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RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2020
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:
 
 
 
March 31, 2020
 
December 31, 2019
 
Location in our
Consolidated Balance
Sheets
 
Assets
 
(Liabilities)
 
Assets
 
(Liabilities)
 
 
 
(Thousands of dollars)
Commodity contracts (a)
 
 
 
 
 
 
 
 
 
Financial contracts
Other current assets
 
$
167,871

 
$
(73,783
)
 
$
64,858

 
$
(26,997
)
 
Other deferred credits
 
—

 
—

 
1,591

 
(2,599
)
Interest-rate contracts
Other current liabilities
 
—

 
(28,673
)
 
—

 
(90,161
)
 
Other assets/other deferred credits
 
—

 
(241,624
)
 
581

 
(111,780
)
Total derivative instruments
 
$
167,871

 
$
(344,080
)
 
$
67,030

 
$
(231,537
)
(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 The following table sets forth the notional quantities for derivative instruments held for the periods indicated:
 
 
March 31, 2020
 
December 31, 2019
 
Contract
Type
Purchased/
Payor
 
Sold/
Receiver
 
Purchased/
Payor
 
Sold/
Receiver
Cash flow hedges
 
 
 
 
 
 
 
 
Fixed price
 
 
 
 
 
 
 
 
- Natural gas (Bcf)
Futures and swaps
—

 
(47.6
)
 
—

 
(59.0
)
- Crude oil and NGLs (MMBbl)
Futures, forwards and swaps
10.5

 
(17.5
)
 
7.9

 
(17.4
)
Basis
 

 

 
 
 
 
- Natural gas (Bcf)
Futures and swaps
—

 
(47.6
)
 
—

 
(59.0
)
Interest-rate contracts (Billions of dollars)
Swaps
$
2.4

 
$
—

 
$
3.1

 
$
—
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:
 
Three Months Ended
 
March 31,
2020
 
2019
 
(Thousands of dollars)
Commodity contracts
$
87,195

 
$
(21,625
)
Interest-rate contracts
(225,041
)
 
(67,912
)
Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss)
$
(137,846
)
 
$
(89,537
)
Schedule of Cash Flow Hedging Instruments Effect on Income (Loss)
The following table sets forth the effect of cash flow hedges on net income (loss) for the periods indicated:
 
Location of Gain (Loss) Reclassified from
Accumulated Other Comprehensive
Loss into Net Income (Loss)
Three Months Ended
March 31,
2020
 
2019
 
 
(Thousands of dollars)
Commodity contracts
Commodity sales revenues
$
44,999

 
$
23,822

 
Cost of sales and fuel
(15,039
)
 
(4,970
)
Interest-rate contracts
Interest expense
(10,278
)
 
(2,504
)
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income (loss) on derivatives
$
19,682

 
$
16,348