XML 38 R25.htm IDEA: XBRL DOCUMENT v3.24.1.u1

RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024												December 31, 2023
			Location in our Consolidated Balance Sheets						Assets						(Liabilities)						Assets						(Liabilities)
Derivatives designated as hedging instruments									(Millions of dollars)
Commodity contracts (a)(b)			Other current assets						$	103					$	(164)					$	163					$	(78)
Total derivatives designated as hedging instruments									103						(164)						163						(78)
Derivatives not designated as hedging instruments
Commodity contracts (a)(b)			Other current assets						12						(13)						14						(6)
Total derivatives not designated as hedging instruments									12						(13)						14						(6)
Total derivatives									$	115					$	(177)					$	177					$	(84)

(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, 2024, our derivative net liability positions under master-netting arrangements for financial commodity contracts were offset by cash collateral of $63 million.

Notional Amounts of Derivative Instruments

The following table sets forth the notional quantities for derivative instruments held as of the dates indicated:

March 31, 2024

December 31, 2023

Contract Type

Net Purchased/Payor (Sold/Receiver)

Derivatives designated as hedging instruments:

Cash flow hedges

Fixed price

- Natural gas (Bcf)

Futures and swaps

(17.4)

(16.0)

- NGLs, Refined Products and crude oil (MMBbl)

Futures and swaps

(16.0)

(14.5)

- Power (GWh)

Futures and swaps

22.1

22.1

Basis

- Natural gas (Bcf)

Futures and swaps

(17.2)

(16.0)

Derivatives not designated as hedging instruments:

Fixed price

- Natural gas (Bcf)

Futures and swaps

—

(0.7)

- NGLs, Refined Products and crude oil (MMBbl)

Futures and swaps

(0.6)

0.1

Basis

- Natural gas (Bcf)

Futures and swaps

—

(0.7)

- NGLs, Refined Products, and crude oil (MMBbl)

Futures and swaps

(1.4)

(0.1)

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

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
-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

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

+ 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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration