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Fair Value Measurements
 3 Months Ended
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 IFERC2 
Fixed Swaps/Futures15 
Power:
Forwards37 
Futures16 
NGLs – Forwards/Swaps271 
Refined Products – Futures2 
Crude – Forwards/Swaps17 
Total commodity derivatives369 
Other non-current assets211 
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 IFERC4 
Fixed Swaps/Futures10 
Power:
Forwards39 
Futures10 
NGLs – Forwards/Swaps166 
Refined Products – Futures3 
Crude – Forwards/Swaps25 
Total commodity derivatives263 
Other non-current assets212 
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.