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Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Measurements [Abstract]  
Fair Value Measurements FAIR VALUE MEASURES
We have commodity derivatives and interest rate derivatives that are accounted for as assets and liabilities at fair value in our consolidated balance sheets. We determine the fair value of our assets and liabilities subject to fair value measurement by using the highest possible “level” of inputs. Level 1 inputs are observable quotes in an active market for identical assets and liabilities. We consider the valuation of marketable securities and commodity derivatives transacted through a clearing broker with a published price from the appropriate exchange as a Level 1 valuation. Level 2 inputs are inputs observable for similar assets and liabilities. We consider OTC commodity derivatives entered into directly with third parties as a Level 2 valuation since the values of these derivatives are quoted on an exchange for similar transactions. Additionally, we consider options transacted through a clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. The valuation methodologies employed for our interest rate derivatives do not necessitate material judgment, and the inputs are observed from actively quoted public markets and therefore are categorized in Level 2. Level 3 inputs are unobservable. During the nine months ended September 30, 2024, no transfers were made between any levels within the fair value hierarchy.
The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 based on inputs used to derive their fair values:
Fair Value Measurements at
September 30, 2024
Fair Value TotalLevel 1Level 2
Assets:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX$5 $5 $— 
Swing Swaps IFERC6 6 — 
Fixed Swaps/Futures11 11 — 
Forward Physical Contracts6 — 6 
Power:
Forwards45 45 — 
Futures10 10 — 
NGLs – Forwards/Swaps259 259 — 
Refined Products – Futures5 5 — 
Crude – Forwards/Swaps19 19 — 
Total commodity derivatives366 360 6 
Other non-current assets34 23 11 
Total assets$400 $383 $17 
Liabilities:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX$(10)$(10)$— 
Swing Swaps IFERC(4)(4)— 
Fixed Swaps/Futures(6)(6)— 
Forward Physical Contracts(3)— (3)
Power:
Forwards(44)(44)— 
Futures(8)(8)— 
NGLs – Forwards/Swaps(206)(206)— 
Refined Products – Futures(6)(6)— 
Crude – Forwards/Swaps(31)(31)— 
Total commodity derivatives(318)(315)(3)
Total liabilities$(318)$(315)$(3)
Fair Value Measurements at
December 31, 2023
Fair Value TotalLevel 1Level 2
Assets:
Interest rate derivatives$6 $— $6 
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX24 24 — 
Swing Swaps IFERC20 20 — 
Fixed Swaps/Futures77 77 — 
Forward Physical Contracts8 — 8 
Power:
Forwards57 57 — 
Futures8 8 — 
NGLs – Forwards/Swaps336 336 — 
Refined Products – Futures35 35 — 
Crude – Forwards/Swaps45 45 — 
Total commodity derivatives610 602 8 
Other non-current assets31 20 11 
Total assets$647 $622 $25 
Liabilities:
Interest rate derivatives$(4)$— $(4)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX(3)(3)— 
Swing Swaps IFERC(2)(2)— 
Fixed Swaps/Futures(16)(16)— 
Options – Puts(2)(2)— 
Power:
Forwards(56)(56)— 
Futures(8)(8)— 
NGL/Refined Products Option - Puts(1)(1)— 
NGL/Refined Products Option - Calls(1)(1)— 
NGLs – Forwards/Swaps(316)(316)— 
Refined Products – Futures(18)(18)— 
Crude – Forwards/Swaps(37)(37)— 
Total commodity derivatives(460)(460)— 
Total liabilities$(464)$(460)$(4)
The aggregate estimated fair value and carrying amount of our consolidated debt obligations as of September 30, 2024 were $60.23 billion and $59.26 billion, respectively. As of December 31, 2023, the aggregate fair value and carrying amount of our consolidated debt obligations were $51.93 billion and $52.39 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations’ observable inputs for similar liabilities.