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RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 6 Months Ended
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Jun. 30, 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:
|  |  | June 30, 2020 |  | December 31, 2019
| Location in our Consolidated Balance Sheets |  | Assets |  | (Liabilities) |  | Assets |  | (Liabilities)
Derivatives designated as hedging instruments |  | (Thousands of dollars)
Commodity contracts (a) |  |  |  |  |  |  |  |  |
Financial contracts | Other current assets/other current liabilities |  | $ | 80,992 |  |  | $ | (56,587 | ) |  | $ | 64,858 |  |  | $ | (26,997 | )
| Other deferred credits |  | — |  |  | — |  |  | 1,591 |  |  | (2,599 | )
Interest-rate contracts | Other current liabilities |  | — |  |  | — |  |  | — |  |  | (90,161 | )
| Other assets/other deferred credits |  | — |  |  | (241,205 | ) |  | 581 |  |  | (111,780 | )
Total derivatives designated as hedging instruments |  | $ | 80,992 |  |  | $ | (297,792 | ) |  | $ | 67,030 |  |  | $ | (231,537 | )
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Commodity contracts (a) |  |  |  |  |  |  |  |  |
Financial contracts | Other current assets |  | $ | 172 |  |  | $ | (171 | ) |  | $ | — |  |  | $ | — |
Total derivatives not designated as hedging instruments |  | $ | 172 |  |  | $ | (171 | ) |  | $ | — |  |  | $ | — |
Total derivatives |  |  | $ | 81,164 |  |  | $ | (297,963 | ) |  | $ | 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:
|  | June 30, 2020 |  | December 31, 2019
| 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 | 5.8 |  |  | (45.4 | ) |  | — |  |  | (59.0 | )
- Natural gas (Bcf) | Options | — |  |  | (31.5 | ) |  | — |  | — |  | — |
- Crude oil and NGLs (MMBbl) | Futures, forwards, swaps and options | 13.8 |  |  | (22.5 | ) |  | 7.9 |  |  | (17.4 | )
Basis |  |  |  |  |  |  |  |
- Natural gas (Bcf) | Futures and swaps | 5.8 |  |  | (45.4 | ) |  | — |  |  | (59.0 | )
Interest-rate contracts (Billions of dollars) | Swaps | $ | 1.1 |  |  | $ | — |  |  | $ | 3.1 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Fixed price |  |  |  |  |  |  |  |
-Natural gas (Bcf) | Futures and swaps | 1.8 |  |  | (1.8 | ) |  | — |  |  | — |
Basis |  |  |  |  |  |  |  |
- Natural gas (Bcf) | Futures and Swaps | 1.8 |  |  | (1.8 | ) |  | — |  |  | — |
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 loss for the periods indicated:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
2020 |  | 2019 |  | 2020 |  | 2019
| (Thousands of dollars)
Commodity contracts | $ | (39,056 | ) |  | $ | 33,334 |  |  | $ | 48,139 |  |  | $ | 11,709 |
Interest-rate contracts | (21,372 | ) |  | (107,398 | ) |  | (246,413 | ) |  | (175,310 | )
Total unrealized change in fair value of cash flow hedges in other comprehensive loss | $ | (60,428 | ) |  | $ | (74,064 | ) |  | $ | (198,274 | ) |  | $ | (163,601 | )
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 |  | Six Months Ended
June 30, |  | June 30,
2020 |  | 2019 |  | 2020 |  | 2019
|  | (Thousands of dollars)
Commodity contracts | Commodity sales revenues | $ | 53,138 |  |  | $ | 23,319 |  |  | $ | 98,137 |  |  | $ | 47,141 |
| Cost of sales and fuel | (14,450 | ) |  | (8,075 | ) |  | (29,489 | ) |  | (13,045 | )
Interest-rate contracts (a) | Interest expense | (64,541 | ) |  | (4,815 | ) |  | (74,819 | ) |  | (7,319 | )
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income (loss) on derivatives | $ | (25,853 | ) |  | $ | 10,429 |  |  | $ | (6,171 | ) |  | $ | 26,777 |
(a) - The three and six months ended June 30, 2020, include a loss of $48.3 million on the settlement of our remaining $1.3 billion interest-rate swaps used to hedge our LIBOR-based interest payments.

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