Note 9 — Other Long-term Liabilities

Deferred Revenue

Deferred revenue as of December 31, 2024 and 2023 was $119.9 million and $248.8 million, respectively. Deferred revenue as of December 31, 2023 included $129.0 million in payments received from Vitol Americas Corp. (“Vitol”) (formerly known as Noble Americas Corp.), a subsidiary of Vitol US Holding Co., in 2016, 2017, and 2018 as part of an agreement (the “Splitter Agreement”) related to the construction and operation of a crude oil and condensate splitter. In December 2018, Vitol elected to terminate the Splitter Agreement. As a result of a legal ruling in April 2024, the $129.0 million in payments from Vitol were reclassified to Accrued liabilities on our Consolidated Balance Sheets during the first quarter of 2024. On April 26, 2024, we made a cash payment of $184.8 million which included cumulative interest on the award of $55.8 million to Vitol in satisfaction of the Texas state court judgment. See Note 17 - Contingencies for more information.

Deferred revenue includes contributions in aid of construction received from customers for which revenue is recognized over the expected contract term and contributions received for other construction activities of facilities connected to our systems. Deferred revenue also includes consideration received in 2015 and 2017 amendments to a gas gathering and processing agreement. The deferred revenue related to these amendments is being recognized through the end of the agreement’s term in 2035.

For the years ended December 31, 2024, 2023 and 2022, we recognized $19.6 million, $17.4 million and $7.5 million of revenue related to these transactions, respectively.

The following table shows the changes in deferred revenue:

Asset Retirement Obligations

Our AROs primarily relate to certain processing facilities, compressor stations and inactive pipelines. The changes in our ARO liability are as follows: