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Fair Value | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value | 11. Fair Value Recurring Fair Value Measurements Financial assets and liabilities reported at fair value on a recurring basis primarily include energy commodity derivatives, interest rate derivatives, and investments held within the NDT. •Level 1 derivative assets and liabilities primarily represent exchange-traded futures and options that are valued using unadjusted prices available from the underlying exchange. Level 1 financial assets also include investments in equity securities and available-for-sale U.S. government debt securities, which are valued using exchange prices. •Level 2 derivative assets and liabilities primarily represent over-the-counter swaps, options, and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers, or pricing service companies that are all corroborated by market data. Level 2 financial assets also include investments in available-for-sale debt securities, including investments in corporate and municipal bonds, that are valued using pricing provided by brokers or pricing service companies and corroborated with market data. The classifications of recurring fair value measurements within the fair value hierarchy were:
|  | June 30, 2025 |  | December 31, 2024
|  | Level 1 |  | Level 2 |  |  |  | NAV |  | Netting (a) |  | Total |  | Level 1 |  | Level 2 |  |  |  | NAV |  | Netting (a) |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | — |  |  | $ | — |  |  |  |  | $ | 14 |  |  | $ | — |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |
Equity securities (b) |  | 786 |  | — |  |  |  |  | 360 |  |  | — |  |  | 1,146 |  |  | 758 |  |  | — |  |  |  |  | 347 |  |  | — |  |  | 1,105 |
U.S. government debt securities |  | 330 |  | — |  |  |  |  | — |  |  | — |  |  | 330 |  |  | 353 |  |  | — |  |  |  |  | — |  |  | — |  |  | 353 |
Municipal debt securities |  | — |  |  | 96 |  |  |  |  | — |  |  | — |  |  | 96 |  |  | — |  |  | 85 |  |  |  |  | — |  |  | — |  |  | 85 |
Corporate debt securities |  | — |  |  | 191 |  |  |  |  | — |  |  | — |  |  | 191 |  |  | — |  |  | 173 |  |  |  |  | — |  |  | — |  |  | 173 |
Receivables (payables), net (c) |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 5 |
NDT funds |  | 1,116 |  |  | 287 |  |  |  |  | 374 |  |  | — |  |  | 1,790 |  |  | 1111 |  |  | 258 |  |  |  |  | 350 |  |  | — |  |  | 1,724 |
Commodity derivatives |  | 360 |  |  | 107 |  |  |  |  | — |  |  | (389) |  |  | 78 |  |  | 134 |  |  | 91 |  |  |  |  | — |  |  | (156) |  |  | 69 |
Interest rate derivatives |  | — |  |  | 2 |  |  |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  |  |  | — |  |  | — |  |  | 2 |
Total assets |  | $ | 1,476 |  |  | $ | 396 |  |  |  |  | $ | 374 |  |  | $ | (389) |  |  | $ | 1,870 |  |  | $ | 1,245 |  |  | $ | 351 |  |  |  |  | $ | 350 |  |  | $ | (156) |  |  | $ | 1,795 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives |  | $ | 429 |  |  | $ | 110 |  |  |  |  | $ | — |  |  | $ | (458) |  |  | $ | 81 |  |  | $ | 145 |  |  | $ | 29 |  |  |  |  | $ | — |  |  | $ | (167) |  |  | $ | 7 |
Interest rate derivatives |  | — |  |  | 13 |  |  |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Total liabilities |  | $ | 429 |  |  | $ | 123 |  |  |  |  | $ | — |  |  | $ | (458) |  |  | $ | 94 |  |  | $ | 145 |  |  | $ | 29 |  |  |  |  | $ | — |  |  | $ | (167) |  |  | $ | 7 |
__________________ (a)Amounts represent netting pursuant to master netting arrangements and cash collateral held or placed with the same counterparty. (b)Includes fixed income funds and real estate investment trusts. (c)Represents: (i) interest and dividends earned but not received; and (ii) net sold or purchased investments, but not settled. There were no recurring fair value measurements classified as Level 3 as of June 30, 2025 and December 31, 2024. Nonrecurring Fair Value Measurements See Note 7 for nonrecurring fair value measurements during the three months ended June 30, 2025 that are associated with the derecognition of certain Nautilus assets and liabilities. There were no nonrecurring fair value measurements related to impairments of long-lived assets during the three months ended June 30, 2024 and the three and six months ended June 30, 2024. Reported Fair Value The carrying value of certain financial assets and liabilities on the Consolidated Balance Sheets, including “Cash and cash equivalents,” “Restricted cash and cash equivalents,” “Accounts receivable,” and “Accounts payable and other accrued liabilities” approximate fair value. The fair value measurements of indebtedness are classified as Level 2 within the fair value hierarchy. The fair value of fixed rate debt was estimated primarily by utilizing an income approach whereby the future cash flows of the obligations are discounted at the estimated current cost of funding rates, which incorporates the credit risk associated with the obligations. The carrying value of variable rate indebtedness approximates fair value. The carrying value and fair value of indebtedness presented on the Consolidated Balance Sheets were:
|  | June 30, 2025 |  | December 31, 2024
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Revolving credit facilities |  | $ | 70 |  |  | $ | 70 |  |  | $ | — |  |  | $ | — |
Long-term debt (a) |  | 2,989 |  |  | 3,113 |  |  | 3,004 |  |  | 3,120 |
__________________ (a)Aggregate value of “Long-term debt” and “Long-term debt, due within one year” presented on the Consolidated Balance Sheets.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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