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Revenue Recognition
 6 Months Ended
Jun. 30, 2024
Revenue Recognition [Abstract]  
Revenue Recognition [Text Block]
Note 4 – Revenue Recognition
Revenue by Category
The following table presents our revenue disaggregated by major service line:
Regulated Interstate Transportation & Storage
Gulf of Mexico Midstream  & Storage
Northeast
Midstream		West MidstreamGas & NGL Marketing ServicesOtherEliminationsTotal
(Millions)
Three Months Ended June 30, 2024
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$846 $— $— $— $— $— $(20)$826 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration— 158 431 401 — — (37)953 
Commodity consideration— 5 (5)18 — — — 18 
Other5 6 23 5 — — (4)35 
Total service revenues851 169 449 424 — — (61)1,832 
Product sales22 19 23 191 922 86 (248)1,015 
Total revenues from contracts with customers873 188 472 615 922 86 (309)2,847 
Other revenues (1)5 3 11 6 337 2 (1)363 
Other adjustments (2)— — — — (968)— 94 (874)
Total revenues$878 $191 $483 $621 $291 $88 $(216)$2,336 
Three Months Ended June 30, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$826 $— $— $— $— $— $(12)$814 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration— 109 462 351 — — (45)877 
Commodity consideration— 6 (3)24 — — — 27 
Other5 6 20 4 — — (4)31 
Total service revenues831 121 479 379 — — (61)1,749 
Product sales57 24 28 85 957 83 (188)1,046 
Total revenues from contracts with customers888 145 507 464 957 83 (249)2,795 
Other revenues (1)8 3 7 36 627 8 — 689 
Other adjustments (2)— — — — (1,079)— 78 (1,001)
Total revenues$896 $148 $514 $500 $505 $91 $(171)$2,483 
Regulated Interstate Transportation & Storage
Gulf of Mexico Midstream  & Storage
Northeast
Midstream		West MidstreamGas & NGL Marketing ServicesOtherEliminationsTotal
(Millions)
Six Months Ended June 30, 2024
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$1,726 $— $— $— $— $— $(41)$1,685 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration— 303 875 831 — — (75)1,934 
Commodity consideration— 14 — 34 — — — 48 
Other9 15 47 11 — — (9)73 
Total service revenues1,735 332 922 876 — — (125)3,740 
Product sales47 56 48 439 2,228 194 (566)2,446 
Total revenues from contracts with customers1,782 388 970 1,315 2,228 194 (691)6,186 
Other revenues (1)13 6 22 7 1,170 14 (1)1,231 
Other adjustments (2)— — — — (2,537)— 227 (2,310)
Total revenues$1,795 $394 $992 $1,322 $861 $208 $(465)$5,107 
Six Months Ended June 30, 2023
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage$1,639 $— $— $— $— $— $(23)$1,616 
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration
— 213 884 702 — — (89)1,710 
Commodity consideration— 18 3 42 — — — 63 
Other
9 8 45 6 1 — (8)61 
Total service revenues1,648 239 932 750 1 — (120)3,450 
Product sales79 60 77 175 2,330 185 (442)2,464 
Total revenues from contracts with customers1,727 299 1,009 925 2,331 185 (562)5,914 
Other revenues (1)21 7 14 78 2,543 23 — 2,686 
Other adjustments (2)— — — — (3,238)— 202 (3,036)
Total revenues$1,748 $306 $1,023 $1,003 $1,636 $208 $(360)$5,564 
______________________________
(1)Revenues not derived from contracts with customers primarily consist of physical product sales related to commodity derivative contracts, realized and unrealized gains and losses associated with our commodity derivative contracts, which are reported in Net gain (loss) from commodity derivatives in our Consolidated Statement of Income, management fees that we receive for certain services we provide to operated equity-method investments, and leasing revenues associated with our headquarters building.
(2)Other adjustments reflect certain costs of Gas & NGL Marketing Services’ risk management activities. As we are acting as agent for natural gas marketing customers or engage in energy trading activities, the resulting revenues are presented net of the related costs of those activities in our Consolidated Statement of Income.
Contract Assets
The following table presents a reconciliation of our contract assets:
Three Months Ended  
June 30,		Six Months Ended  
June 30,
2024202320242023
(Millions)
Balance at beginning of period$50 $42 $36 $29 
Revenue recognized in excess of amounts invoiced40 45 81 88 
Minimum volume commitments invoiced(23)(31)(50)(61)
Balance at end of period$67 $56 $67 $56 
Contract Liabilities
The following table presents a reconciliation of our contract liabilities:
Three Months Ended  
June 30,		Six Months Ended  
June 30,
2024202320242023
(Millions)
Balance at beginning of period$1,053 $1,010 $1,081 $1,043 
Payments received and deferred75 95 117 124 
Significant financing component2 2 4 4 
Contract liability acquired (disposed) – net— — — 5 
Recognized in revenue(66)(68)(138)(137)
Balance at end of period$1,064 $1,039 $1,064 $1,039 
Remaining Performance Obligations
Remaining performance obligations primarily include reservation charges on contracted capacity for our gas pipeline firm transportation contracts with customers, storage capacity contracts, long-term contracts containing MVC associated with our midstream businesses, and fixed payments associated with offshore production handling. For our interstate natural gas pipeline businesses, remaining performance obligations reflect the rates for such services in our current FERC tariffs for the life of the related contracts; however, these rates may change based on future tariffs approved by the FERC and the amount and timing of these changes are not currently known.
Our remaining performance obligations exclude variable consideration, including contracts with variable consideration for which we have elected the practical expedient for consideration recognized in revenue as billed. Certain of our contracts contain evergreen and other renewal provisions for periods beyond the initial term of the contract. The remaining performance obligation amounts as of June 30, 2024, do not consider potential future performance obligations for which the renewal has not been exercised and exclude contracts with customers for which the underlying facilities have not received FERC authorization to be placed into service. Consideration received prior to June 30, 2024, that will be recognized in future periods is also excluded from our remaining performance obligations and is instead reflected in contract liabilities.
The following table presents the amount of the contract liabilities balance expected to be recognized as revenue when performance obligations are satisfied and the transaction price allocated to the remaining performance obligations under certain contracts as of June 30, 2024.
Contract LiabilitiesRemaining Performance Obligations
(Millions)
2024 (six months)
$108 $2,007 
2025 (one year)
165 3,815 
2026 (one year)
136 3,562 
2027 (one year)
128 3,070 
2028 (one year)
114 2,496 
Thereafter
413 13,919 
   Total$1,064 $28,869 
Accounts Receivable
The following is a summary of our Trade accounts and other receivables:
June 30, 2024December 31, 2023
(Millions)
Accounts receivable related to revenues from contracts with customers$1,122 $1,292 
Receivables from derivatives205 311 
Other accounts receivable71 52 
Trade accounts and other receivables
$1,398 $1,655