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RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)
9 Months Ended
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, 2024Dec. 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 instruments73 (23)163 (78)
Derivatives not designated as hedging instruments
Commodity contracts (a)Other current assets7 (3)14 (6)
Total derivatives not designated as hedging instruments7 (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)