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Derivatives and Risk Management Activities (Tables)
 12 Months Ended
Dec. 31, 2019
Derivatives and Risk Management Activities  
Impact of derivative activities recognized in earnings
A summary of the impact of our derivatives recognized in earnings is as follows (in millions):

Year Ended December 31, 2019
Location of Gain/(Loss)Commodity
Derivatives		Foreign Currency DerivativesPreferred Distribution
Rate Reset
Option		Interest Rate DerivativesTotal
Supply and Logistics segment revenues (1)
$310  $8  $—  $—  $318  
Field operating costs (1)
14  —  —  —  14  
Interest expense, net (2)
—  —  —  (9) (9) 
Other income/(expense), net (1)
—  —  2  —  2  
Total gain/(loss) on derivatives recognized in net income
$324  $8  $2  $(9) $325  
Year Ended December 31, 2018
Location of Gain/(Loss)Commodity
Derivatives		Foreign Currency DerivativesPreferred Distribution
Rate Reset
Option		Interest Rate DerivativesTotal
Supply and Logistics segment revenues (1)
$150  $(23) $—  $—  $127  
Field operating costs (1)
(2) —  —  —  (2) 
Interest expense, net (2)
—  —  —  (5) (5) 
Other income/(expense), net (1)
—  —  (14) —  (14) 
Total gain/(loss) on derivatives recognized in net income
$148  $(23) $(14) $(5) $106  

Year Ended December 31, 2017
Location of Gain/(Loss)Commodity
Derivatives		Foreign Currency DerivativesPreferred Distribution Rate Reset OptionInterest Rate DerivativesTotal
Supply and Logistics segment revenues (1)
$(188) $8  $—  $—  $(180) 
Field operating costs (1)
(10) —  —  —  (10) 
Depreciation and amortization (2)
(3) —  —  —  (3) 
Interest expense, net (2)
—  —  —  (18) (18) 
Other income/(expense), net (1)
—  —  13  —  13  
Total gain/(loss) on derivatives recognized in net income
$(201) $8  $13  $(18) $(198) 

(1)Derivatives not designated as a hedge.
(2)Derivatives in hedging relationships.
Summary of derivative assets and liabilities on Consolidated Balance Sheets on a gross basis
The following table summarizes the derivative assets and liabilities on our Consolidated Balance Sheet on a gross basis as of December 31, 2019 (in millions):

Derivatives Not Designated As Hedging Instruments
Balance Sheet LocationCommodity
Derivatives 		Foreign Currency Derivatives Preferred Distribution Rate Reset OptionTotal
Interest Rate Derivatives (1)
Total Derivatives
Derivative Assets
Other current assets
$179  $4  $—  $183  $—  $183  
Other long-term assets, net24  —  —  24  —  24  
Other current liabilities
32  —  —  32  —  32  
Total Derivative Assets$235  $4  $—  $239  $—  $239  
Derivative Liabilities
Other current assets
$(37) $(2) $—  $(39) $—  $(39) 
Other long-term assets, net
—  —  —  —  —  —  
Other current liabilities
(56) (1) —  (57) (44) (101) 
Other long-term liabilities and deferred credits
(12) —  (34) (46) —  (46) 
Total Derivative Liabilities$(105) $(3) $(34) $(142) $(44) $(186) 

(1)Derivatives in hedging relationships.
The following table summarizes the derivative assets and liabilities on our Consolidated Balance Sheet on a gross basis as of December 31, 2018 (in millions):

Derivatives Not Designated As Hedging Instruments
Balance Sheet LocationCommodity
Derivatives 		Foreign Currency Derivatives Preferred Distribution Rate Reset OptionTotal
Interest Rate Derivatives (1)
Total Derivatives
Derivative Assets
Other current assets
$441  $—  $—  $441  $2  $443  
Other long-term assets, net34  —  —  34  —  34  
Other long-term liabilities and deferred credits
3  —  —  3  —  3  
Total Derivative Assets$478  $—  $—  $478  $2  $480  
Derivative Liabilities
Other current assets
$(182) $—  $—  $(182) $—  $(182) 
Other long-term assets, net
(7) —  —  (7) —  (7) 
Other current liabilities
(10) (9) —  (19) (1) (20) 
Other long-term liabilities and deferred credits
(9) —  (36) (45) (8) (53) 
Total Derivative Liabilities$(208) $(9) $(36) $(253) $(9) $(262) 

(1)Derivatives in hedging relationships.
Schedule of net broker receivable (payable) The following table provides the components of our net broker receivable/(payable):
December 31, 2019December 31, 2018
Initial margin$73  $95  
Variation margin posted/(returned)(45) (91) 
Letters of credit(73) (84) 
Net broker payable$(45) $(80) 
Schedule of derivative financial assets that are subject to offsetting, including enforceable master netting arrangements
The following table presents information about derivative financial assets and liabilities that are subject to offsetting, including enforceable master netting arrangements (in millions):

