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RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivatives | Fair Values of Derivative Instruments - The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated:
|  |  | December 31, 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 |  | $ | 78,891 |  |  | $ | (31,793 | ) |  | $ | 16,978 |  |  | $ | (42,819 | )
| Other assets/other deferred credits |  | 1,086 |  |  | (946 | ) |  | — |  |  | (3,838 | )
Physical contracts | Other current assets/other current liabilities |  | 1,142 |  |  | — |  |  | — |  |  | (4,781 | )
Interest-rate contracts | Other current assets/other current liabilities |  | 19,005 |  |  | (15,012 | ) |  | 1,330 |  |  | — |
| Other assets/other deferred credits |  | — |  |  | (84,248 | ) |  | 48,630 |  |  | — |
Total derivatives designated as hedging instruments |  |  | 100,124 |  |  | (131,999 | ) |  | 66,938 |  |  | (51,438 | )
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |  |  |
Financial contracts | Other current assets/other current liabilities |  | — |  |  | — |  |  | 7,477 |  |  | (7,311 | )
Total derivatives not designated as hedging instruments |  |  | — |  |  | — |  |  | 7,477 |  |  | (7,311 | )
Total derivatives |  |  | $ | 100,124 |  |  | $ | (131,999 | ) |  | $ | 74,415 |  |  | $ | (58,749 | )
Notional Amounts of Derivative Instruments | Notional Quantities for Derivative Instruments - The following table sets forth the notional quantities for derivative instruments held for the periods indicated:
|  | December 31, 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 | — |  |  | (29.9 | ) |  | — |  |  | (24.5 | )
-Crude oil and NGLs (MMBbl) | Futures, forwards and swaps | 6.5 |  |  | (13.8 | ) |  | 3.5 |  |  | (11.1 | )
Basis |  |  |  |  |  |  |  |
-Natural gas (Bcf) | Futures and swaps | — |  |  | (29.9 | ) |  | — |  |  | (24.5 | )
Interest-rate contracts (Millions of dollars) | Swaps | $ | 4,250.0 |  |  | $ | — |  |  | $ | 1,750.0 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Fixed price |  |  |  |  |  |  |  |
-NGLs (MMBbl) | Futures, forwards and swaps | — |  |  | — |  |  | 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:
Derivatives in Cash Flow Hedging Relationships |  | Years Ended December 31,
| 2018 |  | 2017 |  | 2016
|  | (Thousands of dollars)
Commodity contracts |  | $ | 53,217 |  |  | $ | (40,577 | ) |  | $ | (78,513 | )
Interest-rate contracts |  | (60,584 | ) |  | 163 |  |  | 42,761 |
Total unrealized gain (loss) recognized in other comprehensive income (loss) on derivatives |  | $ | (7,367 | ) |  | $ | (40,414 | ) |  | $ | (35,752 | )
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 |  |  |  |  |  |
|  | Years Ended December 31,
|  | 2018 |  | 2017 |  | 2016
|  |  |  | (Thousands of dollars)
Commodity contracts |  | Commodity sales revenues |  | $ | (29,596 | ) |  | $ | (69,561 | ) |  | $ | 26,422 |
Interest-rate contracts |  | Interest expense |  | (18,287 | ) |  | (21,025 | ) |  | (19,215 | )
Total gain (loss) reclassified from accumulated other comprehensive loss into net income on derivatives |  | $ | (47,883 | ) |  | $ | (90,586 | ) |  | $ | 7,207 |

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