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Derivative Assets And Liabilities (Tables)

9 Months Ended

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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