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RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 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:
|  |  | Dec. 31, 2024 |  | Dec. 31, 2023 |
| Location in our Consolidated Balance Sheets |  | Assets |  | (Liabilities) |  | Assets |  | (Liabilities) |
|  |  | (Millions of dollars)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity contracts (a)(b) | Other current assets |  | $ | 39 |  |  | $ | (47) |  |  | $ | 163 |  |  | $ | (78) |  |
Total derivatives designated as hedging instruments |  | 39 |  |  | (47) |  |  | 163 |  |  | (78) |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity contracts (a)(b) | Other current assets/liabilities |  | 36 |  |  | (33) |  |  | 14 |  |  | (6) |  |
| Other deferred credits |  | — |  |  | (6) |  |  | — |  |  | — |  |
Total derivatives not designated as hedging instruments |  | 36 |  |  | (39) |  |  | 14 |  |  | (6) |  |
Total derivatives |  |  | $ | 75 |  |  | $ | (86) |  |  | $ | 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 Dec. 31, 2024, our derivative net liability positions under master-netting arrangements for financial commodity contracts were offset by cash collateral of $10 million.
Schedule of Notional Amounts of Derivative Instruments | The following table sets forth the notional quantities for derivative instruments held as of the dates indicated:
|  |  | Dec. 31, 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 |  | (12.2) |  |  | (16.0) |  |  |
-NGLs, Refined Products and crude oil (MMBbl) | Futures and swaps |  | (12.2) |  |  | (14.5) |  |  |
-Power (Gigawatt hour) | Futures and swaps |  | — |  |  | 22.1 |  |  |
Basis |  |  |  |  |  |  |
-Natural gas (Bcf) | Futures and swaps |  | (11.2) |  |  | (16.0) |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Fixed price |  |  |  |  |  |  |
-Natural gas (Bcf) | Futures and swaps |  | (8.0) |  |  | (0.7) |  |  |
-NGLs, Refined Products and crude oil (MMBbl) | Futures and swaps |  | (2.7) |  |  | 0.1 |  |  |
Basis |  |  |  |  |  |  |
-Natural gas (Bcf) | Futures and swaps |  | (3.7) |  |  | (0.7) |  |  |
-NGLs, Refined Products, and crude oil (MMBbl) | Futures and swaps |  | (0.2) |  |  | (0.1) |  |  |
Swing swaps |  |  |  |  |  |  |
-Natural gas (Bcf) | Futures and swaps |  | (0.2) |  |  | — |  |  |
Schedule of Cash Flow Hedging Instruments Effect on 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:
|  | Years Ended Dec. 31,
| 2024 |  | 2023 |  | 2022
|  | (Millions of dollars)
Commodity contracts |  | $ | (50) |  |  | $ | 147 |  |  | $ | (85) |
Interest-rate contracts |  | (19) |  |  | 54 |  |  | 206 |
Total unrealized change in fair value of cash flow hedges in other comprehensive income (loss) |  | $ | (69) |  |  | $ | 201 |  |  | $ | 121 |
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 |  |  |  |  |  |
|  | Years Ended Dec. 31,
|  | 2024 |  | 2023 |  | 2022
|  |  |  | (Millions of dollars)
Commodity contracts |  | Commodity sales revenues |  | $ | 60 |  |  | $ | 201 |  |  | $ | (484) |
|  | Cost of sales and fuel |  | (19) |  |  | (93) |  |  | 257 |
Interest-rate contracts |  | Interest expense |  | (20) |  |  | (21) |  |  | (34) |
Total change in fair value of cash flow hedges reclassified from accumulated other comprehensive loss into net income on derivatives |  | $ | 21 |  |  | $ | 87 |  |  | $ | (261) |

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