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Derivatives and Risk Management Activities (Tables)
9 Months Ended
Sep. 30, 2024
Derivatives and Risk Management Activities  
Schedule of Impact of Derivatives Recognized in Earnings The following table summarizes the impact of our commodity derivatives recognized in earnings (in millions):
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Product sales revenues$29 $(142)$(195)$(24)
Field operating costs(9)(17)(35)(30)
   Net gain/(loss) from commodity derivative activity
$20 $(159)$(230)$(54)
Schedule of Net Broker Receivable/(Payable) The following table provides the components of our net broker receivable/(payable) (in millions):
September 30,
2024
December 31,
2023
Initial margin$104 $77 
Variation margin posted/(returned)
46 (65)
Letters of credit
(33)(25)
   Net broker receivable/(payable)
$117 $(13)
Schedule of Derivative Assets and Liabilities on Condensed Consolidated Balance Sheets on a Gross Basis
The following table reflects the Condensed Consolidated Balance Sheet line items that include the fair values of our commodity derivative assets and liabilities and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of counterparty netting. However, we have elected to present our commodity derivative assets and liabilities with the same counterparty on a net basis on our Condensed Consolidated Balance Sheet when the legal right of offset exists. Amounts in the table below are presented in millions.

September 30, 2024December 31, 2023
Effect of Collateral NettingNet Carrying Value Presented on the Balance SheetEffect of Collateral NettingNet Carrying Value Presented on the Balance Sheet
Commodity DerivativesCommodity Derivatives
AssetsLiabilitiesAssetsLiabilities
Derivative Assets
Other current assets$59 $(83)$117 $93 $153 $(79)$(13)$61 
Other long-term assets, net— — — — 
Derivative Liabilities
Other current liabilities(45)— (42)(64)— (63)
Other long-term liabilities and deferred credits(26)— (23)(15)— (14)
Total$66 $(154)$117 $29 $158 $(158)$(13)$(13)
Schedule of Net Unrealized Gain (Loss) Recognized in AOCI for Derivatives
The following table summarizes the net unrealized gain/(loss) recognized in AOCI for derivatives (in millions):

Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Interest rate derivatives, net$(9)$38 $$40 
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 September 30, 2024Fair Value as of December 31, 2023
Recurring Fair Value Measures (1)
Level 1Level 2TotalLevel 1Level 2Total
Commodity derivatives$(21)$(67)$(88)$$(9)$— 
Interest rate derivatives— — 55 55 
Total net derivative asset/(liability)$(21)$(60)$(81)$$46 $55 
(1)Derivative assets and liabilities are presented above on a net basis but do not include related cash margin deposits.
Schedule of 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 the Preferred Distribution Rate Reset Option embedded derivative, which was classified as Level 3 in the fair value hierarchy (in millions):

Nine Months Ended
September 30, 2023
Beginning Balance$(189)
Net gains/(losses) for the period included in earnings
58 
Settlements131 
Ending Balance$— 
Change in unrealized gains/(losses) included in earnings relating to Level 3 derivatives still held at the end of the period$— 
Commodity Derivatives  
Derivatives and Risk Management Activities  
Schedule 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 September 30, 2024:
Notional Volume
(Short)/LongRemaining Tenor
Natural gas purchases
37.8 Bcf
December 2025
Propane sales
(6.6) MMbls
December 2025
Butane sales
(1.5) MMbls
September 2025
Condensate sales
(1.4) MMbls
March 2025
Fuel gas requirements (1)
2.7 Bcf
December 2025
Power supply requirements (1)
2.1 TWh
December 2030
(1)Positions to hedge a portion of our power supply and fuel gas requirements at our Canadian natural gas processing and fractionation plants.
Interest rate derivatives  
Derivatives and Risk Management Activities  
Schedule of Terms of Outstanding Interest Rate Derivatives
The following table summarizes the terms of our outstanding interest rate derivatives as of September 30, 2024 (notional amounts in millions):

Hedged TransactionNumber 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 6/15/20263.09%Cash flow hedge