Outstanding Commodity-Related Derivatives |
The following table details our outstanding commodity-related derivatives: | | | | | | | | | | | | March 31, 2020 | | December 31, 2019 | | Notional Volume | | Maturity | | Notional Volume | | Maturity | Mark-to-Market Derivatives | | | | | | | | (Trading) | | | | | | | | Natural Gas (BBtu): | | | | | | | | Basis Swaps IFERC/NYMEX (1) | (19,673 | ) | | 2020-2024 | | (35,208 | ) | | 2020-2024 | Fixed Swaps/Futures | 1,688 |
| | 2020-2021 | | 1,483 |
| | 2020 | Options – Puts | — |
| | — | | — |
| | 0 | Power (Megawatt): | | | | | | | | Forwards | 2,125,200 |
| | 2020-2029 | | 3,213,450 |
| | 2020-2029 | Futures | 329,896 |
| | 2020-2021 | | (353,527 | ) | | 2020 | Options – Puts | 621,860 |
| | 2020 | | 51,615 |
| | 2020 | Options – Calls | 4,035,972 |
| | 2020-2021 | | (2,704,330 | ) | | 2020-2021 | (Non-Trading) | | | | | | | | Natural Gas (BBtu): | | | | | | | | Basis Swaps IFERC/NYMEX | (15,860 | ) | | 2020-2022 | | (18,923 | ) | | 2020-2022 | Swing Swaps IFERC | 31,505 |
| | 2020-2021 | | (9,265 | ) | | 2020 | Fixed Swaps/Futures | (1,425 | ) | | 2020-2022 | | (3,085 | ) | | 2020-2021 | Forward Physical Contracts | (36,691 | ) | | 2020-2021 | | (13,364 | ) | | 2020-2021 | NGLs (MBbls) – Forwards/Swaps | (2,235 | ) | | 2020-2022 | | (1,300 | ) | | 2020-2021 | Refined Products (MBbls) – Futures | (1,779 | ) | | 2020-2022 | | (2,473 | ) | | 2020-2021 | Crude (MBbls) – Forwards/Swaps | 5,260 |
| | 2020 | | 4,465 |
| | 2020 | Corn (thousand bushels) | (140 | ) | | 2020 | | (1,210 | ) | | 2020 | Fair Value Hedging Derivatives | | | | | | | | (Non-Trading) | | | | | | | | Natural Gas (BBtu): | | | | | | | | Basis Swaps IFERC/NYMEX | (32,695 | ) | | 2020-2021 | | (31,780 | ) | | 2020 | Fixed Swaps/Futures | (32,695 | ) | | 2020-2021 | | (31,780 | ) | | 2020 | Hedged Item – Inventory | 32,695 |
| | 2020-2021 | | 31,780 |
| | 2020 |
(1) Includes aggregate amounts for open positions related to Houston Ship Channel, Waha Hub, NGPL TexOk, West Louisiana Zone and Henry Hub locations.
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Interest Rate Swaps Outstanding |
The following table summarizes our interest rate swaps outstanding, none of which were designated as hedges for accounting purposes: | | | | | | | | | | | | Term | | Type(1) | | Notional Amount Outstanding | March 31, 2020 | | December 31, 2019 | July 2020(2)(3) | | Forward-starting to pay a fixed rate of 3.52% and receive a floating rate | | $ | — |
| | $ | 400 |
| July 2021(2) | | Forward-starting to pay a fixed rate of 3.55% and receive a floating rate | | 400 |
| | 400 |
| July 2022(2) | | Forward-starting to pay a fixed rate of 3.80% and receive a floating rate | | 400 |
| | 400 |
|
| | (1) | Floating rates are based on 3-month LIBOR. |
(2) Represents the effective date. These forward-starting swaps have terms of 30 years with a mandatory termination date the same as the effective date.
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Fair Value Of Derivative Instruments |
The following table provides a summary of our derivative assets and liabilities: | | | | | | | | | | | | | | | | | | | | Fair Value of Derivative Instruments | | | Asset Derivatives | | Liability Derivatives | | | March 31, 2020 | | December 31, 2019 | | March 31, 2020 | | December 31, 2019 | Derivatives designated as hedging instruments: | | | | | | | | | Commodity derivatives (margin deposits) | | $ | 11 |
| | $ | 24 |
| | $ | (12 | ) | | $ | — |
| Derivatives not designated as hedging instruments: | | | | | | | | | Commodity derivatives (margin deposits) | | 615 |
| | 319 |
| | (561 | ) | | (350 | ) | Commodity derivatives | | 74 |
| | 41 |
| | (58 | ) | | (39 | ) | Interest rate derivatives | | — |
| | — |
| | (573 | ) | | (399 | ) | | | 689 |
| | 360 |
| | (1,192 | ) | | (788 | ) | Total derivatives | | $ | 700 |
| | $ | 384 |
| | $ | (1,204 | ) | | $ | (788 | ) |
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Derivatives, Offsetting Fair Value Amounts [Table Text Block] |
The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements: | | | | | | | | | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | | Balance Sheet Location | | March 31, 2020 | | December 31, 2019 | | March 31, 2020 | | December 31, 2019 | Derivatives without offsetting agreements | | Derivative liabilities | | $ | — |
| | $ | — |
| | $ | (573 | ) | | $ | (399 | ) | Derivatives in offsetting agreements: | | | | | | | | | OTC contracts | | Derivative assets (liabilities) | | 74 |
| | 41 |
| | (58 | ) | | (39 | ) | Broker cleared derivative contracts | | Other current assets (liabilities) | | 626 |
| | 343 |
| | (573 | ) | | (350 | ) | Total gross derivatives | | 700 |
| | 384 |
| | (1,204 | ) | | (788 | ) | Offsetting agreements: | | | | | | | | | Counterparty netting | | Derivative assets (liabilities) | | (49 | ) | | (18 | ) | | 49 |
| | 18 |
| Counterparty netting | | Other current assets (liabilities) | | (551 | ) | | (318 | ) | | 551 |
| | 318 |
| Total net derivatives | | $ | 100 |
| | $ | 48 |
| | $ | (604 | ) | | $ | (452 | ) |
We disclose the non-exchange traded financial derivative instruments as derivative assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or non-current depending on the anticipated settlement date.
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