Fair Value Measurements and Guarantees (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Assets and Liabilities Measured On Recurring Basis [Table Text Block]

The following table presents, by level within the fair value hierarchy, certain of our significant financial assets and liabilities. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and commercial paper approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table.


					Fair Value Measurements Using
	Carrying Amount		Fair Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Millions)
Assets (liabilities) at June 30, 2024:
Measured on a recurring basis:
ARO Trust investments	$	283	$	283	$	283	$	—	$	—
Commodity derivative assets (1)	109		109		—		55		54
Commodity derivative liabilities (1)	(310)		(310)		(2)		(304)		(4)
Interest rate derivatives	2		2		—		2		—

Additional disclosures:


Long-term debt, including current portion	(25,632)		(24,884)		—		(24,884)		—
Guarantees	(36)		(29)		—		(13)		(16)

Assets (liabilities) at December 31, 2023:
Measured on a recurring basis:
ARO Trust investments	$	269	$	269	$	269	$	—	$	—
Commodity derivative assets (2)	310		310		141		112		57
Commodity derivative liabilities (2)	(285)		(285)		(3)		(278)		(4)
Interest rate derivatives	6		6		—		6		—
Additional disclosures:

Long-term debt, including current portion	(25,713)		(25,553)		—		(25,553)		—
Guarantees	(37)		(28)		—		(12)		(16)

(1)Commodity derivative assets and liabilities exclude $143 million of net cash collateral in Level 1.

(2)Commodity derivative assets and liabilities exclude $2 million of net cash collateral in Level 1.