Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 based on inputs used to derive their fair values:


			Fair Value Measurements at March 31, 2023
	Fair Value Total		Level 1		Level 2
Assets:

Commodity derivatives:

Natural Gas:
Basis Swaps IFERC/NYMEX	$	3	$	3	$	—
Swing Swaps IFERC	4		4		—
Fixed Swaps/Futures	31		31		—


Forward Physical Contracts	6		—		6
Power:
Forwards	45		—		45
Futures	9		9		—

Options – Calls	2		2		—
NGLs – Forwards/Swaps	219		219		—
Refined Products – Futures	1		1		—
Crude – Forwards/Swaps	41		41		—

Total commodity derivatives	361		310		51
Other non-current assets	28		18		10
Total assets	$	389	$	328	$	61
Liabilities:
Interest rate derivatives	$	(43)	$	—	$	(43)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX	(11)		(11)		—
Swing Swaps IFERC	(2)		(2)		—
Fixed Swaps/Futures	(2)		(2)		—


Forward Physical Contracts	(1)		—		(1)
Power:
Forwards	(45)		—		(45)
Futures	(7)		(7)		—
Options – Calls	(1)		(1)		—

NGLs – Forwards/Swaps	(205)		(205)		—
Refined Products – Futures	(16)		(16)		—
Crude – Forwards/Swaps	(19)		(19)		—
Total commodity derivatives	(309)		(263)		(46)
Total liabilities	$	(352)	$	(263)	$	(89)


			Fair Value Measurements at December 31, 2022
	Fair Value Total		Level 1		Level 2
Assets:

Commodity derivatives:

Natural Gas:
Basis Swaps IFERC/NYMEX	$	60	$	60	$	—
Swing Swaps IFERC	75		75		—
Fixed Swaps/Futures	113		113		—


Forward Physical Contracts	10		—		10
Power:
Forwards	52		—		52
Futures	3		3		—


NGLs – Forwards/Swaps	317		317		—
Refined Products – Futures	20		20		—

Crude – Forwards/Swaps	38		38		—

Total commodity derivatives	688		626		62
Other non-current assets	27		18		9
Total assets	$	715	$	644	$	71
Liabilities:
Interest rate derivatives	$	(23)	$	—	$	(23)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX	(25)		(25)		—
Swing Swaps IFERC	(12)		(12)		—
Fixed Swaps/Futures	(4)		(4)		—


Forward Physical Contracts	(2)		—		(2)
Power:
Forwards	(51)		—		(51)
Futures	(3)		(3)		—

NGLs – Forwards/Swaps	(358)		(358)		—
Refined Products – Futures	(59)		(59)		—

Crude – Forwards/Swaps	(12)		(12)		—

Total commodity derivatives	(526)		(473)		(53)
Total liabilities	$	(549)	$	(473)	$	(76)