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Derivative Assets And Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Offsetting Assets [Table Text Block] |
|  |  |  | Asset Derivatives |  | Liability Derivatives
|  | Balance Sheet Location |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
Derivatives without offsetting agreements |  | Derivative assets (liabilities) |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | (4) |
Derivatives in offsetting agreements: |  |  |  |  |  |  |  |
OTC contracts |  | Derivative assets (liabilities) |  | 51 |  |  | 132 |  |  | (57) |  |  | (80) |
Broker cleared derivative contracts |  | Other current assets (liabilities) |  | 212 |  |  | 478 |  |  | (236) |  |  | (380) |
|  | 263 |  |  | 616 |  |  | (293) |  |  | (464) |
Offsetting agreements: |  |  |  |  |  |  |  |
Counterparty netting |  | Derivative assets (liabilities) |  | (42) |  |  | (72) |  |  | 42 |  |  | 72 |
Counterparty netting |  | Other current assets (liabilities) |  | (204) |  |  | (368) |  |  | 204 |  |  | 368 |
Total net derivatives |  | $ | 17 |  |  | $ | 176 |  |  | $ | (47) |  |  | $ | (24) |
Outstanding Commodity-Related Derivatives | The following table details our outstanding commodity-related derivatives:
| December 31, 2024 |  | December 31, 2023
| Notional Volume |  | Maturity |  | Notional Volume |  | Maturity
Mark-to-Market Derivatives |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Fixed Swaps/Futures | 6,630 |  |  | 2025-2026 |  | 5,247 |  |  | 2024-2026
Basis Swaps IFERC/NYMEX | 3,490 |  |  | 2025-2027 |  | (46,975) |  |  | 2024-2025
Swing Swaps | (156,820) |  |  | 2025-2027 |  | (97,728) |  |  | 2024-2025
Options – Puts | — |  |  | — |  | 1,900 |  |  | 2024
Options - Calls | — |  |  | — |  | 250 |  |  | 2024
Forward Physical Contracts(1) | — |  |  | — |  | (1,751) |  |  | 2024-2026
Power (Megawatt): |  |  |  |  |  |  |
Forwards | 6,040 |  |  | 2025-2029 |  | 155,600 |  |  | 2024-2029
Futures | (140,137) |  |  | 2025-2026 |  | (464,897) |  |  | 2024
Options – Puts | (17,600) |  |  | 2025 |  | 136,000 |  |  | 2024
Crude (MBbls): |  |  |  |  |  |  |
Forwards/Swaps | (22,512) |  |  | 2025-2026 |  | (2,674) |  |  | 2024-2025
Option - Puts | — |  |  | — |  | (15) |  |  | 2024
Option - Calls | — |  |  | — |  | (20) |  |  | 2024
NGL/Refined Products (MBbls): |  |  |  |  |  |  |
Forwards/Swaps | (15,063) |  |  | 2025-2027 |  | (13,870) |  |  | 2024-2027
Option - Puts | (9) |  |  | 2025-2026 |  | 121 |  |  | 2024-2026
Option - Calls | (14) |  |  | 2025-2026 |  | (43) |  |  | 2024-2026
Futures | (1,763) |  |  | 2025-2026 |  | (4,548) |  |  | 2024-2025
Fair Value Hedging Derivatives |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | (47,170) |  |  | 2025 |  | (39,013) |  |  | 2024
Fixed Swaps/Futures | (47,170) |  |  | 2025 |  | (39,013) |  |  | 2024
Hedged Item – Inventory | 44,170 |  |  | 2025 |  | 39,013 |  |  | 2024
(1) Natural gas forward physical contracts are no longer reflected as mark-to-market derivatives in 2024.
Interest Rate Swaps Outstanding | The following table summarizes USAC’s interest rate swap which is no longer outstanding as of December 31, 2024, and which was not designated as a hedge for accounting purposes.
Term |  | Type |  | Notional Amount Outstanding
December 31, 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
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Commodity derivatives (margin deposits) | $ | 3 |  |  | $ | 51 |  |  | $ | (7) |  |  | $ | (6) |
| 3 |  |  | 51 |  |  | (7) |  |  | (6) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity derivatives (margin deposits) | 209 |  |  | 427 |  |  | (229) |  |  | (374) |
Commodity derivatives | 51 |  |  | 132 |  |  | (57) |  |  | (80) |
Interest rate derivatives | — |  |  | 6 |  |  | — |  |  | (4) |
| 260 |  |  | 565 |  |  | (286) |  |  | (458) |
Total derivatives | $ | 263 |  |  | $ | 616 |  |  | $ | (293) |  |  | $ | (464) |
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,
|  |  | 2024 |  | 2023 |  | 2022
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity derivatives | Cost of products sold |  | $ | 57 |  |  | $ | 47 |  |  | $ | 124 |
Interest rate derivatives | Gains on interest rate derivatives |  | 6 |  |  | 36 |  |  | 293 |
Total |  |  | $ | 63 |  |  | $ | 83 |  |  | $ | 417 |

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