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Derivative Assets And Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Offsetting Assets [Table Text Block] |
|  |  |  | Asset Derivatives |  | Liability Derivatives
|  | Balance Sheet Location |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
Derivatives without offsetting agreements |  | Derivative assets (liabilities) |  | $ | 6 |  |  | $ | — |  |  | $ | (4) |  |  | $ | (23) |
Derivatives in offsetting agreements: |  |  |  |  |  |  |  |
OTC contracts |  | Derivative assets (liabilities) |  | 132 |  |  | 95 |  |  | (80) |  |  | (108) |
Broker cleared derivative contracts |  | Other current assets (liabilities) |  | 478 |  |  | 593 |  |  | (380) |  |  | (418) |
|  | 616 |  |  | 688 |  |  | (464) |  |  | (549) |
Offsetting agreements: |  |  |  |  |  |  |  |
Counterparty netting |  | Derivative assets (liabilities) |  | (72) |  |  | (85) |  |  | 72 |  |  | 85 |
Counterparty netting |  | Other current assets (liabilities) |  | (368) |  |  | (359) |  |  | 368 |  |  | 359 |
Total net derivatives |  | $ | 176 |  |  | $ | 244 |  |  | $ | (24) |  |  | $ | (105) |
Outstanding Commodity-Related Derivatives | The following table details our outstanding commodity-related derivatives:
| December 31, 2023 |  | December 31, 2022
| Notional Volume |  | Maturity |  | Notional Volume |  | Maturity
Mark-to-Market Derivatives |  |  |  |  |  |  |
(Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Fixed Swaps/Futures | (1,878) |  |  | 2024-2025 |  | 145 |  |  | 2023
Basis Swaps IFERC/NYMEX(1) | (171,185) |  |  | 2024 |  | (39,563) |  |  | 2023
Swing Swaps | (900) |  |  | 2024 |  | — |  |  | —
Options – Puts | 1,900 |  |  | 2024 |  | — |  |  | —
Options - Calls | 250 |  |  | 2024 |  | — |  |  | —
Power (Megawatt): |  |  |  |  |  |  |
Forwards | 155,600 |  |  | 2024-2029 |  | — |  |  | 2023-2029
Futures | (464,897) |  |  | 2024 |  | (21,384) |  |  | 2023
Options – Puts | 136,000 |  |  | 2024 |  | 119,200 |  |  | 2023
Crude (MBbls): |  |  |  |  |  |  |
Option - Puts | (15) |  |  | 2024 |  | — |  |  | —
Option - Calls | (20) |  |  | 2024 |  | — |  |  | —
NGL/Refined Products (MBbls): |  |  |  |  |  |  |
Option - Puts | 121 |  |  | 2024-2026 |  | — |  |  | —
Option - Calls | (43) |  |  | 2024-2026 |  | — |  |  | —
(Non-Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | 124,210 |  |  | 2024-2025 |  | 42,440 |  |  | 2023-2024
Swing Swaps IFERC | (96,828) |  |  | 2024-2025 |  | (202,815) |  |  | 2023-2024
Fixed Swaps/Futures | 7,125 |  |  | 2024-2026 |  | (15,758) |  |  | 2023-2025
Forward Physical Contracts | (1,751) |  |  | 2024-2026 |  | 2,423 |  |  | 2023-2024
NGL (MBbls) – Forwards/Swaps | (13,870) |  |  | 2024-2027 |  | 6,934 |  |  | 2023-2025
Crude (MBbls) – Forwards/Swaps | (2,674) |  |  | 2024-2025 |  | 795 |  |  | 2023-2024
Refined Products (MBbls) – Futures | (4,548) |  |  | 2024-2025 |  | (3,547) |  |  | 2023-2024
Fair Value Hedging Derivatives |  |  |  |  |  |  |
(Non-Trading) |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | (39,013) |  |  | 2024 |  | (37,448) |  |  | 2023
Fixed Swaps/Futures | (39,013) |  |  | 2024 |  | (37,448) |  |  | 2023
Hedged Item – Inventory | 39,013 |  |  | 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 |  | Notional Amount Outstanding
December 31, 2023 |  | December 31, 2022
Energy Transfer |  |  |  |  |  |
July 2024 (1) |  | Forward-starting to pay a fixed rate of 3.388% and receive a floating rate based on SOFR |  | $ | — |  |  | $ | 400 |
USAC |  |  |  |  |  |
December 2025 |  | Pay a fixed rate of 3.9725% and receive a floating rate based on SOFR |  | 700 |  |  | — |
(1)The July 2024 interest rate swaps were terminated and settled in August 2023.
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
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Commodity derivatives (margin deposits) | $ | 51 |  |  | $ | 87 |  |  | $ | (6) |  |  | $ | (7) |
| 51 |  |  | 87 |  |  | (6) |  |  | (7) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity derivatives (margin deposits) | 427 |  |  | 506 |  |  | (374) |  |  | (411) |
Commodity derivatives | 132 |  |  | 95 |  |  | (80) |  |  | (108) |
Interest rate derivatives | 6 |  |  | — |  |  | (4) |  |  | (23) |
| 565 |  |  | 601 |  |  | (458) |  |  | (542) |
Total derivatives | $ | 616 |  |  | $ | 688 |  |  | $ | (464) |  |  | $ | (549) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] |
| Location of Gain (Loss) Recognized in Income on Derivatives |  | Amount of Gain (Loss) Recognized in Income on Derivatives
|  |  | Years Ended December 31,
|  |  | 2023 |  | 2022 |  | 2021
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity derivatives – Trading | Cost of products sold |  | $ | 7 |  |  | $ | 83 |  |  | $ | (6) |
Commodity derivatives – Non-trading | Cost of products sold |  | 40 |  |  | 41 |  |  | (141) |
Interest rate derivatives | Gains (losses) on interest rate derivatives |  | 36 |  |  | 293 |  |  | 61 |
Total |  |  | $ | 83 |  |  | $ | 417 |  |  | $ | (86) |

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