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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2025
Fair Value Measurements [Abstract] |
Fair Value Measurements | FAIR VALUE MEASURES The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value. We have commodity 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 derivative 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 three months ended March 31, 2025, 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 March 31, 2025 and December 31, 2024 based on inputs used to derive their fair values:
|  |  | Fair Value Measurements at March 31, 2025
|  |  | Fair Value - Level 1 |  |  |  |
Assets: |  |  |  |  |  |  |
Commodity derivatives: |  |  |  |  |  |  |
Natural Gas: |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX |  |  | $ | 9 |  |  |  |  |
Swing Swaps IFERC |  |  | 2 |  |  |  |  |
Fixed Swaps/Futures |  |  | 15 |  |  |  |  |
Power: |  |  |  |  |  |  |
Forwards |  |  | 37 |  |  |  |  |
Futures |  |  | 16 |  |  |  |  |
NGLs – Forwards/Swaps |  |  | 271 |  |  |  |  |
Refined Products – Futures |  |  | 2 |  |  |  |  |
Crude – Forwards/Swaps |  |  | 17 |  |  |  |  |
Total commodity derivatives |  |  | 369 |  |  |  |  |
Other non-current assets |  |  | 211 |  |  |  |  |
Total assets |  |  | $ | 580 |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Commodity derivatives: |  |  |  |  |  |  |
Natural Gas: |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX |  |  | $ | (25) |  |  |  |  |
Swing Swaps IFERC |  |  | (2) |  |  |  |  |
Fixed Swaps/Futures |  |  | (45) |  |  |  |  |
Power: |  |  |  |  |  |  |
Forwards |  |  | (34) |  |  |  |  |
Futures |  |  | (15) |  |  |  |  |
NGLs – Forwards/Swaps |  |  | (245) |  |  |  |  |
Refined Products – Futures |  |  | (11) |  |  |  |  |
Crude – Forwards/Swaps |  |  | (27) |  |  |  |  |
Total commodity derivatives |  |  | (404) |  |  |  |  |
Total liabilities |  |  | $ | (404) |  |  |  |  |
|  |  | Fair Value Measurements at December 31, 2024
|  |  | Fair Value - Level 1 |  |  |  |
Assets: |  |  |  |  |  |  |
Commodity derivatives: |  |  |  |  |  |  |
Natural Gas: |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX |  |  | $ | 6 |  |  |  |  |
Swing Swaps IFERC |  |  | 4 |  |  |  |  |
Fixed Swaps/Futures |  |  | 10 |  |  |  |  |
Power: |  |  |  |  |  |  |
Forwards |  |  | 39 |  |  |  |  |
Futures |  |  | 10 |  |  |  |  |
NGLs – Forwards/Swaps |  |  | 166 |  |  |  |  |
Refined Products – Futures |  |  | 3 |  |  |  |  |
Crude – Forwards/Swaps |  |  | 25 |  |  |  |  |
Total commodity derivatives |  |  | 263 |  |  |  |  |
Other non-current assets |  |  | 212 |  |  |  |  |
Total assets |  |  | $ | 475 |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Commodity derivatives: |  |  |  |  |  |  |
Natural Gas: |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX |  |  | $ | (11) |  |  |  |  |
Swing Swaps IFERC |  |  | (11) |  |  |  |  |
Fixed Swaps/Futures |  |  | (9) |  |  |  |  |
Power: |  |  |  |  |  |  |
Forwards |  |  | (38) |  |  |  |  |
Futures |  |  | (10) |  |  |  |  |
NGLs – Forwards/Swaps |  |  | (170) |  |  |  |  |
Refined Products – Futures |  |  | (9) |  |  |  |  |
Crude – Forwards/Swaps |  |  | (35) |  |  |  |  |
Total commodity derivatives |  |  | (293) |  |  |  |  |
Total liabilities |  |  | $ | (293) |  |  |  |  |
The aggregate estimated fair value and carrying amount of our consolidated debt obligations as of March 31, 2025 were $59.28 billion and $59.79 billion, respectively. As of December 31, 2024, the aggregate fair value and carrying amount of our consolidated debt obligations were $59.01 billion and $59.76 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.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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