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RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivatives
Fair Values of Derivative Instruments - All derivatives measured at fair value at December 31, 2019 and 2018, were designated as hedging instruments. See Note B for a discussion of the inputs associated with our fair value measurements.
The following table sets forth the fair values of our derivative instruments presented on a gross basis for the periods indicated:
 
 
 
December 31, 2019
 
December 31, 2018
 
Location in our Consolidated Balance Sheets
 
Assets
 
(Liabilities)
 
Assets
 
(Liabilities)
 
 
 
(Thousands of dollars)
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
Commodity contracts (a)
 
 
 
 
 
 
 
 
 
Financial contracts
Other current assets
 
$
64,858

 
$
(26,997
)
 
$
78,891

 
$
(31,793
)
 
Other assets/other deferred credits
 
1,591

 
(2,599
)
 
1,086

 
(946
)
Physical contracts
Other current assets
 
—

 
—

 
1,142

 
—

Interest-rate contracts
Other current assets/other current liabilities
 
—

 
(90,161
)
 
19,005

 
(15,012
)
 
Other assets/other deferred credits
 
581

 
(111,780
)
 
—

 
(84,248
)
Total derivatives designated as hedging instruments
 
 
$
67,030

 
$
(231,537
)
 
$
100,124

 
$
(131,999
)
(a) - Derivative assets and liabilities are presented in our Consolidated Balance Sheets on a net basis when a legally enforceable master-netting arrangement exists between the counterparty to a derivative contract and us
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, 2019
 
December 31, 2018
 
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
—

 
(59.0
)
 
—

 
(29.9
)
-Crude oil and NGLs (MMBbl)
Futures, forwards and swaps
7.9

 
(17.4
)
 
6.5

 
(13.8
)
Basis
 
 
 
 
 
 
 
 
-Natural gas (Bcf)
Futures and swaps
—

 
(59.0
)
 
—

 
(29.9
)
Interest-rate contracts (Billions of dollars)
Swaps
$
3.1

 
$
—

 
$
4.3

 
$
—
Schedule of Cash Flow Hedging Instruments Effect on Comprehensive Income (Loss) The following table sets forth the unrealized change in fair value of cash flow hedges in other comprehensive income (loss) for the periods indicated:
Derivatives in Cash Flow Hedging Relationships
 
Years Ended December 31,
 
2019
 
2018
 
2017
 
 
(Thousands of dollars)
Commodity contracts
 
$
38,819

 
$
53,217

 
$
(40,577
)
Interest-rate contracts
 
(230,771
)
 
(60,584
)
 
163

Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss)
 
$
(191,952
)
 
$
(7,367
)
 
$
(40,414
)
Schedule of Cash Flow Hedging Instruments Effect on Income
The following table sets forth the effect of cash flow hedges on net 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,
 
 
2019
 
2018
 
2017
 
 
 
 
(Thousands of dollars)
Commodity contracts
 
Commodity sales revenues/cost of sales and fuel
 
$
50,345

 
$
(29,596
)
 
$
(69,561
)
Interest-rate contracts
 
Interest expense
 
(23,230
)
 
(18,287
)
 
(21,025
)
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives
 
$
27,115

 
$
(47,883
)
 
$
(90,586
)