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RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022												December 31, 2021
			Location in our Consolidated Balance Sheets						Assets						(Liabilities)						Assets						(Liabilities)
Derivatives designated as hedging instruments									(Thousands of dollars)
Commodity contracts (a)
Financial contracts (b)									$	316,469					$	(513,982)					$	204,161					$	(303,740)
Interest-rate contracts			Other current assets/liabilities						4,420						(68,788)						—						(145,524)
Total derivatives designated as hedging instruments									$	320,889					$	(582,770)					$	204,161					$	(449,264)

(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.

(b) - At March 31, 2022, and December 31, 2021, our derivative net liability positions under master-netting arrangements for financial contracts were fully offset by cash collateral of $197.5 million and $99.6 million, respectively.

Notional Amounts of Derivative Instruments

The following table sets forth the notional quantities for derivative instruments held for the periods indicated:

March 31, 2022

December 31 2021

Contract Type

Net Purchased/Payor (Sold/Receiver)

Derivatives designated as hedging instruments:

Cash flow hedges

Fixed price

- Natural gas (Bcf)

Futures

(64.7)

(32.3)

- Crude oil and NGLs (MMBbl)

Futures

(11.3)

(10.0)

Basis

- Natural gas (Bcf)

Futures

(64.6)

(30.5)

Interest-rate contracts (Billions of dollars)

Swaps

$

1.1

$

1.1

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 for the periods indicated:

									Three Months Ended
									March 31,
															2022						2021
															(Thousands of dollars)
Commodity contracts															$	(174,360)					$	(63,430)
Interest-rate contracts															81,155						106,285
Total unrealized change in fair value of cash flow hedges in other comprehensive income															$	(93,205)					$	42,855

Schedule of Cash Flow Hedging Instruments Effect on Income (Loss)

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									Three Months Ended
												March 31,
																		2022						2021
																		(Thousands of dollars)
Commodity contracts			Commodity sales revenues															$	(210,794)					$	(130,518)
			Cost of sales and fuel															134,368						86,436
Interest-rate contracts			Interest expense															(9,330)						(9,666)
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives																		$	(85,756)					$	(53,748)

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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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.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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