)38 
Total commodity sales1,307 396 24 331 (6)2,052 
Total revenues from contracts with customers2,758 725 367 344 (9)4,185 
Other revenues
Leasing services(b)112 41 195 17 — 365 
Derivatives adjustments on commodity sales(2)— — (60)— (62)
Other31 6 — 6 — 43 
Total other revenues141 47 195 (37)— 346 
Total revenues$2,899 $772 $562 $307 $(9)$4,531 
Three Months Ended September 30, 2025
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services
$1,037 $51 $217 $— $(1)$1,304 
Fee-based services282 282 106 12 (1)681 
Total services1,319 333 323 12 (2)1,985 
Commodity sales
Natural gas sales952 — — 10 (2)960 
Product sales239 292 9 210 (2)748 
Other sales7 — — 24 (1)30 
Total commodity sales1,198 292 9 244 (5)1,738 
Total revenues from contracts with customers2,517 625 332 256 (7)3,723 
Other revenues
Leasing services(b)115 46 186 18 — 365 
Derivatives adjustments on commodity sales18 — — 5 — 23 
Other26 6 — 3 — 35 
Total other revenues159 52 186 26 — 423 
Total revenues$2,676 $677 $518 $282 $(7)$4,146 

Nine Months Ended September 30, 2026
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services
$3,313 $192 $705 $1 $(3)$4,208 
Fee-based services1,036 797 324 38 (6)2,189 
Total services4,349 989 1,029 39 (9)6,397 
Commodity sales
Natural gas sales3,229 — — 36 (6)3,259 
Product sales808 1,225 70 869 (9)2,963 
Other sales25 — — 92 (2)115 
Total commodity sales4,062 1,225 70 997 (17)6,337 
Total revenues from contracts with customers8,411 2,214 1,099 1,036 (26)12,734 
Other revenues
Leasing services(b)334 128 586 47 — 1,095 
Derivatives adjustments on commodity sales34 (1)— (148)— (115)
Other87 20 — 15 — 122 
Total other revenues455 147 586 (86)— 1,102 
Total revenues$8,866 $2,361 $1,685 $950 $(26)$13,836 
Nine Months Ended September 30, 2025
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services
$3,128 $151 $662 $1 $(3)$3,939 
Fee-based services864 817 306 32 (4)2,015 
Total services3,992 968 968 33 (7)5,954 
Commodity sales
Natural gas sales2,802 — — 37 (6)2,833 
Product sales712 898 41 663 (6)2,308 
Other sales21 — — 77 (2)96 
Total commodity sales3,535 898 41 777 (14)5,237 
Total revenues from contracts with customers7,527 1,866 1,009 810 (21)11,191 
Other revenues
Leasing services(b)
340 146 560 53 — 1,099 
Derivatives adjustments on commodity sales24 — — 9 — 33 
Other75 19 — 12 — 106 
Total other revenues439 165 560 74 — 1,238 
Total revenues$7,966 $2,031 $1,569 $884 $(21)$12,429 
(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 September 30, 2026 and December 31, 2025, our contract asset balances were $33 million and $30 million, respectively, and our contract liability balances were $488 million and $459 million, respectively. Of the December 31, 2025 contract asset and liability balances, $19 million was transferred to accounts receivable and $112 million was recognized as revenue during the nine months ended September 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 $489 million and $531 million as of September 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 September 30, 2026
$1 $5 $31 
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.