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Fair Value Measurements | 9 Months Ended
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Sep. 30, 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. Commodity derivatives, excluding those designated as normal purchases or normal sales, are recognized as assets or liabilities at fair value on our consolidated balance sheets. Fair value is determined using the highest level of observable inputs available, in accordance with the fair value hierarchy. Exchange-traded contracts, such as futures, swaps and options, are valued using quoted market prices from exchanges including the New York Mercantile Exchange, Intercontinental Exchange or similar platforms. These are classified as Level 1. Over-the-counter (OTC) swaps, options and physical forward contracts that are comparable to actively traded instruments are valued using third-party broker quotes, pricing services or relevant exchange data. This category also includes OTC options valued using an option pricing model based on observable market inputs. These instruments are classified as Level 2. Less liquid instruments, including non-standard term OTC swaps and options, as well as long-dated contracts, are valued using internally developed models based on historical industry practices. These models incorporate forward price curves, volatility assumptions, time value and other relevant economic factors. These are classified as Level 3. 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 September 30, 2025 and December 31, 2024 based on inputs used to derive their fair values:
|  |  | Fair Value Measurements at September 30, 2025
| Fair Value Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Commodity derivatives: |  |  |  |  |  |  |
Natural Gas: |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | $ | 12 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |
Swing Swaps IFERC | 4 |  |  | 4 |  |  | — |  |  | — |
Fixed Swaps/Futures | 46 |  |  | 46 |  |  | — |  |  | — |
Power: |  |  |  |  |  |  |
Forwards | 42 |  |  | — |  |  | 42 |  |  | — |
Futures | 29 |  |  | 29 |  |  | — |  |  | — |
Options – Calls | 1 |  |  | 1 |  |  | — |  |  | — |
NGLs – Forwards/Swaps | 215 |  |  | 195 |  |  | 20 |  |  | — |
Refined Products – Futures | 8 |  |  | 8 |  |  | — |  |  | — |
Crude – Forwards/Swaps | 27 |  |  | 22 |  |  | 5 |  |  | — |
Total commodity derivatives | 384 |  |  | 317 |  |  | 67 |  |  | — |
Other non-current assets | 215 |  |  | 215 |  |  | — |  |  | — |
Total assets | $ | 599 |  |  | $ | 532 |  |  | $ | 67 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Commodity derivatives: |  |  |  |  |  |  |
Natural Gas: |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | $ | (20) |  |  | $ | (20) |  |  | $ | — |  |  | $ | — |
Swing Swaps IFERC | (3) |  |  | (3) |  |  | — |  |  | — |
Fixed Swaps/Futures | (4) |  |  | (4) |  |  | — |  |  | — |
Power: |  |  |  |  |  |  |
Forwards | (41) |  |  | — |  |  | (41) |  |  | — |
Futures | (29) |  |  | (29) |  |  | — |  |  | — |
Options – Calls | (1) |  |  | (1) |  |  | — |  |  | — |
NGLs – Forwards/Swaps | (159) |  |  | (154) |  |  | (5) |  |  | — |
Refined Products – Futures | (18) |  |  | (18) |  |  | — |  |  | — |
Crude – Forwards/Swaps | (30) |  |  | (25) |  |  | (5) |  |  | — |
Total commodity derivatives | (305) |  |  | (254) |  |  | (51) |  |  | — |
Total liabilities | $ | (305) |  |  | $ | (254) |  |  | $ | (51) |  |  | $ | — |
|  |  | Fair Value Measurements at December 31, 2024
| Fair Value Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Commodity derivatives: |  |  |  |  |  |  |
Natural Gas: |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | $ | 6 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Swing Swaps IFERC | 4 |  |  | 4 |  |  | — |  |  | — |
Fixed Swaps/Futures | 10 |  |  | 10 |  |  | — |  |  | — |
Power: |  |  |  |  |  |  |
Forwards | 39 |  |  | 39 |  |  | — |  |  | — |
Futures | 10 |  |  | 10 |  |  | — |  |  | — |
NGLs – Forwards/Swaps | 166 |  |  | 166 |  |  | — |  |  | — |
Refined Products – Futures | 3 |  |  | 3 |  |  | — |  |  | — |
Crude – Forwards/Swaps | 25 |  |  | 25 |  |  | — |  |  | — |
Total commodity derivatives | 263 |  |  | 263 |  |  | — |  |  | — |
Other non-current assets | 212 |  |  | 212 |  |  | — |  |  | — |
Total assets | $ | 475 |  |  | $ | 475 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Commodity derivatives: |  |  |  |  |  |  |
Natural Gas: |  |  |  |  |  |  |
Basis Swaps IFERC/NYMEX | $ | (11) |  |  | $ | (11) |  |  | $ | — |  |  | $ | — |
Swing Swaps IFERC | (11) |  |  | (11) |  |  | — |  |  | — |
Fixed Swaps/Futures | (9) |  |  | (9) |  |  | — |  |  | — |
Power: |  |  |  |  |  |  |
Forwards | (38) |  |  | (38) |  |  | — |  |  | — |
Futures | (10) |  |  | (10) |  |  | — |  |  | — |
NGLs – Forwards/Swaps | (170) |  |  | (170) |  |  | — |  |  | — |
Refined Products – Futures | (9) |  |  | (9) |  |  | — |  |  | — |
Crude – Forwards/Swaps | (35) |  |  | (35) |  |  | — |  |  | — |
Total commodity derivatives | (293) |  |  | (293) |  |  | — |  |  | — |
Total liabilities | $ | (293) |  |  | $ | (293) |  |  | $ | — |  |  | $ | — |
The aggregate estimated fair value and carrying amount of our consolidated debt obligations as of September 30, 2025 were $63.55 billion and $63.10 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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