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v3.22.2.2

Derivative Assets And Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2022
Outstanding Commodity-Related Derivatives | The following table details our outstanding commodity-related derivatives:
| September 30, 2022 |  | December 31, 2021
| Notional Volume |  | Maturity |  | Notional Volume |  | Maturity
Mark-to-Market Derivatives |  |  |  |  |  |  |
(Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Fixed Swaps/Futures | 763 |  |  | 2022-2023 |  | 585 |  |  | 2022-2023
Basis Swaps IFERC/NYMEX (1) | 73,363 |  |  | 2022-2023 |  | (66,665) |  |  | 2022
Power (Megawatt): |  |  |  |  |  |  |
Forwards | 455,200 |  |  | 2023-2029 |  | 653,000 |  |  | 2023-2029
Futures | (281,905) |  |  | 2022-2023 |  | (604,920) |  |  | 2022-2023
Options – Puts | 119,200 |  |  | 2022-2023 |  | (7,859) |  |  | 2022
Options – Calls | (67,200) |  |  | 2022-2023 |  | (30,932) |  |  | 2022
(Non-Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | 36,443 |  |  | 2022-2024 |  | 6,738 |  |  | 2022-2023
Swing Swaps IFERC | (217,515) |  |  | 2022-2024 |  | (106,333) |  |  | 2022-2023
Fixed Swaps/Futures | (31,383) |  |  | 2022-2024 |  | (63,898) |  |  | 2022-2023
Forward Physical Contracts | (27,603) |  |  | 2022-2024 |  | (5,950) |  |  | 2023
NGLs (MBbls) – Forwards/Swaps | 4,832 |  |  | 2022-2025 |  | 8,493 |  |  | 2022-2024
Crude (MBbls) – Forwards/Swaps | 3,732 |  |  | 2022-2023 |  | 3,672 |  |  | 2022-2023
Refined Products (MBbls) – Futures | (2,604) |  |  | 2022-2024 |  | (3,349) |  |  | 2022-2023
Fair Value Hedging Derivatives |  |  |  |  |  |  |
(Non-Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | (34,183) |  |  | 2022 |  | (40,533) |  |  | 2022
Fixed Swaps/Futures | (34,183) |  |  | 2022 |  | (40,533) |  |  | 2022
Hedged Item – Inventory | 34,183 |  |  | 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
September 30, 2022 |  | December 31, 2021
July 2022(2) |  | Forward-starting to pay an average fixed rate of 3.80% and receive a floating rate |  | $ | — |  |  | $ | 400 |
July 2023(2) |  | Forward-starting to pay an average fixed rate of 3.845% and receive a floating rate |  | 400 |  |  | 200 |
July 2024(2) |  | Forward-starting to pay an average fixed rate of 3.512% and receive a floating rate |  | 400 |  |  | 200 |
(1)Floating rates are based on either SOFR or 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
|  | September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives (margin deposits) |  | $ | 113 |  |  | $ | 46 |  |  | $ | (77) |  |  | $ | (3) |
|  | 113 |  |  | 46 |  |  | (77) |  |  | (3) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives (margin deposits) |  | 666 |  |  | 173 |  |  | (489) |  |  | (156) |
Commodity derivatives |  | 104 |  |  | 53 |  |  | (94) |  |  | (52) |
Interest rate derivatives |  | — |  |  | — |  |  | (84) |  |  | (387) |
|  | 770 |  |  | 226 |  |  | (667) |  |  | (595) |
Total derivatives |  | $ | 883 |  |  | $ | 272 |  |  | $ | (744) |  |  | $ | (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 |  | September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021
Derivatives without offsetting agreements |  | Derivative liabilities |  | $ | — |  |  | $ | — |  |  | $ | (84) |  |  | $ | (387) |
Derivatives in offsetting agreements: |  |  |  |  |  |  |  |
OTC contracts |  | Derivative assets (liabilities) |  | 104 |  |  | 53 |  |  | (94) |  |  | (52) |
Broker cleared derivative contracts |  | Other current assets (liabilities) |  | 779 |  |  | 219 |  |  | (566) |  |  | (159) |
Total gross derivatives |  | 883 |  |  | 272 |  |  | (744) |  |  | (598) |
Offsetting agreements: |  |  |  |  |  |  |  |
Counterparty netting |  | Derivative assets (liabilities) |  | (85) |  |  | (43) |  |  | 85 |  |  | 43 |
Counterparty netting |  | Other current assets (liabilities) |  | (410) |  |  | (150) |  |  | 410 |  |  | 150 |
Total net derivatives |  | $ | 388 |  |  | $ | 79 |  |  | $ | (249) |  |  | $ | (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 September 30, |  | Nine Months Ended September 30,
|  |  | 2022 |  | 2021 |  | 2022 |  | 2021
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity derivatives – Trading | Cost of products sold |  | $ | 22 |  |  | $ | 14 |  |  | $ | 50 |  |  | $ | 12 |
Commodity derivatives – Non-trading | Cost of products sold |  | 186 |  |  | (71) |  |  | (6) |  |  | (206) |
Interest rate derivatives | Gains (losses) on interest rate derivatives |  | 60 |  |  | 1 |  |  | 303 |  |  | 72 |
Total |  |  | $ | 268 |  |  | $ | (56) |  |  | $ | 347 |  |  | $ | (122) |

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