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RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of 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:
|  |  | Sept. 30, 2024 |  | Dec. 31, 2023
| Location in our Consolidated Balance Sheets |  | Assets |  | (Liabilities) |  | Assets |  | (Liabilities)
Derivatives designated as hedging instruments |  | (Millions of dollars)
Commodity contracts (a) | Other current assets |  | $ | 73 |  |  | $ | (23) |  |  | $ | 163 |  |  | $ | (78) |
Total derivatives designated as hedging instruments |  | 73 |  |  | (23) |  |  | 163 |  |  | (78) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Commodity contracts (a) | Other current assets |  | 7 |  |  | (3) |  |  | 14 |  |  | (6) |
Total derivatives not designated as hedging instruments |  | 7 |  |  | (3) |  |  | 14 |  |  | (6) |
Total derivatives |  |  | $ | 80 |  |  | $ | (26) |  |  | $ | 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.
Schedule of Notional Amounts of Derivative Instruments | The following table sets forth the notional quantities for derivative instruments held as of the dates indicated:
|  | Sept. 30, 2024 |  | Dec. 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 | (24.4) |  |  | (16.0) |
- NGLs, Refined Products and crude oil (MMBbl) | Futures and swaps | (10.2) |  |  | (14.5) |
- Power (GWh) | Futures and swaps | — |  |  | 22.1 |
Basis |  |  |  |
- Natural gas (Bcf) | Futures and swaps | (24.4) |  |  | (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 | (0.4) |  |  | 0.1 |
Basis |  |  |  |
- Natural gas (Bcf) | Futures and swaps | — |  |  | (0.7) |
- NGLs, Refined Products, and crude oil (MMBbl) | Futures and swaps | — |  |  | (0.1) |

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- 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
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- 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
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