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Derivative Assets And Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2024
Outstanding Commodity-Related Derivatives | The following table details our outstanding commodity-related derivatives:
| September 30, 2024 |  | December 31, 2023
| Notional Volume |  | Maturity |  | Notional Volume |  | Maturity
Mark-to-Market Derivatives |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Fixed Swaps/Futures | 1,820 |  |  | 2024-2026 |  | 5,247 |  |  | 2024-2026
Basis Swaps IFERC/NYMEX | 83,845 |  |  | 2024-2027 |  | (46,975) |  |  | 2024-2025
Swing Swaps | 36,503 |  |  | 2024-2025 |  | (97,728) |  |  | 2024-2025
Options – Puts | — |  |  | 2024 |  | 1,900 |  |  | 2024
Options – Calls | 500 |  |  | 2024 |  | 250 |  |  | 2024
Forward Physical Contracts | 2,138 |  |  | 2024-2026 |  | (1,751) |  |  | 2024-2026
Power (Megawatt): |  |  |  |  |  |  |
Forwards | 101,440 |  |  | 2024-2029 |  | 155,600 |  |  | 2024-2029
Futures | 27,323 |  |  | 2024-2026 |  | (464,897) |  |  | 2024
Options – Puts | — |  |  | 2024-2025 |  | 136,000 |  |  | 2024
Options – Calls | (33,600) |  |  | 2024-2025 |  | — |  |  | —
Crude (MBbls): |  |  |  |  |  |  |
Forwards/Swaps | (856) |  |  | 2024-2026 |  | (2,674) |  |  | 2024-2025
Options – Puts | — |  |  | — |  | (15) |  |  | 2024
Options – Calls | — |  |  | — |  | (20) |  |  | 2024
NGL/Refined Products (MBbls): |  |  |  |  |  |  |
Forward/Swaps | (15,745) |  |  | 2024-2027 |  | (13,870) |  |  | 2024-2027
Options – Puts | (12) |  |  | 2024-2026 |  | 121 |  |  | 2024-2026
Options – Calls | (21) |  |  | 2024-2026 |  | (43) |  |  | 2024-2026
Futures | (3,528) |  |  | 2024-2026 |  | (4,548) |  |  | 2024-2025
Fair Value Hedging Derivatives |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | (49,858) |  |  | 2024-2025 |  | (39,013) |  |  | 2024
Fixed Swaps/Futures | (49,858) |  |  | 2024-2025 |  | (39,013) |  |  | 2024
Hedged Item – Inventory | 49,858 |  |  | 2024-2025 |  | 39,013 |  |  | 2024
Interest Rate Swaps Outstanding | The following table summarizes USAC’s interest rate swap which is no longer outstanding as of September 30, 2024, and which was not designated as a hedge for accounting purposes:
Term |  | Type |  | Notional Amount Outstanding
September 30, 2024 |  | December 31, 2023
December 2025 (1) |  | Pay a fixed rate of 3.9725% and receive a floating rate based on SOFR |  | $ | — |  |  | $ | 700 |
(1)In August 2024, USAC elected to terminate the outstanding interest rate swap.
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, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives – margin deposits |  | $ | 6 |  |  | $ | 51 |  |  | $ | (7) |  |  | $ | (6) |
|  | 6 |  |  | 51 |  |  | (7) |  |  | (6) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives – margin deposits |  | 281 |  |  | 427 |  |  | (251) |  |  | (374) |
Commodity derivatives |  | 79 |  |  | 132 |  |  | (60) |  |  | (80) |
Interest rate derivatives |  | — |  |  | 6 |  |  | — |  |  | (4) |
|  | 360 |  |  | 565 |  |  | (311) |  |  | (458) |
Total derivatives |  | $ | 366 |  |  | $ | 616 |  |  | $ | (318) |  |  | $ | (464) |
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, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
Derivatives without offsetting agreements |  | Derivative assets (liabilities) |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | (4) |
Derivatives in offsetting agreements: |  |  |  |  |  |  |  |
OTC contracts |  | Derivative assets (liabilities) |  | 79 |  |  | 132 |  |  | (60) |  |  | (80) |
Broker cleared derivative contracts |  | Other current assets (liabilities) |  | 287 |  |  | 478 |  |  | (258) |  |  | (380) |
Total gross derivatives |  | 366 |  |  | 616 |  |  | (318) |  |  | (464) |
Offsetting agreements: |  |  |  |  |  |  |  |
Counterparty netting |  | Derivative assets (liabilities) |  | (53) |  |  | (72) |  |  | 53 |  |  | 72 |
Counterparty netting |  | Other current assets (liabilities) |  | (237) |  |  | (368) |  |  | 237 |  |  | 368 |
Total net derivatives |  | $ | 76 |  |  | $ | 176 |  |  | $ | (28) |  |  | $ | (24) |
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,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity derivatives | Cost of products sold |  | $ | 163 |  |  | $ | (162) |  |  | $ | 148 |  |  | $ | (112) |
Interest rate derivatives | Gain on interest rate derivatives |  | (6) |  |  | 32 |  |  | 6 |  |  | 47 |
Total |  |  | $ | 157 |  |  | $ | (130) |  |  | $ | 154 |  |  | $ | (65) |

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