XML 38 R25.htm IDEA: XBRL DOCUMENT v3.24.2.u1
RISK-MANAGEMENT AND HEDGING ACTIVITIES USING DERIVATIVES (Tables)
6 Months Ended
Jun. 30, 2024
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:
 June 30, 2024December 31, 2023
 Location in our
Consolidated Balance
Sheets
Assets(Liabilities)Assets(Liabilities)
Derivatives designated as hedging instruments
(Millions of dollars)
Commodity contracts (a)(b)Other current assets$63 $(85)$163 $(78)
Total derivatives designated as hedging instruments63 (85)163 (78)
Derivatives not designated as hedging instruments
Commodity contracts (a)(b)Other current assets8 (10)14 (6)
Total derivatives not designated as hedging instruments8 (10)14 (6)
Total derivatives$71 $(95)$177 $(84)
(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 June 30, 2024, our derivative net liability positions under master-netting arrangements for financial commodity contracts were fully offset by cash collateral of $24 million.
Schedule of Notional Amounts of Derivative Instruments The following table sets forth the notional quantities for derivative instruments held as of the dates indicated:
  June 30,
2024
December 31,
2023
Contract
Type
Net Purchased/Payor
(Sold/Receiver)
Derivatives designated as hedging instruments:
Cash flow hedges   
Fixed price   
- Natural gas (Bcf)
Futures and swaps(25.3)(16.0)
     - NGLs, Refined Products and crude oil (MMBbl)
Futures and swaps(11.1)(14.5)
  - Power (GWh)
Futures and swaps66.2 22.1 
Basis 
- Natural gas (Bcf)
Futures and swaps(24.2)(16.0)
Derivatives not designated as hedging instruments:
Fixed price
- Natural gas (Bcf)
Futures and swaps (0.7)
     - NGLs, Refined Products and crude oil (MMBbl)
Futures and swaps(1.0)0.1 
Basis
- Natural gas (Bcf)
Futures and swaps (0.7)
     - NGLs, Refined Products, and crude oil (MMBbl)
Futures and swaps (0.1)