Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022 based on inputs used to derive their fair values:


			Fair Value Measurements at June 30, 2023
	Fair Value Total		Level 1		Level 2
Assets:
Interest rate derivatives	$	13	$	—	$	13
Commodity derivatives:

Natural Gas:
Basis Swaps IFERC/NYMEX	3		3		—
Swing Swaps IFERC	5		5		—
Fixed Swaps/Futures	38		38		—


Forward Physical Contracts	4		—		4
Power:
Forwards	55		—		55
Futures	8		8		—

Options – Calls	1		1		—
NGLs – Forwards/Swaps	670		670		—
Refined Products – Futures	9		9		—
Crude – Forwards/Swaps	16		16		—

Total commodity derivatives	809		750		59
Other non-current assets	29		19		10
Total assets	$	851	$	769	$	82
Liabilities:
Interest rate derivatives	$	(23)	$	—	$	(23)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX	(11)		(11)		—
Swing Swaps IFERC	(3)		(3)		—
Fixed Swaps/Futures	(5)		(5)		—



Power:
Forwards	(54)		—		(54)
Futures	(10)		(10)		—
Options – Calls	(1)		(1)		—

NGLs – Forwards/Swaps	(644)		(644)		—
Refined Products – Futures	(16)		(16)		—
Crude – Forwards/Swaps	(6)		(6)		—
Total commodity derivatives	(750)		(696)		(54)
Total liabilities	$	(773)	$	(696)	$	(77)


			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)