XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.23.1

RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
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:
|  |  | March 31, 2023 |  | December 31, 2022
| Location in our Consolidated Balance Sheets |  | Assets |  | (Liabilities) |  | Assets |  | (Liabilities)
Derivatives designated as hedging instruments |  | (Millions of dollars)
Commodity contracts (a) | Other current assets |  | $ | 151 |  |  | $ | (89) |  |  | $ | 160 |  |  | $ | (123) |
| Other assets |  | — |  |  | — |  |  | 6 |  |  | (1) |
Interest-rate contracts | Other current assets |  | 1 |  |  | — |  |  | 11 |  |  | — |
Total derivatives designated as hedging instruments |  | $ | 152 |  |  | $ | (89) |  |  | $ | 177 |  |  | $ | (124) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Commodity contracts (a) | Other current assets |  | — |  |  | — |  |  | 1 |  |  | (1) |
Total derivatives not designated as hedging instruments |  | — |  |  | — |  |  | 1 |  |  | (1) |
Total derivatives |  |  | $ | 152 |  |  | $ | (89) |  |  | $ | 178 |  |  | $ | (125) |
(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 as of the dates indicated:
|  | March 31, 2023 |  | December 31 2022
| Contract Type | Net Purchased/Payor (Sold/Receiver)
Derivatives designated as hedging instruments: |  |  |  |
Cash flow hedges |  |  |  |
Fixed price |  |  |  |
- Natural gas (Bcf) | Futures | (20.5) |  |  | (39.3) |
- Crude oil and NGLs (MMBbl) | Futures | (13.0) |  |  | (8.4) |
Basis |  |  |  |
- Natural gas (Bcf) | Futures | (23.2) |  |  | (39.3) |
Interest-rate contracts (Billions of dollars) | Swaps | $ | 0.4 |  |  | $ | 0.4 |
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:
|  |  | Three Months Ended
|  |  | March 31,
|  |  |  | 2023 |  | 2022
|  |  |  |  | (Millions of dollars)
Commodity contracts |  |  |  |  | $ | 40 |  |  | $ | (174) |
Interest-rate contracts |  |  |  |  | (10) |  |  | 81 |
Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) |  |  |  |  | $ | 30 |  |  | $ | (93) |
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,
|  |  |  | 2023 |  | 2022
|  |  |  |  |  | (Millions of dollars)
Commodity contracts | Commodity sales revenues |  |  |  |  | $ | 23 |  |  | $ | (211) |
| Cost of sales and fuel |  |  |  |  | (3) |  |  | 134 |
Interest-rate contracts | Interest expense |  |  |  |  | (5) |  |  | (9) |
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives |  |  |  |  | $ | 15 |  |  | $ | (86) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration