Commodity Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

At June 30, 2024, the notional volume of the net long (short) positions for our commodity derivative contracts were as follows:

	Commodity	Unit of Measure	Net Long (Short) Position
Index Risk	Natural Gas	MMBtu	886,109,134
Central Hub Risk - Henry Hub	Natural Gas	MMBtu	(81,136,597)
Basis Risk	Natural Gas	MMBtu	(28,533,844)
Central Hub Risk - Mont Belvieu	Natural Gas Liquids	Barrels	(1,929,000)
Basis Risk	Natural Gas Liquids	Barrels	(300,000)
Central Hub Risk - WTI	Crude Oil	Barrels	(240,000)

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The fair value of commodity derivatives, which are not designated as hedging instruments for accounting purposes, is reflected as follows:

	June 30, 2024				December 31, 2023
Commodity Derivatives Categories	Assets		(Liabilities)		Assets		(Liabilities)
	(Millions)
Current	$	464	$	(500)	$	623	$	(496)
Noncurrent	223		(388)		243		(345)
Total commodity derivatives	$	687	$	(888)	$	866	$	(841)
Counterparty and collateral netting offset	(420)		563		(552)		554
Amounts recognized in our Consolidated Balance Sheet	$	267	$	(325)	$	314	$	(287)

Pretax Effect Of Interest Rate And Energy Related Derivatives

The pre-tax impacts of commodity derivatives, which are not designated as hedging instruments for accounting purposes, are reflected in our Consolidated Statement of Income as follows:

	Gain (Loss)
	Three Months Ended   June 30,				Six Months Ended   June 30,
	2024		2023		2024		2023
	(Millions)
Net gain (loss) from commodity derivatives within Total revenues:
Realized	$	(5)	$	3	$	81	$	177
Unrealized	(124)		112		(219)		444
	$	(129)	$	115	$	(138)	$	621
Net gain (loss) from commodity derivatives within Net processing commodity expenses:
Realized	$	(1)	$	1	$	(5)	$	(3)
Unrealized	(7)		(29)		(4)		(34)
	$	(8)	$	(28)	$	(9)	$	(37)
Total net gain (loss) from commodity derivatives	$	(137)	$	87	$	(147)	$	584