XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.10.0.1

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivatives | The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated:
|  |  | September 30, 2018 |  | December 31, 2017
| Location in our Consolidated Balance Sheets |  | Assets |  | (Liabilities) |  | Assets |  | (Liabilities)
|  |  | (Thousands of dollars)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |  |  |
Financial contracts | Other current assets/other current liabilities |  | $ | 46,411 |  |  | $ | (84,174 | ) |  | $ | 16,978 |  |  | $ | (42,819 | )
| Other assets/other deferred credits |  | 3,461 |  |  | (11,938 | ) |  | — |  |  | (3,838 | )
Physical contracts | Other current liabilities |  | — |  |  | (1,898 | ) |  | — |  |  | (4,781 | )
| Other deferred credits |  | — |  |  | (112 | ) |  | — |  |  | — |
Interest-rate contracts | Other current assets |  | — |  |  | — |  |  | 1,330 |  |  | — |
| Other assets |  | 50,509 |  |  | — |  |  | 48,630 |  |  | — |
Total derivatives designated as hedging instruments |  | 100,381 |  |  | (98,122 | ) |  | 66,938 |  |  | (51,438 | )
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |  |  |
Financial contracts | Other current assets/other current liabilities |  | 4,257 |  |  | (4,238 | ) |  | 7,477 |  |  | (7,311 | )
Total derivatives not designated as hedging instruments |  | 4,257 |  |  | (4,238 | ) |  | 7,477 |  |  | (7,311 | )
Total derivatives |  |  | $ | 104,638 |  |  | $ | (102,360 | ) |  | $ | 74,415 |  |  | $ | (58,749 | )
Notional Amounts of Derivative Instruments | The following table sets forth the notional quantities for derivative instruments held for the periods indicated:
|  | September 30, 2018 |  | December 31, 2017
| Contract Type | Purchased/ Payor |  | Sold/ Receiver |  | Purchased/ Payor |  | Sold/ Receiver
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |
Fixed price |  |  |  |  |  |  |  |
- Natural gas (Bcf) | Futures and swaps | — |  |  | (36.1 | ) |  | — |  |  | (24.5 | )
- Crude oil and NGLs (MMBbl) | Futures, forwards and swaps | 7.2 |  |  | (16.5 | ) |  | 3.5 |  |  | (11.1 | )
Basis |  |  |  |  |  |  |  |  |  |
- Natural gas (Bcf) | Futures and swaps | — |  |  | (36.1 | ) |  | — |  |  | (24.5 | )
Interest-rate contracts (Millions of dollars) | Swaps | $ | 1,750.0 |  |  | $ | — |  |  | $ | 1,750.0 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Fixed price |  |  |  |  |  |  |  |
- NGLs (MMBbl) | Futures, forwards and swaps | 0.2 |  |  | (0.2 | ) |  | 0.8 |  |  | (0.8 | )
Schedule of Cash Flow Hedging Instruments Effect on Comprehensive Income (Loss) | The following table sets forth the unrealized effect of cash flow hedges recognized in other comprehensive income (loss) for the periods indicated:
| Three Months Ended |  | Nine Months Ended
Derivatives in Cash Flow Hedging Relationships | September 30, |  | September 30,
2018 |  | 2017 |  | 2018 |  | 2017
| (Thousands of dollars)
Commodity contracts | $ | (30,783 | ) |  | $ | (42,450 | ) |  | $ | (56,246 | ) |  | $ | (6,123 | )
Interest-rate contracts | 26,203 |  |  | 9,613 |  |  | 70,179 |  |  | (3,853 | )
Total unrealized gain (loss) recognized in other comprehensive income (loss) on derivatives | $ | (4,580 | ) |  | $ | (32,837 | ) |  | $ | 13,933 |  |  | $ | (9,976 | )
Schedule of Cash Flow Hedging Instruments Effect on Income | The following table sets forth the effect of cash flow hedges in our Consolidated Statements of Income for the periods indicated:
Derivatives in Cash Flow Hedging Relationships | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income | Three Months Ended |  | Nine Months Ended
September 30, |  | September 30,
2018 |  | 2017 |  | 2018 |  | 2017
|  | (Thousands of dollars)
Commodity contracts | Commodity sales revenues | $ | (20,630 | ) |  | $ | (15,913 | ) |  | $ | (42,430 | ) |  | $ | (38,028 | )
Interest-rate contracts | Interest expense | (4,383 | ) |  | (4,820 | ) |  | (13,929 | ) |  | (15,321 | )
Total gain (loss) reclassified from accumulated other comprehensive loss into net income on derivatives | $ | (25,013 | ) |  | $ | (20,733 | ) |  | $ | (56,359 | ) |  | $ | (53,349 | )

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration