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Derivative Assets And Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Outstanding Commodity-Related Derivatives

The following table details our outstanding commodity-related derivatives:

			September 30, 2023												December 31, 2022
			Notional Volume						Maturity						Notional Volume						Maturity
Mark-to-Market Derivatives
(Trading)
Natural Gas (BBtu):
Fixed Swaps/Futures			330						2023-2024						145						2023
Basis Swaps IFERC/NYMEX (1)			(44,800)						2023-2024						(39,563)						2023
Power (Megawatt):
Forwards			171,600						2023-2029						—						2023-2029
Futures			(74,391)						2023-2024						(21,384)						2023
Options – Puts			68,800						2023-2024						119,200						2023
Options – Calls			—						2023-2024						—						—
(Non-Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX			48,393						2023-2025						42,440						2023-2024
Swing Swaps IFERC			(72,220)						2023-2025						(202,815)						2023-2024
Fixed Swaps/Futures			(4,803)						2023-2025						(15,758)						2023-2025
Forward Physical Contracts			(2,145)						2023-2025						2,423						2023-2024
NGLs (MBbls) – Forwards/Swaps			(14,238)						2023-2026						6,934						2023-2025
Crude (MBbls) – Forwards/Swaps			(7,660)						2023-2025						795						2023-2024
Refined Products (MBbls) – Futures			(5,751)						2023-2025						(3,547)						2023-2024
Fair Value Hedging Derivatives
(Non-Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX			(43,745)						2023-2024						(37,448)						2023
Fixed Swaps/Futures			(43,745)						2023-2024						(37,448)						2023
Hedged Item – Inventory			43,745						2023-2024						37,448						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

September 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

USAC:

April 2025(3)

Pay a fixed rate of 3.785% and receive a floating rate (effective April 2023)

700

—

(1)Floating rates are based on SOFR.

(2)The July 2024 interest rate swaps were terminated and settled in August 2023.

(3)In October 2023, USAC modified its April 2025 interest rate swap. The termination date was extended from April 1, 2025 to December 31, 2025. Under the modified interest rate swap, USAC pays a fixed interest rate of 3.9725% and continues to receive floating interest rate payments that are indexed to the one-month SOFR.

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, 2023						December 31, 2022						September 30, 2023						December 31, 2022
Derivatives designated as hedging instruments:
Commodity derivatives – margin deposits						$	23					$	87					$	(7)					$	(7)
						23						87						(7)						(7)
Derivatives not designated as hedging instruments:
Commodity derivatives – margin deposits						311						506						(371)						(411)
Commodity derivatives						71						95						(71)						(108)
Interest rate derivatives						14						—						—						(23)
						396						601						(442)						(542)
Total derivatives						$	419					$	688					$	(449)					$	(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 Derivatives												Liability Derivatives
						Balance Sheet Location						September 30, 2023						December 31, 2022						September 30, 2023						December 31, 2022
Derivatives without offsetting agreements						Derivative assets (liabilities)						$	14					$	—					$	—					$	(23)
Derivatives in offsetting agreements:
OTC contracts						Derivative assets (liabilities)						71						95						(71)						(108)
Broker cleared derivative contracts						Other current assets (liabilities)						334						593						(378)						(418)
Total gross derivatives												419						688						(449)						(549)
Offsetting agreements:
Counterparty netting						Derivative assets (liabilities)						(67)						(85)						67						85
Counterparty netting						Other current assets (liabilities)						(303)						(359)						303						359
Total net derivatives												$	49					$	244					$	(79)					$	(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:

			Location						Amount of Gain (Loss) Recognized in Income on Derivatives
									Three Months Ended September 30,												Nine Months Ended September 30,
									2023						2022						2023						2022
Derivatives not designated as hedging instruments:
Commodity derivatives – Trading			Cost of products sold						$	4					$	22					$	(6)					$	50
Commodity derivatives – Non-trading			Cost of products sold						(166)						186						(106)						(6)
Interest rate derivatives			Gains on interest rate derivatives						32						60						47						303
Total									$	(130)					$	268					$	(65)					$	347

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