XML 49 R36.htm IDEA: XBRL DOCUMENT v3.23.2
Derivative Assets And Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
Outstanding Commodity-Related Derivatives
The following table details our outstanding commodity-related derivatives:
June 30, 2023December 31, 2022
Notional VolumeMaturityNotional VolumeMaturity
Mark-to-Market Derivatives
(Trading)
Natural Gas (BBtu):
Fixed Swaps/Futures
(233)2023-2024145 2023
Basis Swaps IFERC/NYMEX (1)
(57,360)2023-2024(39,563)2023
Power (Megawatt):
Forwards— 2023-2029— 2023-2029
Futures90,935 2023-2025(21,384)2023
Options – Puts18,400 2023-2024119,200 2023
Options – Calls(124,000)2023-2024— —
(Non-Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX53,123 2023-202542,440 2023-2024
Swing Swaps IFERC(36,990)2023-2024(202,815)2023-2024
Fixed Swaps/Futures(2,350)2023-2025(15,758)2023-2025
Forward Physical Contracts(640)2023-20252,423 2023-2024
NGLs (MBbls) – Forwards/Swaps(7,914)2023-20266,934 2023-2025
Crude (MBbls) – Forwards/Swaps
(47)2023-2025795 2023-2024
Refined Products (MBbls) – Futures(3,308)2023-2025(3,547)2023-2024
Fair Value Hedging Derivatives
(Non-Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX(43,435)2023-2024(37,448)2023
Fixed Swaps/Futures(43,435)2023-2024(37,448)2023
Hedged Item – Inventory43,435 2023-202437,448 2023
(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 (including USAC’s), none of which were designated as hedges for accounting purposes:
Term
Type(1)
Notional Amount Outstanding
June 30,
2023		December 31,
2022
Energy Transfer:
July 2024(2)
Forward-starting to pay an average fixed rate of 3.388% and receive a floating rate$400 $400 
USAC:
April 2025Pay a fixed rate of 3.785% and receive a floating rate (effective April 2023)700 — 
(1)Floating rates are based on SOFR.
(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
June 30,
2023		December 31,
2022		June 30,
2023		December 31,
2022
Derivatives designated as hedging instruments:
Commodity derivatives (margin deposits)
$35 $87 $(12)$(7)
35 87 (12)(7)
Derivatives not designated as hedging instruments:
Commodity derivatives (margin deposits)
705 506 (667)(411)
Commodity derivatives
69 95 (71)(108)
Interest rate derivatives
13 — (23)(23)
787 601 (761)(542)
Total derivatives
$822 $688 $(773)$(549)
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 LocationJune 30,
2023		December 31,
2022		June 30,
2023		December 31,
2022
Derivatives without offsetting agreements
Derivative assets (liabilities)$13 $— $(23)$(23)
Derivatives in offsetting agreements:
OTC contracts
Derivative assets (liabilities)
69 95 (71)(108)
Broker cleared derivative contracts
Other current assets (liabilities)
740 593 (679)(418)
Total gross derivatives
822 688 (773)(549)
Offsetting agreements:
Counterparty netting
Derivative assets (liabilities)
(64)(85)64 85 
Counterparty netting
Other current assets (liabilities)
(622)(359)622 359 
Total net derivatives
$136 $244 $(87)$(105)
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
June 30,		Six Months Ended
June 30,
2023202220232022
Derivatives not designated as hedging instruments:
Commodity derivatives – Trading
Cost of products sold
$2 $11 $(10)$28 
Commodity derivatives – Non-trading
Cost of products sold
(8)(175)60 (192)
Interest rate derivatives
Gains on interest rate derivatives35 129 15 243 
Total
$29 $(35)$65 $79