XML 71 R28.htm IDEA: XBRL DOCUMENT
v3.25.1

RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
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:
|  | March 31, 2025 |  | December 31, 2024
| 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/liabilities | $ | 59 |  |  | $ | (107) |  |  | $ | 39 |  |  | $ | (47) |
Total derivatives designated as hedging instruments | 59 |  |  | (107) |  |  | 39 |  |  | (47) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts (a)(b) | Other current assets/liabilities | 22 |  |  | (29) |  |  | 36 |  |  | (33) |
| Other deferred credits | — |  |  | — |  |  | — |  |  | (6) |
Total derivatives not designated as hedging instruments | 22 |  |  | (29) |  |  | 36 |  |  | (39) |
Total derivatives |  | $ | 81 |  |  | $ | (136) |  |  | $ | 75 |  |  | $ | (86) |
(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, 2025, and December 31, 2024, our derivative net liability positions under master-netting arrangements for financial commodity contracts were offset by cash collateral of $49 million and $10 million, respectively.
Schedule of Notional Amounts of Derivative Instruments | The following table sets forth the notional quantities for our derivative instruments, consisting of futures and swaps, held as of the dates indicated:
|  | March 31, 2025 |  | December 31, 2024
|  | Net Purchased/Payor (Sold/Receiver)
Derivatives designated as hedging instruments: |  |  |
Cash flow hedges |  |  |  |
Fixed price |  |
- Natural gas (Bcf) |  | (8.3) |  |  | (12.2) |
- NGLs, Refined Products and crude oil (MMBbl) |  | (21.9) |  |  | (12.2) |
Basis |  |  |  |
- Natural gas (Bcf) |  | (7.0) |  |  | (11.2) |
Derivatives not designated as hedging instruments: |  |  |  |
Fixed price |  |  |  |
- Natural gas (Bcf) |  | (6.7) |  |  | (8.0) |
- NGLs, Refined Products and crude oil (MMBbl) |  | (1.7) |  |  | (2.7) |
Basis |  |  |  |
- Natural gas (Bcf) |  | (6.3) |  |  | (3.7) |
- NGLs, Refined Products and crude oil (MMBbl) |  | (0.1) |  |  | (0.2) |
Swing Swaps |  |  |  |
- Natural gas (Bcf) |  | (1.7) |  |  | (0.2) |

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 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