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RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables) | 6 Months Ended
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Jun. 30, 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:
|  | June 30, 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 | $ | 76 |  |  | $ | (50) |  |  | $ | 39 |  |  | $ | (47) |
Total derivatives designated as hedging instruments | 76 |  |  | (50) |  |  | 39 |  |  | (47) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts (a)(b) | Other current assets/liabilities | 20 |  |  | (25) |  |  | 36 |  |  | (33) |
| Other deferred credits | — |  |  | — |  |  | — |  |  | (6) |
Total derivatives not designated as hedging instruments | 20 |  |  | (25) |  |  | 36 |  |  | (39) |
Total derivatives |  | $ | 96 |  |  | $ | (75) |  |  | $ | 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 December 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 our derivative instruments, consisting of futures, swaps and Treasury locks, held as of the dates indicated:
|  | June 30, 2025 |  | December 31, 2024
|  | Net Purchased/Payor (Sold/Receiver)
Derivatives designated as hedging instruments: |  |  |
Cash flow hedges |  |  |  |
Fixed price |  |
- Natural gas (Bcf) |  | (13.2) |  |  | (12.2) |
- NGLs, Refined Products and crude oil (MMBbl) |  | (21.3) |  |  | (12.2) |
Basis |  |  |  |
- Natural gas (Bcf) |  | (12.2) |  |  | (11.2) |
- Crude oil (MMBbl) |  | 0.2 |  |  | — |
Interest-rate contracts (Billions of dollars) |  | $ | 0.7 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |
Fixed price |  |  |  |
- Natural gas (Bcf) |  | (4.4) |  |  | (8.0) |
- NGLs, Refined Products and crude oil (MMBbl) |  | (1.3) |  |  | (2.7) |
Basis |  |  |  |
- Natural gas (Bcf) |  | 0.1 |  |  | (3.7) |
- NGLs, Refined Products and crude oil (MMBbl) |  | — |  |  | (0.2) |
Swing Swaps |  |  |  |
- Natural gas (Bcf) |  | (1.6) |  |  | (0.2) |

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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://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
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