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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)

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- References

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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

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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

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