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Derivative Assets And Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Outstanding Commodity-Related Derivatives

The following table details our outstanding commodity-related derivatives:

			March 31, 2021												December 31, 2020
			Notional Volume						Maturity						Notional Volume						Maturity
Mark-to-Market Derivatives
(Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX (1)			21,125						2021-2022						(44,225)						2021-2022
Fixed Swaps/Futures			1,493						2021-2022						1,603						2021-2022
Power (Megawatt):
Forwards			408,800						2021-2029						1,392,400						2021-2029
Futures			(32,918)						2021-2022						18,706						2021-2022
Options – Puts			174,398						2021-2022						519,071						2021
Options – Calls			(202,034)						2021-2022						2,343,293						2021
(Non-Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX			(25,610)						2021-2022						(29,173)						2021-2022
Swing Swaps IFERC			(13,573)						2021						11,208						2021
Fixed Swaps/Futures			(18,425)						2021-2022						(53,575)						2021-2022
Forward Physical Contracts			(15,338)						2022						(11,861)						2021
NGLs (MBbls) – Forwards/Swaps			(2,759)						2021-2022						(5,840)						2021-2022
Refined Products (MBbls) – Futures			(1,724)						2021-2023						(2,765)						2021
Crude (MBbls) – Forwards/Swaps			(3,592)						2021-2022						—						—
Fair Value Hedging Derivatives
(Non-Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX			(14,068)						2021						(30,113)						2021
Fixed Swaps/Futures			(14,068)						2021						(30,113)						2021
Hedged Item – Inventory			14,068						2021						30,113						2021

(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
												March 31, 2021						December 31, 2020
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
						March 31, 2021						December 31, 2020						March 31, 2021						December 31, 2020
Derivatives designated as hedging instruments:
Commodity derivatives (margin deposits)						$	6					$	25					$	(12)					$	(32)
						6						25						(12)						(32)
Derivatives not designated as hedging instruments:
Commodity derivatives (margin deposits)						98						90						(164)						(166)
Commodity derivatives						162						53						(148)						(71)
Interest rate derivatives						—						—						(254)						(448)
						260						143						(566)						(685)
Total derivatives						$	266					$	168					$	(578)					$	(717)

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						March 31, 2021						December 31, 2020						March 31, 2021						December 31, 2020
Derivatives without offsetting agreements						Derivative liabilities						$	—					$	—					$	(254)					$	(448)
Derivatives in offsetting agreements:
OTC contracts						Derivative assets (liabilities)						162						53						(148)						(71)
Broker cleared derivative contracts						Other current assets (liabilities)						104						115						(176)						(198)
Total gross derivatives												266						168						(578)						(717)
Offsetting agreements:
Counterparty netting						Derivative assets (liabilities)						(146)						(44)						146						44
Counterparty netting						Other current assets (liabilities)						(92)						(64)						92						64
Total net derivatives												$	28					$	60					$	(340)					$	(609)

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 long-term depending on the anticipated settlement date.

Derivatives Not Designated as Hedging Instruments [Table Text Block]

			Location						Amount of Gain (Loss) Recognized in Income on Derivatives
									Three Months Ended March 31,
									2021						2020
Derivatives not designated as hedging instruments:
Commodity derivatives – Trading			Cost of products sold						$	3					$	5
Commodity derivatives – Non-trading			Cost of products sold						(42)						112
Interest rate derivatives			Gains (losses) on interest rate derivatives						194						(329)
Total									$	155					$	(212)

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