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Derivative Assets And Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2025
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
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 |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024
Derivatives in offsetting agreements: |  |  |  |  |  |  |  |
OTC contracts |  | Derivative assets (liabilities) |  | $ | 43 |  |  | $ | 51 |  |  | $ | (57) |  |  | $ | (57) |
Broker cleared derivative contracts |  | Other current assets (liabilities) |  | 326 |  |  | 212 |  |  | (347) |  |  | (236) |
Total gross derivatives |  | 369 |  |  | 263 |  |  | (404) |  |  | (293) |
Offsetting agreements: |  |  |  |  |  |  |  |
Counterparty netting |  | Derivative assets (liabilities) |  | (37) |  |  | (42) |  |  | 37 |  |  | 42 |
Counterparty netting |  | Other current assets (liabilities) |  | (282) |  |  | (204) |  |  | 282 |  |  | 204 |
Total net derivatives |  | $ | 50 |  |  | $ | 17 |  |  | $ | (85) |  |  | $ | (47) |
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. The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments:
| Location of Gain (Loss) Recognized on Income on Derivatives |  |  |  |  |  | Amount of Gain (Loss) Recognized in Income on Derivatives
|  |  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity derivatives | Cost of products sold |  |  |  |  |  | $ | (12) |  |  | $ | 16 |
Interest rate derivative(1) | Gain on interest rate derivative |  |  |  |  |  | — |  |  | 9 |
Total |  |  |  |  |  |  | $ | (12) |  |  | $ | 25 |
(1)This interest rate derivative was terminated by USAC in August 2024.
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 of Gain (Loss) Recognized on Income on Derivatives |  |  |  |  |  | Amount of Gain (Loss) Recognized in Income on Derivatives
|  |  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity derivatives | Cost of products sold |  |  |  |  |  | $ | (12) |  |  | $ | 16 |
Interest rate derivative(1) | Gain on interest rate derivative |  |  |  |  |  | — |  |  | 9 |
Total |  |  |  |  |  |  | $ | (12) |  |  | $ | 25 |
(1)This interest rate derivative was terminated by USAC in August 2024.
Schedule of Derivative Instruments [Table Text Block] | The following table details our outstanding commodity-related derivatives:
| March 31, 2025 |  | December 31, 2024
| Notional Volume |  | Maturity |  | Notional Volume |  | Maturity
Mark-to-Market Derivatives |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Fixed Swaps/Futures | (15,135) |  |  | 2025-2027 |  | 6,630 |  |  | 2025-2026
Basis Swaps IFERC/NYMEX | 880 |  |  | 2025-2028 |  | 3,490 |  |  | 2025-2027
Swing Swaps | (138,780) |  |  | 2025-2027 |  | (156,820) |  |  | 2025-2027
Options – Calls | 600 |  |  | 2025-2026 |  | — |  |  |
Power (Megawatt): |  |  |  |  |  |  |
Forwards | 58,600 |  |  | 2025-2029 |  | 6,040 |  |  | 2025-2029
Futures | (340,545) |  |  | 2025-2027 |  | (140,137) |  |  | 2025-2026
Options – Puts | 33,600 |  |  | 2025-2026 |  | (17,600) |  |  | 2025
Options – Calls | 14,400 |  |  | 2025-2026 |  | — |  |  |
Crude (MBbls): |  |  |  |  |  |  |
Forwards/Swaps | (21,363) |  |  | 2025-2027 |  | (22,512) |  |  | 2025-2026
NGL/Refined Products (MBbls): |  |  |  |  |  |  |
Forward/Swaps | (4,819) |  |  | 2025-2028 |  | (15,063) |  |  | 2025-2027
Options – Puts | 7 |  |  | 2025-2026 |  | (9) |  |  | 2025-2026
Options – Calls | (2) |  |  | 2025-2026 |  | (14) |  |  | 2025-2026
Futures | (3,064) |  |  | 2025-2027 |  | (1,763) |  |  | 2025-2026
Fair Value Hedging Derivatives |  |  |  |  |  |  |
Natural Gas (BBtu): |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | (38,945) |  |  | 2025 |  | (47,170) |  |  | 2025
Fixed Swaps/Futures | (38,945) |  |  | 2025 |  | (47,170) |  |  | 2025
Hedged Item – Inventory | 38,945 |  |  | 2025 |  | 44,170 |  |  | 2025
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table provides a summary of our derivative assets and liabilities:
|  | Fair Value of Derivative Instruments
|  | Asset Derivatives |  | Liability Derivatives
|  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives – margin deposits |  | $ | 18 |  |  | $ | 3 |  |  | $ | (46) |  |  | $ | (7) |
|  | 18 |  |  | 3 |  |  | (46) |  |  | (7) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity derivatives – margin deposits |  | 308 |  |  | 209 |  |  | (301) |  |  | (229) |
Commodity derivatives |  | 43 |  |  | 51 |  |  | (57) |  |  | (57) |
|  | 351 |  |  | 260 |  |  | (358) |  |  | (286) |
Total derivatives |  | $ | 369 |  |  | $ | 263 |  |  | $ | (404) |  |  | $ | (293) |

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