| Schedule of Disaggregation of Revenue |
Revenues from Contracts with Customers. The following tables present our revenues from contracts with customers disaggregated by segment and type of activity (in millions):
| | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | Crude Oil segment revenues from contracts with customers | | | | | | | Sales | $ | 42,408 | | | $ | 47,036 | | | $ | 45,621 | | | Transportation | 1,330 | | | 1,231 | | | 1,144 | | | Terminalling, Storage and Other | 349 | | | 384 | | | 381 | | | Total Crude Oil segment revenues from contracts with customers | $ | 44,087 | | | $ | 48,651 | | | $ | 47,146 | |
| | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | NGL segment revenues from contracts with customers | | | | | | | Sales | $ | 144 | | | $ | 180 | | | $ | 179 | | | | | | | | | Terminalling, Storage and Other | 6 | | | 7 | | | 7 | | | | | | | | | Total NGL segment revenues from contracts with customers | $ | 150 | | | $ | 187 | | | $ | 186 | |
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2025 | | Crude Oil | | NGL | | | | Total | | Revenues from contracts with customers | | $ | 44,087 | | | $ | 150 | | | | | $ | 44,237 | | Other revenues | | 44 | | | 1 | | | | | 45 | | | Total revenues of reportable segments | | $ | 44,131 | | | $ | 151 | | | | | $ | 44,282 | | | Intersegment revenues elimination | | | | | | | | (20) | | | Total revenues | | | | | | | | $ | 44,262 | |
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | Crude Oil | | NGL | | | | Total | | Revenues from contracts with customers | | $ | 48,651 | | | $ | 187 | | | | | $ | 48,838 | | Other revenues | | 69 | | | — | | | | | 69 | | | Total revenues of reportable segments | | $ | 48,720 | | | $ | 187 | | | | | $ | 48,907 | | | Intersegment revenues elimination | | | | | | | | (18) | | | Total revenues | | | | | | | | $ | 48,889 | |
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2023 | | Crude Oil | | NGL | | | | Total | | Revenues from contracts with customers | | $ | 47,146 | | | $ | 186 | | | | | $ | 47,332 | | Other revenues | | 28 | | | — | | | | | 28 | | | Total revenues of reportable segments | | $ | 47,174 | | | $ | 186 | | | | | $ | 47,360 | | | Intersegment revenues elimination | | | | | | | | (24) | | | Total revenues | | | | | | | | $ | 47,336 | |
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| 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):
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | Counterparty Deficiencies | | Financial Statement Classification | | 2025 | | 2024 | | Billed and collected | | Other current liabilities | | $ | 47 | | | $ | 83 | | | | | | | | | | | | | | | |
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| 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, 2023 | $ | 101 | | Amounts recognized as revenue | (36) | | | | Additions | 23 | | | Other | (1) | | | Balance at December 31, 2024 | $ | 87 | | | Amounts recognized as revenue | (42) | | | Additions | 42 | | | | | Balance at December 31, 2025 | $ | 87 | |
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 Consolidated Balance Sheets (in millions): | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | Trade accounts receivable arising from revenues from contracts with customers | $ | 3,639 | | | $ | 3,922 | | Other trade accounts receivables and other receivables (1) | 7,357 | | | 7,339 | | | Impact due to contractual rights of offset with counterparties | (7,398) | | | (7,582) | | | Trade accounts receivable and other receivables, net | $ | 3,598 | | | $ | 3,679 | |
(1)The balance is comprised primarily of accounts receivable associated with buy/sell arrangements that are not within the scope of ASC 606.
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| 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 December 31, 2025 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | 2031 and Thereafter | Pipeline revenues supported by minimum volume commitments and capacity agreements (1) | $ | 398 | | | $ | 330 | | | $ | 296 | | | $ | 210 | | | $ | 152 | | | $ | 835 | | Terminalling, storage and other agreement revenues | 241 | | | 211 | | | 153 | | | 109 | | | 72 | | | 423 | | | Total | $ | 639 | | | $ | 541 | | | $ | 449 | | | $ | 319 | | | $ | 224 | | | $ | 1,258 | |
(1)Calculated as volumes committed under contracts multiplied by the current applicable tariff rate.
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