v3.26.3
Revenues
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues
Note 9. Revenues
We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
2026202520262025
NGL Pipelines & Services:
Sales of NGLs and related products$5,154 $2,736 $12,898 $10,110 
Segment midstream services:
Natural gas processing and fractionation390 341 1,125 989 
Transportation306 314 918 934 
Storage and terminals95 74 270 238 
Total segment midstream services791 729 2,313 2,161 
Total NGL Pipelines & Services5,945 3,465 15,211 12,271 
Crude Oil Pipelines & Services:
Sales of crude oil6,317 5,087 20,374 14,391 
Segment midstream services:
Transportation194 202 550 586 
Storage and terminals120 107 345 323 
Total segment midstream services314 309 895 909 
Total Crude Oil Pipelines & Services6,631 5,396 21,269 15,300 
Natural Gas Pipelines & Services:
Sales of natural gas665 476 1,462 1,893 
Segment midstream services:
Transportation523 456 1,492 1,331 
Total segment midstream services523 456 1,492 1,331 
Total Natural Gas Pipelines & Services1,188 932 2,954 3,224 
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products3,856 1,919 10,149 7,020 
Segment midstream services:
Fractionation and isomerization75 70 248 257 
Transportation, including marine logistics173 156 518 488 
Storage and terminals80 85 254 243 
Total segment midstream services328 311 1,020 988 
Total Petrochemical & Refined Products Services4,184 2,230 11,169 8,008 
Total consolidated revenues$17,948 $12,023 $50,603 $38,803 
Substantially all of our revenues are derived from contracts with customers as defined within Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
Unbilled Revenue and Deferred Revenue
The following tables provide information regarding our contract assets and contract liabilities at September 30, 2026:
Contract AssetLocationBalance
Unbilled revenue (current amount)Prepaid and other current assets$9 
Total$9 
Contract LiabilityLocationBalance
Deferred revenue (current amount)Other current liabilities$168 
Deferred revenue (noncurrent)Other long-term liabilities366 
Total$534 
The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 30, 2026:
Unbilled
Revenue		Deferred
Revenue
Balance at December 31, 2025$6 $418 
Amount included in opening balance transferred to other accounts during period (1)(6)(138)
Amount recorded during period (2)75 761 
Amounts recorded during period transferred to other accounts (1)(66)(508)
Other changes– 1 
Balance at September 30, 2026$9 $534 
(1)Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
(2)Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.
Remaining Performance Obligations
The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year. These amounts represent the revenues we expect to recognize in future periods from these contracts as of September 30, 2026.
PeriodFixed
Consideration
Three months ended December 31, 2026
$1,178 
One year ended December 31, 2027
4,663 
One year ended December 31, 2028
4,139 
One year ended December 31, 2029
3,289 
One year ended December 31, 2030
2,507 
Thereafter10,039 
Total$25,815