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Derivatives and Risk Management Activities (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivatives and Risk Management Activities |
Schedule of Impact of Derivative Activities Recognized in Earnings | The following table summarizes the impact of our commodity derivatives recognized in earnings (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Product sales revenues | $ | (223) |  |  | $ | 13 |  |  | $ | 179 |
Field operating costs | (32) |  |  | (45) |  |  | 59 |
Net gain/(loss) from commodity derivative activity | $ | (255) |  |  | $ | (32) |  |  | $ | 238 |
Schedule of Net Broker Receivable (Payable) | The following table provides the components of our net broker receivable/(payable) (in millions):
| December 31,
| 2024 |  | 2023
Initial margin | $ | 53 |  |  | $ | 77 |
Variation margin posted/(returned) | 49 |  |  | (65) |
Letters of credit | (30) |  |  | (25) |
Net broker receivable/(payable) | $ | 72 |  |  | $ | (13) |
Schedule of Derivative Assets and Liabilities on Consolidated Balance Sheets on a Gross Basis | The following table reflects the 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 Consolidated Balance Sheet when the legal right of offset exists. Amounts in the table below are presented in millions.
|  | December 31, 2024 |  |  | December 31, 2023
|  |  |  |  |  | Effect of Collateral Netting |  | Net Carrying Value Presented on the Balance Sheet |  |  |  |  |  |  | Effect of Collateral Netting |  | Net Carrying Value Presented on the Balance Sheet
|  | Commodity Derivatives |  |  |  |  | Commodity Derivatives |  |
|  | Assets |  | Liabilities |  |  |  |  | Assets |  | Liabilities |  |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 36 |  |  | $ | (74) |  |  | $ | 72 |  |  | $ | 34 |  |  |  | $ | 153 |  |  | $ | (79) |  |  | $ | (13) |  |  | $ | 61 |
Other long-term assets, net |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | 4 |  |  | (28) |  |  | — |  |  | (24) |  |  |  | 1 |  |  | (64) |  |  | — |  |  | (63) |
Other long-term liabilities and deferred credits |  | 2 |  |  | (16) |  |  | — |  |  | (14) |  |  |  | 1 |  |  | (15) |  |  | — |  |  | (14) |
Total |  | $ | 42 |  |  | $ | (118) |  |  | $ | 72 |  |  | $ | (4) |  |  |  | $ | 158 |  |  | $ | (158) |  |  | $ | (13) |  |  | $ | (13) |
Summary of 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,
| 2024 |  | 2023 |  | 2022
Interest rate derivatives, net | $ | 29 |  |  | $ | 15 |  |  | $ | 94 |
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, 2024 |  |  | Fair Value as of December 31, 2023
Recurring Fair Value Measures (1) |  | Level 1 |  | Level 2 |  |  |  | Total |  |  | Level 1 |  | Level 2 |  |  |  | Total
Commodity derivatives |  | $ | 14 |  |  | $ | (90) |  |  |  |  | $ | (76) |  |  |  | $ | 9 |  |  | $ | (9) |  |  |  |  | $ | — |
Interest rate derivatives |  | — |  |  | 27 |  |  |  |  | 27 |  |  |  | — |  |  | 55 |  |  |  |  | 55 |
Total net derivative asset/(liability) |  | $ | 14 |  |  | $ | (63) |  |  |  |  | $ | (49) |  |  |  | $ | 9 |  |  | $ | 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):
|  | Year Ended December 31,
|  |  | 2023
Beginning Balance |  |  | $ | (189) |
Gain for the period included in earnings |  |  | 58 |
Settlements |  |  | 131 |
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 December 31, 2024.
| Notional Volume (Short)/Long |  | Remaining Tenor
Natural gas purchases | 49.3 Bcf |  | June 2026
Propane sales | (8.8) MMbls |  | June 2026
Butane sales | (1.3) MMbls |  | December 2025
Condensate sales | (2.3) MMbls |  | December 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 Swaps |
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 December 31, 2024 (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 |  |  | 6/15/2026 |  | 3.09 | % |  | Cash flow hedge

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