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Derivative Assets And Liabilities (Tables)

12 Months Ended

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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