December 31, 2019December 31, 2018
Derivative
Asset Positions		Derivative
Liability Positions		Derivative
Asset Positions		Derivative
Liability Positions
Netting Adjustments:
Gross position - asset/(liability)$239  $(186) $480  $(262) 
Netting adjustment(71) 71  (192) 192  
Cash collateral paid/(received)(45) —  (80) —  
Net position - asset/(liability)$123  $(115) $208  $(70) 
Balance Sheet Location After Netting Adjustments:
Other current assets$99  $—  $181  $—  
Other long-term assets, net24  —  27  —  
Other current liabilities—  (69) —  (20) 
Other long-term liabilities and deferred credits—  (46) —  (50) 
$123  $(115) $208  $(70) 
Schedule of derivative financial liabilities that are subject to offsetting, including enforceable master netting arrangements
The following table presents information about derivative financial assets and liabilities that are subject to offsetting, including enforceable master netting arrangements (in millions):

December 31, 2019December 31, 2018
Derivative
Asset Positions		Derivative
Liability Positions		Derivative
Asset Positions		Derivative
Liability Positions
Netting Adjustments:
Gross position - asset/(liability)$239  $(186) $480  $(262) 
Netting adjustment(71) 71  (192) 192  
Cash collateral paid/(received)(45) —  (80) —  
Net position - asset/(liability)$123  $(115) $208  $(70) 
Balance Sheet Location After Netting Adjustments:
Other current assets$99  $—  $181  $—  
Other long-term assets, net24  —  27  —  
Other current liabilities—  (69) —  (20) 
Other long-term liabilities and deferred credits—  (46) —  (50) 
$123  $(115) $208  $(70) 
Net deferred gain/(loss) recognized in AOCI for derivatives
The following table summarizes the net unrealized gain/(loss) recognized in AOCI for derivatives (in millions):

Year Ended December 31,
201920182017
Interest rate derivatives, net$(91) $38  $(16) 
Schedule of derivative financial assets and liabilities accounted for at fair value on a recurring basis, by level within the fair value hierarchy
The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis (in millions):

Fair Value as of December 31, 2019Fair Value as of December 31, 2018
Recurring Fair Value Measures (1)
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Commodity derivatives$42  $105  $(17) $130  $171  $87  $12  $270  
Interest rate derivatives—  (44) —  (44) —  (7) —  (7) 
Foreign currency derivatives—  1  —  1  —  (9) —  (9) 
Preferred Distribution Rate Reset Option
—  —  (34) (34) —  —  (36) (36) 
Total net derivative asset/(liability)$42  $62  $(51) $53  $171  $71  $(24) $218  

(1)Derivative assets and liabilities are presented above on a net basis but do not include related cash margin deposits.
Reconciliation of changes in fair value of derivatives classified as Level 3
The following table provides a reconciliation of changes in fair value of the beginning and ending balances for our derivatives classified as Level 3 (in millions):

Year Ended December 31,
20192018
Beginning Balance$(24) $(30) 
Net gains/(losses) for the period included in earnings10  (13) 
Settlements(11) 7  
Derivatives entered into during the period(26) 12  
Ending Balance$(51) $(24) 
Change in unrealized gains/(losses) included in earnings relating to Level 3 derivatives still held at the end of the period
$(16) $(1) 
Commodity Derivatives  
Derivatives and Risk Management Activities  
Summary of open derivative contracts The following table summarizes our open derivative positions utilized to hedge the price risk associated with anticipated purchases and sales related to our natural gas processing and NGL fractionation activities as of December 31, 2019.
Notional Volume
(Short)/Long		Remaining Tenor
Natural gas purchases
46.4 Bcf
December 2022
Propane sales
(3.8) MMbls
March 2021
Butane sales
(1.9) MMbls
March 2021
Condensate sales (WTI position)
(0.7) MMbls
March 2021
Power supply requirements (1)
1.0 TWh
December 2022

(1)Power position to hedge a portion of our power supply requirements at our Canadian natural gas processing and fractionation plants.
Interest Rate Swaps  
Derivatives and Risk Management Activities  
Schedule of terms of forward starting interest rate derivatives
The following table summarizes the terms of our outstanding interest rate derivatives as of December 31, 2019 (notional amounts in millions):

Hedged Transaction
Number and Types of
Derivatives Employed
Notional
Amount
Expected
Termination Date
Average Rate Locked
Accounting
Treatment
Anticipated interest payments
8 forward starting swaps
(30-year)
$200  6/15/20203.06 %Cash flow hedge
Foreign Currency Derivatives  
Derivatives and Risk Management Activities  
Summary of open derivative contracts
The following table summarizes our open forward exchange contracts as of December 31, 2019 (in millions):

USDCAD
Average Exchange Rate
USD to CAD
Forward exchange contracts that exchange CAD for USD:
2020$202  $266  
$1.00 - $1.31
Forward exchange contracts that exchange USD for CAD:
2020$207  $274  
$1.00 - $1.32