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RISK MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)

12 Months Ended

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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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.

+ References

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

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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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
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