XML 64 R27.htm IDEA: XBRL DOCUMENT v3.25.2
RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)
 6 Months Ended
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, 2025December 31, 2024
Location in our Consolidated Balance SheetsAssets(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 instruments76 (50)39 (47)
Derivatives not designated as hedging instruments
Commodity contracts (a)(b)Other current assets/liabilities20 (25)36 (33)
Other deferred credits— — — (6)
Total derivatives not designated as hedging instruments20 (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, 2025December 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)