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RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 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:

									September 30, 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						$	104					$	(79)					$	160					$	(123)
			Other assets						—						—						6						(1)
Interest-rate contracts			Other current assets						—						—						11						—
Total derivatives designated as hedging instruments									104						(79)						177						(124)
Derivatives not designated as hedging instruments
Commodity contracts (a)			Other current assets/liabilities						12						(5)						1						(1)
Total derivatives not designated as hedging instruments									12						(5)						1						(1)
Total derivatives									$	116					$	(84)					$	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:

						September 30, 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			(18.8)						(39.3)
- Refined Products, crude oil and NGLs (MMBbl)			Futures			(13.8)						(8.4)
Basis
- Natural gas (Bcf)			Futures			(19.4)						(39.3)
Interest-rate contracts (Billions of dollars)			Swaps			$	—					$	0.4
Derivatives not designated as hedging instruments:
Fixed price
- Natural gas (Bcf)			Futures			—						(0.1)
- Refined Products, crude oil and NGLs (MMBbl)			Futures and swaps			(1.9)						0.1
Basis
- Natural gas (Bcf)			Futures			—						(0.1)
- Refined Products, crude oil and NGLs (MMBbl)			Futures and swaps			(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 for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2023						2022						2023						2022
			(Millions of dollars)
Commodity contracts			$	(37)					$	69					$	57					$	(139)
Interest-rate contracts			52						69						54						213
Total unrealized change in fair value of cash flow hedges in other comprehensive income			$	15					$	138					$	111					$	74

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												Nine Months Ended
						September 30,												September 30,
						2023						2022						2023						2022
						(Millions of dollars)
Commodity contracts			Commodity sales revenues			$	31					$	(78)					$	149					$	(546)
			Cost of sales and fuel			(15)						18						(75)						328
Interest-rate contracts			Interest expense			(5)						(10)						(16)						(29)
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives						$	11					$	(70)					$	58					$	(247)

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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.

+ References

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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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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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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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.

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-Name Accounting Standards Codification
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-Section 50
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-Publisher FASB
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Topic 815
-SubTopic 10
-Section 50
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