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Derivative Assets And Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Outstanding Commodity-Related Derivatives

The following table details our outstanding commodity-related derivatives:

			March 31, 2022												December 31, 2021
			Notional Volume						Maturity						Notional Volume						Maturity
Mark-to-Market Derivatives
(Trading)
Natural Gas (BBtu):
Fixed Swaps/Futures			605						2022-2023						585						2022-2023
Basis Swaps IFERC/NYMEX (1)			(14,598)						2022						(66,665)						2022
Power (Megawatt):
Forwards			709,920						2023-2029						653,000						2023-2029
Futures			(555,582)						2022-2024						(604,920)						2022-2023
Options – Puts			119,200						2022-2023						(7,859)						2022
Options – Calls			(238,400)						2022-2023						(30,932)						2022
(Non-Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX			13,505						2022-2023						6,738						2022-2023
Swing Swaps IFERC			(27,273)						2022-2023						(106,333)						2022-2023
Fixed Swaps/Futures			(2,238)						2022-2023						(63,898)						2022-2023
Forward Physical Contracts			(16,437)						2022-2024						(5,950)						2023
NGLs (MBbls) – Forwards/Swaps			10,709						2022-2024						8,493						2022-2024
Crude (MBbls) – Forwards/Swaps			2,639						2022-2023						3,672						2022-2023
Refined Products (MBbls) – Futures			(4,225)						2022-2024						(3,349)						2022-2023
Fair Value Hedging Derivatives
(Non-Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX			(18,675)						2022						(40,533)						2022
Fixed Swaps/Futures			(18,675)						2022						(40,533)						2022
Hedged Item – Inventory			18,675						2022						40,533						2022

(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, 2022						December 31, 2021
July 2022(2)						Forward-starting to pay a fixed rate of 3.80% and receive a floating rate						$	400					$	400
July 2023(2)						Forward-starting to pay a fixed rate of 3.78% and receive a floating rate						200						200
July 2024(2)						Forward-starting to pay a fixed rate of 3.88% and receive a floating rate						200						200

(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, 2022						December 31, 2021						March 31, 2022						December 31, 2021
Derivatives designated as hedging instruments:
Commodity derivatives (margin deposits)						$	15					$	46					$	(37)					$	(3)
						15						46						(37)						(3)
Derivatives not designated as hedging instruments:
Commodity derivatives (margin deposits)						408						173						(435)						(156)
Commodity derivatives						79						53						(39)						(52)
Interest rate derivatives						—						—						(273)						(387)
						487						226						(747)						(595)
Total derivatives						$	502					$	272					$	(784)					$	(598)

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, 2022						December 31, 2021						March 31, 2022						December 31, 2021
Derivatives without offsetting agreements						Derivative liabilities						$	—					$	—					$	(273)					$	(387)
Derivatives in offsetting agreements:
OTC contracts						Derivative assets (liabilities)						79						53						(39)						(52)
Broker cleared derivative contracts						Other current assets (liabilities)						423						219						(472)						(159)
Total gross derivatives												502						272						(784)						(598)
Offsetting agreements:
Collateral paid to OTC counterparties						Other current assets						(38)						—						38						—
Counterparty netting						Derivative assets (liabilities)						(389)						(43)						389						43
Counterparty netting						Other current assets (liabilities)						—						(150)						—						150
Total net derivatives												$	75					$	79					$	(357)					$	(405)

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]

The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments:

			Location																		Amount of Gain (Loss) Recognized in Income on Derivatives
															Three Months Ended March 31,
																					2022						2021
Derivatives not designated as hedging instruments:
Commodity derivatives – Trading			Cost of products sold																		$	17					$	3
Commodity derivatives – Non-trading			Cost of products sold																		(17)						(42)
Interest rate derivatives			Gains (losses) on interest rate derivatives																		114						194
Total																					$	114					$	155

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