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Derivative Assets And Liabilities (Tables)
 6 Months Ended
Jun. 30, 2020
Outstanding Commodity-Related Derivatives
The following table details our outstanding commodity-related derivatives:
 
June 30, 2020
 
December 31, 2019
 
Notional Volume
 
Maturity
 
Notional Volume
 
Maturity
Mark-to-Market Derivatives
 
 
 
 
 
 
 
(Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX (1)
(20,433
)
 
2020-2024
 
(35,208
)
 
2020-2024
Fixed Swaps/Futures
373

 
2020-2021
 
1,483

 
2020
Options – Puts
—

 
—
 
—

 
—
Power (Megawatt):
 
 
 
 
 
 
 
Forwards
1,338,776

 
2020-2029
 
3,213,450

 
2020-2029
Futures
204,090

 
2020-2021
 
(353,527
)
 
2020
Options – Puts
(340,743
)
 
2020
 
51,615

 
2020
Options – Calls
(1,268,532
)
 
2020-2021
 
(2,704,330
)
 
2020-2021
(Non-Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(27,713
)
 
2020-2022
 
(18,923
)
 
2020-2022
Swing Swaps IFERC
(35,590
)
 
2020-2021
 
(9,265
)
 
2020
Fixed Swaps/Futures
(10,708
)
 
2020-2022
 
(3,085
)
 
2020-2021
Forward Physical Contracts
(23,980
)
 
2020-2021
 
(13,364
)
 
2020-2021
NGLs (MBbls) – Forwards/Swaps
(8,830
)
 
2020
 
(1,300
)
 
2020-2021
Refined Products (MBbls) – Futures
(3,370
)
 
2020-2022
 
(2,473
)
 
2020-2021
Crude (MBbls) – Forwards/Swaps
3,393

 
2020
 
4,465

 
2020
Corn (thousand bushels)
—

 
—
 
(1,210
)
 
2020
Fair Value Hedging Derivatives
 
 
 
 
 
 
 
(Non-Trading)
 
 
 
 
 
 
 
Natural Gas (BBtu):
 
 
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(43,235
)
 
2020-2021
 
(31,780
)
 
2020
Fixed Swaps/Futures
(43,235
)
 
2020-2021
 
(31,780
)
 
2020
Hedged Item – Inventory
43,235

 
2020-2021
 
31,780

 
2020
(1) 
Includes aggregate amounts for open positions related to Houston Ship Channel, Waha Hub, NGPL TexOk, West Louisiana Zone and Henry Hub locations.
Interest Rate Swaps Outstanding
The following table summarizes our interest rate swaps outstanding, none of which were designated as hedges for accounting purposes:
Term
 
Type(1)
 
Notional Amount Outstanding
June 30,
2020
 
December 31,
2019
July 2020(2)(3)
 
Forward-starting to pay a fixed rate of 3.52% and receive a floating rate
 
$
—

 
$
400

July 2021(2)
 
Forward-starting to pay a fixed rate of 3.55% and receive a floating rate
 
400

 
400

July 2022(2)
 
Forward-starting to pay a fixed rate of 3.80% and receive a floating rate
 
400

 
400

(1) 
Floating rates are based on 3-month LIBOR.  
(2) 
Represents the effective date. These forward-starting swaps have terms of 30 years with a mandatory termination date the same as the effective date.
Fair Value Of Derivative Instruments
The following table provides a summary of our derivative assets and liabilities:
 
 
Fair Value of Derivative Instruments
 
 
Asset Derivatives
 
Liability Derivatives
 
 
June 30,
2020
 
December 31,
2019
 
June 30,
2020
 
December 31,
2019
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity derivatives (margin deposits)
 
$
18

 
$
24

 
$
(22
)
 
$
—

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity derivatives (margin deposits)
 
370

 
319

 
(367
)
 
(350
)
Commodity derivatives
 
67

 
41

 
(77
)
 
(39
)
Interest rate derivatives
 
—

 
—

 
(577
)
 
(399
)
 
 
437

 
360

 
(1,021
)
 
(788
)
Total derivatives
 
$
455

 
$
384

 
$
(1,043
)
 
$
(788
)
Derivatives, Offsetting Fair Value Amounts [Table Text Block]
The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements:
 
 
 
 
Asset Derivatives
 
Liability Derivatives
 
 
Balance Sheet Location
 
June 30,
2020
 
December 31,
2019
 
June 30,
2020
 
December 31,
2019
Derivatives without offsetting agreements
 
Derivative liabilities
 
$
—

 
$
—

 
$
(577
)
 
$
(399
)
Derivatives in offsetting agreements:
 
 
 
 
 
 
 
 
OTC contracts
 
Derivative assets (liabilities)
 
67

 
41

 
(77
)
 
(39
)
Broker cleared derivative contracts
 
Other current assets (liabilities)
 
388

 
343

 
(389
)
 
(350
)
Total gross derivatives
 
455

 
384

 
(1,043
)
 
(788
)
Offsetting agreements:
 
 
 
 
 
 
 
 
Counterparty netting
 
Derivative assets (liabilities)
 
(53
)
 
(18
)
 
53

 
18

Counterparty netting
 
Other current assets (liabilities)
 
(349
)
 
(318
)
 
349

 
318

Total net derivatives
 
$
53

 
$
48

 
$
(641
)
 
$
(452
)
We disclose the non-exchange traded financial derivative instruments as derivative assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or non-current depending on the anticipated settlement date.
Derivatives Not Designated as Hedging Instruments [Table Text Block]
 
Location
 
Amount of Gain (Loss) on Derivatives
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
2020
 
2019
 
2020
 
2019
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Commodity derivatives – Trading
Cost of products sold
 
$
(5
)
 
$
(20
)
 
$
11

 
$
(14
)
Commodity derivatives – Non-trading
Cost of products sold
 
(96
)
 
(29
)
 
97

 
(41
)
Interest rate derivatives
Losses on interest rate derivatives
 
(3
)
 
(122
)
 
(332
)
 
(196
)
Total
 
 
$
(104
)
 
$
(171
)
 
$
(224
)
 
$
(251
)