Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value, by Balance Sheet Grouping [Table Text Block]

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 Total		Level 1		Level 2
Assets:

Commodity derivatives:

Natural Gas:
Basis Swaps IFERC/NYMEX	$	5	$	5	$	—
Swing Swaps IFERC	6		6		—
Fixed Swaps/Futures	11		11		—


Forward Physical Contracts	6		—		6
Power:
Forwards	45		45		—
Futures	10		10		—


NGLs – Forwards/Swaps	259		259		—
Refined Products – Futures	5		5		—
Crude – Forwards/Swaps	19		19		—

Total commodity derivatives	366		360		6
Other non-current assets	34		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 Total		Level 1		Level 2
Assets:
Interest rate derivatives	$	6	$	—	$	6
Commodity derivatives:

Natural Gas:
Basis Swaps IFERC/NYMEX	24		24		—
Swing Swaps IFERC	20		20		—
Fixed Swaps/Futures	77		77		—


Forward Physical Contracts	8		—		8
Power:
Forwards	57		57		—
Futures	8		8		—


NGLs – Forwards/Swaps	336		336		—
Refined Products – Futures	35		35		—
Crude – Forwards/Swaps	45		45		—
Total commodity derivatives	610		602		8
Other non-current assets	31		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)