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Derivative Assets And Liabilities (Tables)

12 Months Ended

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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