v3.26.1
Revenue Recognition (Notes)
 3 Months Ended
Mar. 31, 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 March 31, 2026
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services
$1,147 $61 $253 $— $(1)$1,460 
Fee-based services330 264 101 14 (2)707 
Total services1,477 325 354 14 (3)2,167 
Commodity sales
Natural gas sales1,437 — — 19 (2)1,454 
Product sales215 312 18 243 (2)786 
Other sales16 — — 29 (1)44 
Total commodity sales1,668 312 18 291 (5)2,284 
Total revenues from contracts with customers3,145 637 372 305 (8)4,451 
Other revenues
Leasing services(b)110 44 193 17 — 364 
Derivatives adjustments on commodity sales12 (1)— (38)— (27)
Other29 7 — 4 — 40 
Total other revenues151 50 193 (17)— 377 
Total revenues$3,296 $687 $565 $288 $(8)$4,828 
Three Months Ended March 31, 2025
Natural Gas PipelinesProducts PipelinesTerminals
CO2
Corporate and EliminationsTotal
(In millions)
Revenues from contracts with customers(a)
Services
Firm services
$1,073 $53 $217 $— $(1)$1,342 
Fee-based services301 257 101 10 (1)668 
Total services1,374 310 318 10 (2)2,010 
Commodity sales
Natural gas sales980 — — 16 (2)994 
Product sales262 301 16 243 (2)820 
Other sales7 — — 31 — 38 
Total commodity sales1,249 301 16 290 (4)1,852 
Total revenues from contracts with customers2,623 611 334 300 (6)3,862 
Other revenues
Leasing services(b)
112 45 184 17 — 358 
Derivatives adjustments on commodity sales(3)— — (10)— (13)
Other22 7 — 5 — 34 
Total other revenues131 52 184 12 — 379 
Total revenues$2,754 $663 $518 $312 $(6)$4,241 
(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 March 31, 2026 and December 31, 2025, our contract asset balances were $23 million and $30 million, respectively, and our contract liability balances were $526 million and $459 million, respectively. Of the December 31, 2025 contract asset and liability balances, $14 million was transferred to accounts receivable and $50 million was recognized as revenue during the three months ended March 31, 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 $517 million and $531 million as of March 31, 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 March 31, 2026
$4 $5 $26 
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.