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RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 12 Months Ended
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Dec. 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 as of the dates indicated:
|  |  | December 31, 2022 |  | December 31, 2021
| Location in our Consolidated Balance Sheets |  | Assets |  | (Liabilities) |  | Assets |  | (Liabilities)
|  |  | (Thousands of dollars)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Commodity contracts (a) |  |  |  |  |  |  |  |  |
Financial contracts (b) | Other current assets |  | $ | 160,390 |  |  | $ | (123,121) |  |  | $ | 204,161 |  |  | $ | (303,740) |
| Other assets |  | 6,287 |  |  | (1,205) |  |  | — |  |  | — |
Interest-rate contracts | Other current assets/liabilities |  | 10,918 |  |  | — |  |  | — |  |  | (145,524) |
Total derivatives designated as hedging instruments |  | 177,595 |  |  | (124,326) |  |  | 204,161 |  |  | (449,264) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Commodity contracts (a) |  |  |  |  |  |  |  |  |
Financial contracts | Other current assets |  | 558 |  |  | (240) |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments |  | 558 |  |  | (240) |  |  | — |  |  | — |
Total derivatives |  |  | $ | 178,153 |  |  | $ | (124,566) |  |  | $ | 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 December 31, 2021, our derivative net liability positions under master-netting arrangements for financial contracts were fully offset by cash collateral of $99.6 million.
Notional Amounts of Derivative Instruments | The following table sets forth the notional quantities for derivative instruments held for the periods indicated:
|  |  |  | December 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 |  |  |  |  | (39.3) |  |  | (32.3) |
-Crude oil and NGLs (MMBbl) | Futures |  |  |  |  | (8.4) |  |  | (10.0) |
Basis |  |  |  |  |  |  |  |
-Natural gas (Bcf) | Futures |  |  |  |  | (39.3) |  |  | (30.5) |
Interest-rate contracts (Billions of dollars) | Swaps |  |  |  |  | $ | 0.4 |  |  | $ | 1.1 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Fixed price |  |  |  |  |  |  |  |
-Natural gas (Bcf) | Futures |  |  |  |  | (0.1) |  |  | — |
-Crude oil and NGLs (MMBbl) | Futures |  |  |  |  | 0.1 |  |  | — |
Basis |  |  |  |  |  |  |  |
-Natural gas (Bcf) | Futures |  |  |  |  | (0.1) |  |  | — |
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:
|  | Years Ended December 31,
| 2022 |  | 2021 |  | 2020
|  | (Thousands of dollars)
Commodity contracts |  | $ | (84,807) |  |  | $ | (322,648) |  |  | $ | (5,699) |
Interest-rate contracts |  | 206,172 |  |  | 57,884 |  |  | (208,616) |
Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) |  | $ | 121,365 |  |  | $ | (264,764) |  |  | $ | (214,315) |
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 |  |  |  |  |  |
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  |  |  | (Thousands of dollars)
Commodity contracts |  | Commodity sales revenues |  | $ | (483,625) |  |  | $ | (731,793) |  |  | $ | 85,436 |
|  | Cost of sales and fuel |  | 256,888 |  |  | 473,612 |  |  | (19,170) |
Interest-rate contracts (a) |  | Interest expense |  | (34,215) |  |  | (39,952) |  |  | (93,676) |
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives |  | $ | (260,952) |  |  | $ | (298,133) |  |  | $ | (27,410) |
(a) - The year ended December 31, 2020, includes a loss of $48.3 million on the settlement of $1.3 billion of interest-rate swaps used to hedge our LIBOR-based interest payments.

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