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RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)
 9 Months Ended
Sep. 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:
September 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$73 $(51)$39 $(47)
Total derivatives designated as hedging instruments73 (51)39 (47)
Derivatives not designated as hedging instruments
Commodity contracts (a)(b)Other current assets/liabilities17 (22)36 (33)
Other deferred credits— — — (6)
Total derivatives not designated as hedging instruments17 (22)36 (39)
Total derivatives$90 $(73)$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 and swaps, held as of the dates indicated:
September 30, 2025December 31, 2024
Net Purchased/Payor
(Sold/Receiver)
Derivatives designated as hedging instruments:
Cash flow hedges
   Fixed price
    - Natural gas (Bcf)
(17.2)(12.2)
    - NGLs, Refined Products and crude oil (MMBbl)
(20.8)(12.2)
   Basis
    - Natural gas (Bcf)
(10.0)(11.2)
Derivatives not designated as hedging instruments:
   Fixed price
    - Natural gas (Bcf)
1.2 (8.0)
    - NGLs, Refined Products and crude oil (MMBbl)
(1.3)(2.7)
   Basis
    - Natural gas (Bcf)
4.6 (3.7)
    - NGLs, Refined Products and crude oil (MMBbl)
(0.5)(0.2)
   Swing Swaps
    - Natural gas (Bcf)
(0.7)(0.2)