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Derivative Assets And Liabilities (Tables)
 9 Months Ended
Sep. 30, 2022
Outstanding Commodity-Related Derivatives
The following table details our outstanding commodity-related derivatives:
September 30, 2022December 31, 2021
Notional VolumeMaturityNotional VolumeMaturity
Mark-to-Market Derivatives
(Trading)
Natural Gas (BBtu):
Fixed Swaps/Futures
763 2022-2023585 2022-2023
Basis Swaps IFERC/NYMEX (1)
73,363 2022-2023(66,665)2022
Power (Megawatt):
Forwards455,200 2023-2029653,000 2023-2029
Futures(281,905)2022-2023(604,920)2022-2023
Options – Puts119,200 2022-2023(7,859)2022
Options – Calls(67,200)2022-2023(30,932)2022
(Non-Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX36,443 2022-20246,738 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/Swaps4,832 2022-20258,493 2022-2024
Crude (MBbls) – Forwards/Swaps
3,732 2022-20233,672 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 – Inventory34,183 202240,533 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 rate400 200 
July 2024(2)
Forward-starting to pay an average fixed rate of 3.512% and receive a floating rate400 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 DerivativesLiability 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 DerivativesLiability Derivatives
Balance Sheet LocationSeptember 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:
LocationAmount of Gain (Loss) Recognized in Income on Derivatives
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
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 derivatives60 1 303 72 
Total
$268 $(56)$347 $(122)