Derivative Assets And Liabilities (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024

Derivatives in offsetting agreements:
OTC contracts	Derivative assets (liabilities)	$	73	$	51	$	(68)	$	(57)
Broker cleared derivative contracts	Other current assets (liabilities)	311		212		(237)		(236)
Total gross derivatives		384		263		(305)		(293)
Offsetting agreements:

Counterparty netting	Derivative assets (liabilities)	(53)		(42)		53		42
Counterparty netting	Other current assets (liabilities)	(233)		(204)		233		204
Total net derivatives		$	98	$	17	$	(19)	$	(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.

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 September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Derivatives not designated as hedging instruments:
Commodity derivatives	Cost of products sold	$	10	$	163	$	114	$	148
Interest rate derivative(1)	Gain (loss) on interest rate derivative	—		(6)		—		6
Total		$	10	$	157	$	114	$	154

(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:


	September 30, 2025		December 31, 2024
	Notional Volume	Maturity	Notional Volume	Maturity
Mark-to-Market Derivatives
Natural Gas (BBtu):
Fixed Swaps/Futures	(21,270)	2025-2027	6,630	2025-2026
Basis Swaps IFERC/NYMEX	63,445	2025-2028	3,490	2025-2027
Swing Swaps	(142,195)	2025-2027	(156,820)	2025-2027



Power (Megawatt):
Forwards	50,800	2025-2029	6,040	2025-2029
Futures	62,209	2025-2027	(140,137)	2025-2026
Options – Puts	30,400	2025-2026	(17,600)	2025
Options – Calls	(500,000)	2025-2026	—	—

Crude (MBbls):
Forwards/Swaps	(20,494)	2025-2027	(22,512)	2025-2026


NGL/Refined Products (MBbls):
Forward/Swaps	(20,129)	2025-2028	(15,063)	2025-2027
Options – Puts	6	2025-2026	(9)	2025-2026
Options – Calls	(1)	2025-2026	(14)	2025-2026
Futures	(5,442)	2025-2026	(1,763)	2025-2026
Fair Value Hedging Derivatives
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX	(47,840)	2025-2026	(47,170)	2025
Fixed Swaps/Futures	(47,840)	2025-2026	(47,170)	2025
Hedged Item – Inventory	47,840	2025-2026	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
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Derivatives designated as hedging instruments:
Commodity derivatives – margin deposits	$	40	$	3	$	(17)	$	(7)
	40		3		(17)		(7)
Derivatives not designated as hedging instruments:
Commodity derivatives – margin deposits	271		209		(220)		(229)
Commodity derivatives	73		51		(68)		(57)

	344		260		(288)		(286)
Total derivatives	$	384	$	263	$	(305)	$	(293)